Cisco Blogs


Cisco Blog > Financial Services

The Branch: A Retail Bank’s Secret Sauce to Success

So This Guy Walks into a Branch…

I like to think of myself as a tech-savvy consumer, and that includes my banking habits. That means that I rarely step across the threshold of my bank’s branch, since most of what I need can be accessed online, or via my bank’s mobile app.

However, when it comes to complex interactions and larger spending decisions, I still prefer my local branch. What’s more, I have repeatedly gone back to the same bank as we have added new investments, even when they didn’t offer the best rate. Why? Because I value their expert advice, their understanding of my history, and, most importantly, their ability to see the whole picture — rather than just an isolated transaction.

Bank Customers Want It All

In this sense, I am not alone. The digitalization of banking has transformed customer expectations and behavior. Advances in technology have allowed customers like me to manage our own accounts remotely, from any place at any time. Yet for the more complex transactions, we still prefer personal interactions at our local branches.

Ian's blogAn annual survey of 1,000 U.S. adults for American Bankers Association (ABA) by Ipsos Public Affairs, in August, 2014 found that consumers are embracing mobile banking in ever-increasing numbers. However, in-person branch visits are still popular with many customers. Preference for branch banking had increased year over year from 2013, from 18 percent to 21 percent, and 89 percent of customers who come to the branch required advice for complex financial products.

Today’s customers expect the best of both worlds: the convenience and easy access to online banking, along with the expert advice and personal guidance from their local branch. In short, they expect a blending of the physical and virtual, a value proposition that online-only banks cannot match. Read More »

Tags: , , , , , , , , , , , ,

It’s What Hotel Guests Want: Mobile. Personalized. Seamless.

I consider myself an experienced traveler and the nature of my job requires me to remain connected wherever I go. As a road warrior, I not only rely on my mobile devices to keep me connected with my team, but to get valuable information and services. These services include real-time travel updates, navigation, translation, dining recommendations, and streaming entertainment. As a hotel guest, the same relevant information and services can also be delivered directly to my mobile device. In fact, according to Forrester Research 90% of hotel guests say Wi-Fi is among their top sought hotel amenities. To support this growing demand, many hotels have cobbled together disparate systems. However, delivering a truly engaging experience requires a new approach and more innovative hotels are thinking beyond basic connectivity to engaging with their guests through a personalized mobile experience.

Read More »

Tags: , , , , , , , ,

The Internet of Things: Why Now?

The time is ripe for an IoT explosion. The number of connected “things” in the world has skyrocketed from about a million in the early 1990s to 13 billion today. As the Internet of Everything (IoE) gains momentum—digitizing business processes in every industry—we expect to see 50 billion connected devices by 2020. The technology connecting all these devices has become affordable and easy to integrate. But that is not the primary reason for this explosion in connected devices. I believe we are entering a “golden age” of digitization because of the confluence of the following factors:

Business Relevance: Lines of business (LOBs) are emerging as a key buying center for technology. The executives running plants, oil fields, or logistics systems have realized that technology solutions can deliver business outcomes critical to their business success —beginning with improved productivity, increased uptime, and reduced costs. It used to be that LOBs would work only with specialized integrators for specific, customized solutions. Today, business leaders want to change the way they consume technology. They are looking for technology providers who, together with a comprehensive ecosystem of partners, can pull together business-relevant solutions based on open standards and architectures. To meet these needs, technology companies such as Cisco are changing how we operate and how we go to market. Cisco has invested heavily in developing vertical solutions based on horizontal capabilities. We have built deep services practices and vertical go-to-market capabilities, and have invested in a comprehensive ecosystem of partners with whom we deliver not just great technology, but solid business outcomes.

MaciejKBlogIoTWhyNow

IoT adoption is being driven by the move to open standards and IT/OT convergence, helping to power better business outcomes across industries.

Read More »

Tags: , , , , , , ,

Three Key Takeaways on Digital Dialogue at Gartner ITXpo

This week, I spent a few days at the Gartner Symposium/ITxpo in Orlando. As usual, it was a great event that provided valuable insights into the state of the industry and our clients’ mindsets. Between a number of great sessions led by Gartner analysts, the dialogue created by the 10,000+ attendees at our Cisco sessions, and myriad client interactions during the event and over dinners, I gained a palpable sense that there are many areas of common consensus and excitement around digitization.

I left the event with three key takeaways from the week:

  • Digital is it – but the focus is shifting from technology to journey. Last year, “digital” was the buzz, but it was mostly a technology conversation about the SMAC stack (social, mobile, analytics, cloud) and technological approaches to becoming a digital company. This year, I noticed a distinct shift in the discussion: The business journey, and not specific technologies, dominated the conversation. What steps should I take first? Which business processes should I digitize first to achieve some early wins and financial returns? The dialogue is now all about the business, and less about the technology.
  • Customers need help to determine their journeys – and they expect case studies. Numerous customers told me that the best way we could help them is by assisting them in developing their digital roadmaps. Everyone now understands the need to digitize fully, but they need help articulating the steps they should take on this journey. What sequence of steps should we take to digitize our company fully? Which processes do I tackle first, and why? Should I always start with the end-to-end customer experience? When we work with clients, we can help them map out the tailored journey that makes the most sense for their specific company in their particular industry. This point is critical: Becoming digital requires the right linkage between business and IT strategies, and an appropriate digital strategy will vary for each customer depending on the company’s current state, desired future state, positioning, and value drivers. Additionally, customers expect vendors to provide case studies detailing their own transformations and their record of successfully enabling and guiding customer transformations in the past. Our own John Manville led a session titled “Your Digital Transformation: A Best Practice and Next Steps Guide” that was a huge hit, because he shared Cisco’s record with digitization, including all of our use cases, the hard lessons we learned along the way, and the best practices we’ve developed inside Cisco. Our recent release of “Digital Transformation – 100 Customer Stories” has garnered interest from clients and partners from all over the world, as they seek to understand what’s possible and how they can get started on their own transformations.
  • It’s about the insights and actions – not the dumb data! We’ve been saying for two years now that the Internet of Things (IoT) revolution isn’t about the “things” themselves – it’s about how you harness the data you get from the IoT to make better decisions and take informed actions. Gartner pushed this thinking even further this week when Peter Sondergaard, Senior Vice-President and Global Head of Research at Gartner, said: “In five years, 1 million new devices will come online every hour. These interconnections are creating billions of new relationships. These relationships are not driven solely by data, but algorithms… Data is inherently dumb. It doesn’t actually do anything unless you know how to use it, how to act with it.” Absolutely! Algorithms are critical sources of intellectual property and key drivers of business rules and value – they represent the opportunity for customers to rethink their digital business models for the next era.

If you were at the Gartner Symposium/ITxpo in Orlando, what were your key takeaways?

 Special thanks to the @Gartner_Inc team, and our own @CiscoEvents team for the great event in Orlando!

Tags: , , , , , , , , ,

IoE and Drones: A Tale of Two Technologies

birengahndiblogpic1In September, more than 2,500 drone enthusiasts gathered in Las Vegas for world’s largest commercial drone show, InterDrone. As I touched upon in my previous blog post, people often ask about Cisco’s role in drone ecosystem. During my keynote address the audience was astonished (a big “wow” factor) to learn that drones represent a key element of Cisco’s Internet of Everything (IoE) strategy.

Read More »

Tags: , , , , , , , ,