In years past, a visit to the neighborhood bank branch often featured face-to-face meetings with a trusted advisor who would guide customers through their most challenging financial journeys — often over a cup of coffee. Today, many banks have ceded that privileged position of trusted advisor. While banks have made great strides in using technology to cut costs and streamline transactions, customer experience and engagement have suffered.
In a Cisco survey of 7,200 bank customers in 12 countries, 43 percent of customers said their primary bank does not understand their individual needs. As a result, many respondents feel that their choice is between bad financial advice or no advice all. Moreover, nearly one in four bank customers intend to choose another provider for their next financial product or service. Increasingly, that provider could be a non-bank such as Apple, PayPal, or a retailer. Four out of five customers would trust a non-bank to handle their banking needs.
Clearly, the perceived value that customers receive from banks is declining, along with their trust in banks to represent their interests. Banks are seen as commoditized — and replaceable — providers of transactions. Meanwhile, in the wake of the financial crisis of 2007-2008 and some well-publicized banking scandals, banks’ “trusted advisor” status has suffered. Moreover, it is easier than ever to switch to a non-bank that customers believe has a better understanding of their needs.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT
Today’s banking consumers are used to experiences that reflect their likes, dislikes, past histories, and even their future plans. But not always from their banks. These kinds of interactions are more common when buying an online book, streaming a movie, or planning a vacation. Despite numerous omnichannel initiatives, many banks continue to lag in providing contextual, relevant, and convenient experiences to their customers. And while many customers yearn for personalized financial guidance, a Cisco survey of 7,200 smartphone users and bank customers in 12 countries found that for too many bank customers, the choice is between no advice, or what they perceive to be generic advice delivered inconveniently.
As a result, bank customers often try to attain their most important financial goals on their own, via “friends” on social media, or from non-traditional providers of financial services. Moreover, since the financial crisis of 2007-2008, banks’ brand equity has fallen. Read More »
Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE
Cisco’s leadership in the emerging market for the Internet of Everything (IoE), Smart Cities and Big Data/analytics rests on our ability to harness the technologies and business models of our global partner ecosystem – especially those of early-stage startups who are building truly disruptive capabilities for the future. I previously shared my vision of Cisco Entrepreneurs in Residence (Cisco EIR) pioneering new ways for Cisco, already a successful innovator in the global IT space, to collaborate with innovative entrepreneurs in shaping the emerging technologies that will redefine our industry and change our lives. Since then, six startups joined our first incubation track last spring in Silicon Valley and began collaborating closely with Cisco business and engineering groups to co-create solutions for Cisco’s customers and partners. I shared various updates in the following months about the EIR program’s exciting milestones adding co-incubation partners across the US, taking the program to Europe and selecting the first startups to join our program there.
Today, I am pleased to share two more milestones marking the continued success of our open innovation strategy at Cisco, with Cisco EIR helping to lead the way.
Cisco EIR Demo Day 2014
On December 8th, 2014, we celebrated the successes of the startups in our inaugural cohort with our first Cisco EIR Demo Day (photos) a gathering of over 100 attendees, including Cisco business and technology leaders, VCs, partners and others from the Silicon Valley startup community.
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Tags: analytics, Big Data, chicago, Cisco, Cisco Entrepreneurs in Residence, cisco live, ciscoeir, Edzard Overbeek, EMEAR, entrepreneurs, entrepreneurship, Europe, EvoNexus, Fresno, innovation, Internet of Everything, internet of things, IoE, IoT, Mala Anand, pioneers, San Diego, security, Silicon Valley, Smart Cities, Smart City, startups, Vienna
Well, CiscoLive Milan 2015 is behind us…..but hopefully the energy and insights you took away from it stay with you – at least till next CiscoLive. Our attendees rated it as our most successful CiscoLive EMEAR ever……and having been to a few of them myself I’d happily agree!
I had the opportunity to speak with many attendees at the World of Solutions, both on the guided tours and also at the mobility demos. The overall impression I got from speaking with you is that you are as excited (and challenged) as we are about the dramatic changes going on in IT. The transformation of IT has moved from hype to reality – and many of you at CiscoLive are the ones being asked by your company to make these changes happen.
Now, whether you attended Live and missed a session – or you were not in Milan at all – you can still check out many of the keynotes and sessions on-line.
One of the highlights was the Enterprise Networking Trends keynote Read More »
Tags: #CLEUR, 11ac, Cisco CMX, cisco live, innovation, meraki, Meraki Challenge, milan, Milano, mobile workspace, mobility, technology, wi-fi, wlan, YOD
When people talk about innovation, they typically refer to the underlying technology and its benefits to users. For example, articles on innovation in the cloud often describe the new features and applications organizations can now access and the ways these will transform how they do they business.
Innovation, however, can go far beyond technology. Sometimes, how technology is delivered is as important as the technology itself. There can even be innovation in how a customer pays for services.
In their blog “How Predictable is the Cost of Your Cloud?” Cisco partner Vodafone describes how it has added value to its Cisco Powered Unified Communications service offering through their unique pricing model.
According to Vodafone, one of the benefits of unifying an organization’s communications is the ability for users to work where they want. For many users, this means they can stay connected even when traveling in other countries. Read More »
Tags: Cisco, cloud, innovation, partner, vodafone, xander Uyleman