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
During this year’s DistribuTECH event, the halls of San Diego’s Convention Center were abuzz with an influx of tools, technology and talk surrounding the industry. And rightfully so, as utilities across the country seek out the latest developments that empower them to connect their workforces and streamline their services.
And as the Internet of Everything continues to present new opportunities for the world, connectivity has proven to be even more important for public utility operations.
At DistribuTECH, Cisco had the pleasure of engaging with attendees, demonstrating how utilities the world over have worked with Cisco and our partners to reduce costs and deliver more services on a single, intelligent and secure platform. The IT model we shared is one that brings innovation to the Operational Technology (OT) environment, integrating information, data, people and processes – the building blocks for the Internet of Everything.
In talking with utility managers and leaders, one thing is for certain – nothing is accomplished when feet are on the ground and employees are idle. By 2020, the Internet of Things is expected to connect a mind-boggling 50 million smart devices with network access. The sheer amount of data transmitted by these devices can be invaluable – but it can easily overwhelm traditional IoT systems that utilize satellite or mobile networks.
Enter Cisco’s IOx. Read More »
Tags: Bit Stew, DistibuTECH, Fog computing, IoT, IOx, utilities
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.
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 »
Tags: connected analytics, dark assets, digital ceiling, Internet of Everything, IoT, Smart Lighting, unified building services
IoT, The Oppressed Project
We are now in the era of IoT “Internet of Things”. It’s a concept that not only has the potential to impact how we live but also how we work. And as things become more connected, people become more concerned about their security and privacy. I have gone through a lot of technical conversation about IoT and realized how paranoid people are about their connected devices and appliances.
The future Internet will be an IPv6 network interconnecting traditional computers and a large number of smart objects or networks such as Wireless Sensor Networks (WSNs). By 2020 there will be over 26 Billion connected devices and some estimate this number to be more than 100 Billion connected devices. This includes mobile phones, Smart TVs, washing machines, wearable devices, Microwave, Fridges, headphones, door locks, garage door openers, scales, home alarms, hubs for multiple devices, remote power outlets and almost anything else you can think of like your car and airplane jet engines.
Ways of securing the traditional Internet networks have been established and tested. The IoT is a hybrid network of the Internet and resource-constrained networks, and it is, therefore, reasonable to explore the options of using security mechanisms standardized for the Internet in the IoT.
What will we do about managing the usernames and passwords of every single connected device? What about our privacy? What if some hacker was able to control our video cameras? More and more questions are being asked and more security concerns are being escalated. Do we really have to be paranoid about IoT? Read More »
Tags: #ciscochampion, internet of things, IoT, privacy, security
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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Tags: Cisco, Internet of Everything, internet of things, InternetofEverything, IoE, IoT