The wealth management industry is under transformation. In an effort to win back trust, attract new customers and retain existing ones, firms are investing in new collaborative technologies that support their business model transformation from transactions to interactions focused on client centricity. Various McKinsey research and studies have shown that those who adopt more client-centric tools and processes can increase revenues up to 20 percent and profitability up to 2.5 times. Cisco’s own research has shown that wealth management firms that adopt client centric tools such as video can reduce client attrition, especially for the critical under-55 segment. Part of this transformation involves investing in video capabilities that enable firms and their experts to touch more customers, more often and in a more intimate manner than voice and email do today.
Getting the right expert to the right customer, at the right time is crucial in being able to offer superior customer service and improve cross-sell and up-sell rates. Another critical, competitive differentiator is embedding video capabilities into the mobile channels and applications customers already use. Read More »
Tags: Cisco, collaboration, customerexperience, Financial Services, omnichannel, video, wealth management
Some might argue that retail banking is known more for its inconveniences than its convenience. As an example, the common term ‘banker’s hours’ is synonymous with “being open for the shortest and most inconvenient amount of time”. Despite that legacy, retail banks have made a concerted effort and real progress to extend services through various delivery channels to improve the retail banking customer experience.
Banks may have closed the customer service gap with other industries, but like other industries, must stay ahead of the consumer to deliver an experience that provides profitable value and differentiation. According to a recent report, what most customers want from their banks is greater access and more personalized experiences (in the form of advice, products, and services).
It’s not a surprising conclusion especially to the banking industry which has adapted a retail industry term -- omnichannel -- to describe the needed capabilities to deliver a consistent customer experience across all channels.
The Cisco Connected Customer Experience Report for Retail Banking -- a global survey of consumers and bank professionals conducted in early 2013 -- highlights the opportunities and the challenges that banking institutions face in meeting current and future customer expectations. Globally, consumers ranked Read More »
Tags: branch, Cisco, customer, customerexperience, delivery channel, Financial Services, omnichannel, personalized service, retail banking
Banks, for the most part, have realized the importance of mobile as a channel. Across the globe, empowered executives are being appointed to head up digital channel programs. Their primary mission: define and implement the mobile banking channel and seamlessly integrate it with the other major digital channels—online banking.
For the most part, they have focused their strategies on ”forklifting” online banking features to mobile without worrying much about mobile payments. However, the new reality of channel migration is a bit more complicated: the merger of virtual and digital channels in this new age of ”omnichannel banking” is bringing digital channels into bank branches, customer homes, and places of business, and transforming the world of payments and commerce.
So, how is the omnichannel reality affecting the world of payments, and why should banks care (aside from the fact that payments-related revenues can account for up to 25 percent of total retail banking revenues)?
Most of us are familiar with mobile apps that allow us, when in a retail store, to scan a product bar code, access online reviews, and potentially buy the product from Amazon.com (or a nearby retailer) at a discounted price. This capability is the new reality (and challenge) of omnichannel in the retail world. Such changes, however, will not end here: imagine receiving offers, digital coupons, credit card loyalty points, and more on your cell phone so that you can seamlessly apply them to your purchases when paying with your mobile device upon checkout (at the physical store or online).
The promise of connecting mobile payments and commerce through new capabilities embedded in the mobile wallet is real, and several mobile-wallet providers have emerged, including a number of non-financial-services players (telcos, tech companies, retailers, and others). Read More »
Tags: Cisco, digital banking, digital channels, e-commerce, IBSG, mobile banking, mobile payments, omnichannel, omnichannel banking, omnichannel branch, online banking, payments, social payments
Technology has and will continue to be a key enabler across every product delivery channel within the financial services sector. You simply need to explore some of the newer bank branches, available applications within app stores or investigate online innovations inherent in many institutions’ web presence to see how engrained technology has become in the customer experience. While firms are making this transition in differentiated form factors and across different channels, the trend itself is clear and pervasive; underpinned by the “anywhere, anytime” mantra and the continued consumerization of technology.
These channel developments cut across all products, but all have one common element – enabling improved and increased collaboration between institutions, their clients, businesses and/or consumers to drive accretive revenue. While these developments have and will continue to deliver impressive initial returns, they are largely siloed by either a business unit and/or delivery channel. The true potential value can only be unlocked by enabling a seamless and contextual integration of the physical, direct and mobile channels – the evolution from multi-channel to omnichannel.
The omnichannel model enables the customer to choose how and by what method they want to conduct their business, be that in person, via a mobile device, from the home, online or with telephony. Cisco’s IBSG team has published a white paper that looks into the transformation of institutions from multi-channel to omnichannel. While the method of communication is important, the true differentiator in transformational channel evolution is the ability to integrate interaction. Institutions must be aware of the context and outcomes of customer interactions as customers move from channel to channel, product to product, or business line to business line.
From an institutional point of view, the value in the omnichannel impacts multiple factors. Read More »
Tags: Cisco, collaboration, customer experience, Financial Services, insurance, omnichannel, remote expert, retail banking
Cisco attended the Next Generation Insurance Summit (March 11-13) in Newport Beach, CA and the Best Practices in Retail Financial Services Symposium (March 13-15) in Carlsbad, CA. Some of the top minds in the financial services industry were in attendance and it was great to see these leaders deliver ideas and solutions for how to further the customer experience for both industries as well as the agent experience in insurance. Both conferences focused on reducing the amount of time it takes to adopt new technology and innovative ideas for competitive advantage, a current problem many financial institutions are going through.
At the Next Generation Insurance Summit, Cisco’s Michael Cantwell, Financial Services Solutions Architect, delivered a keynote on building a customer centric distribution network and how the expectations of today’s insurance customer has of their insurance institution/agent. He stated that from the end customer’s point of view everything is getting more integrated and simplified, but that insurers have yet to create that agent or customer omnichannel capability that allows for communication channel choice as well as fluid switching during an interaction to answer questions or assist in self-directed channels. Michael also touched on how enabling insurers with new tools and technologies, including sales force automation and mobile devices, will be key to fulfilling overarching business goals of improving sales interactions through traditional channels and, therefore, driving revenue.
Attendees showed immediate interest when Michael spoke about the best methods for line of business executives to work with their IT executives and vice versa. The success of customer retention rates among insurers who have incorporated Cisco solutions to improve customer-centricity was also of special interest to attendees. Read More »
Tags: Cisco, customer experience, Financial Services, insurance, multichannel, omnichannel, retail banking