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IoE Can Help Banks Regain Customer Trust by Delivering Better Advice and Mobile Services

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.

The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust from Cisco Business Insights

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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The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust

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 »

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The Digital Ceiling Makes Your Office Adapt to You

Today, the Internet of Everything (IoE) is driving massive transformation in smart lighting. In the next few decades, lighting and other building services will be converged over Internet Protocol (IP) and we call this the Digital Ceiling.

This transformation began with PBX telephone lines migrating to Voice over IP (VoIP) in the mid-2000s. Today, nearly two-thirds of all enterprises will use VoIP. Now that voice is on the data network, we enjoy unified communications combining voice, video, and collaboration to bridge the distance among distributed teams. This is an early example of IoE driving enhanced consumer experiences and lower operational costs. Transformation of this type has been repeated over the years, with security cameras and building controls as well.

IP convergence of Workplace Services

The Digital Ceiling is Cisco’s industry-leading approach to light up dark assets through a digital overlay in the enterprise. The Digital Ceiling enables buildings to adapt to people’s dynamic needs in real-time. It is a unified building services approach that provides central control for systems and adds an intelligent sensor platform to inform smarter decision making.

Convergence of building and tenant services through IP not only lowers the cost of installation, operation, and management, but enables transformative new experiences through unified communications and centralized control of global facilities. All systems are monitored and managed from a single dashboard, versus the disparate set of systems and controls typical of most buildings currently.

Some examples of unified building services include: Read More »

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Competition Inspires Young People to Change the World with Connected Technology

The world is faced with overwhelming social issues, from climate change to poverty. Students and young entrepreneurs are taking advantage of the growing number of devices connected to the Internet, turning them into products that will one day solve these global problems.

A competition developed by Cisco France employees in 2014 aims to harnesses this innovative spirit. Now in its second year, Le Defi Cisco (The Cisco Challenge) invites university students and young entrepreneurs to develop solutions to social and environmental challenges using the Internet of Everything – the connection of people, processes, data, and things

Students collaborate during the Le Defi Cisco Competition, brainstorming new ways to apply technology to global social issues

Students collaborate during the Le Defi Cisco Competition, brainstorming new ways to apply technology to global social issues

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Can the IoE Save Lives? Connected Bra Could Predict Cancer

At Cisco, we often talk about the power of the Internet of Everything– to reduce traffic congestion, to refresh our refrigerators, to make our everyday lives more convenient. But now, the Internet of Everything is saving lives.

In 2012 alone, more than 1.7 million women were diagnosed with breast cancer — that’s more than 4,600 women diagnosed with this life-threatening illness every day.

It can be hard to wrap one’s mind around just how common, and equally devastating, cancer can be. It has affected me personally, as well as the lives of my closest family members and friends. When it touches your life, or those around you, the impact is deep and long lasting.

Statistics on the prevalence of breast cancer and the personal stories of those impacted can be frightening, but there is more than just hope. Incredible strides across all forms of cancer are happening, and in many cases, they come in the form of early detection through ground-breaking technology.

You’ve heard of the Internet of Things (IoT). In fact, you’re probably wearing a FitBit or Jawbone on your wrist. You may be the owner of a smart thermostat like Nest. Or you’ve recently heard the hype about self-driving cars.

These connected devices are changing the way we live, work and play – and there are many more to come.

Today, only 1% of all devices that could be connected to the Internet are connected to the Internet.

By 2020, 20 billion devices will come online, amounting to a $19 trillion market opportunity for businesses and consumers. This next era of the Internet – the Internet of Everything (IoE) – will connect not only things, but also people, process and data to transform how we track our fitness, regulate traffic, conserve energy, tackle poverty and more.

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