Around the world, banking customers express similar frustrations: they believe the value they receive from their banks is declining, at a time when their trust in those banks already has eroded.
What’s more, according to a Cisco survey of 7,200 banking customers in 12 countries, four out of five customers would trust a non-bank, such as a technology company or retailer, to handle their banking needs. Some of those disruptive competitors are succeeding where banks fail: by engaging customers with convenient transactions and value-added services.
The Cisco study found that Internet of Everything (IoE)-enabled services can help restore the value customers expect from banking institutions. IoE — the networked connection of people, process, data and things — makes it possible for banks to offer a more relevant, engaging, and convenient experience for customers.
Of the $19 trillion in global economic value Cisco estimates IoE can create over the next decade, 7 percent ($1.3 trillion) is accounted for in the finance market and could be addressed with concepts included in this survey.
The digitization of business and society is happening at a rapid pace and people are looking for improved, digital services that make life easier. Banks need to embrace this pace of change and deliver relevant services or risk becoming obsolete in a market where other providers are stepping in to fill the gaps.
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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, Wim Elfrink
The Internet of Everything (IoE) has the potential to be worth an estimated $19 trillion. But this huge number means nothing if it isn’t improving people’s lives.
Industry visionaries are seeking ways to help businesses and people extract value from IoE. In healthcare, IoE promises to improve care delivery, enhance patient and visitor experiences, and create new care models we can only imagine.
This is partly because ‘dark assets’ – common objects not connected to the Internet – are being equipped with minute, yet technologically advanced sensors, transforming them into connected devices capable of generating useful data that can advance health services. Read More »
Tags: Cisco, Internet of Everything, internet of things, InternetofEverything, IoE, IoT
Retailers are increasingly leveraging the power of the Internet of Everything (IoE) to transform traditional brick-and-mortar stores into a high-octane digital experience.
From advanced data analytics that monitor customer demand in real-time to pervasive video and cloud technologies that enable shelves to sense, customers and retailers are becoming closer than ever before.
However, there is much room for progress. Long lines remain a pain point for shoppers. Read More »
Tags: Cisco, Internet of Everything, internet of things, IoE, IoT, Last Check Out Line, Lisa Fretwell, retail
It’s safe to say the Internet of Everything (connecting people, processes, data and things) is impacting nearly every aspect of our lives.
When we wake up in the morning, we can check our smartphones for weather updates and use that data to decide if we need to wear an extra jacket or bring an umbrella. In some cities, sensor-based parking spaces can allow us to check a smart parking app to determine where to park our cars and how much it will cost to park in a certain space.
But the Internet of Everything (IoE) does not just impact our morning routines or where we park our cars – it also is transforming healthcare and is reshaping the patient experience. IoE for healthcare is all about better health outcomes, increased productivity, and more patient choice that drives an enhanced patient experience. Read More »
Tags: healthcare, Internet of Everything, internet of things, IoE, IoT, Tapan Mehta, telehealth, telemedicine
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