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Understanding Your Customers – Cisco FSI’s Key Takeaways From Retail Banking 2014

We recently attended Retail Banking 2014 in Orlando, FL, where a wealth of information and best practices were shared, with much of the focus on how the banking industry is moving forward with the evolution of the customer experience. This year’s conference focused on the issues that bankers must deal with now and in the future:  revenue growth, branch optimization, digital banking, analytics, the evolution of social media, and of course, Omnichannel.

I have highlighted below a few of the key concepts and quotes from the speakers at the conference that you might find interesting. Read More »

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How Retail’s New “4 P’s of Performance” Will Transform the Industry

Retail success has always been about delivering on the “4 Rs”: getting the Right products to the Right place at the Right time and for the Right price. While that success formula remains valid, technology-enabled advancements promise to disrupt how — and how well — retailers will be able to deliver on each element.

“Omnichannel” is a theme that has dominated retailers’ mindshare the last several years as digital influence and mobile connectivity become bigger and bigger elements in the shopping journey. Now emerging are the Internet of Everything (IoE) and Big Data analytics. While pervasive IoE connectivity generates a deluge of data, new analytics tools are helping to turn this raw data into actionable insights. The mashup of omnichannel, Big Data, and IoE is positioned to drive new operational benchmarks through a focus on the retail industry’s new “4 Ps of Performance”: Precision, Personalization, Prediction, and Platforms.

PSchottIoERetail

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Delivering a Next-Generation Customer Experience

Hi, readers! You haven’t heard from me recently, as I’ve been travelling and talking to Cisco customers. My colleague Jason Bettinger and I recently had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL. CDM Media Summits bring together leading C-level executives, analysts, and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.

At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer.  The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:

  • Leveraging Big Data
  • Social Media Marketing
  • Predictive Analytics
  • Digital Interactive Marketing
  • Monetization of the Customer Experience
  • Customer Engagement Management Platforms

Increasingly, institutions are focusing on customer experience as their primary competitive advantage. Those with the highest customer experience ratings typically enjoy some of the best financial performances when compared to their competitors and research has demonstrated a high correlation between experience to loyalty and loyalty to profitability. Companies are asking themselves: How do we design and deliver differentiated customer experiences that truly matter? What expectations do today’s consumers have for customer care?

In our keynote, we showcased how new technologies that generate more positive outcomes in the customer experience era align with future business models across industries.  We discussed how consistency and personalization are critical to achieving new levels of customer experience and the factors that need to be considered when trying to achieve both.

Delivering a Next Generation Customer Experience Keynote

“Consistency may be one of the least inspirational topics for most managers. But it’s exceptionally powerful, especially at a time when retail channels are proliferating and consumer choice and empowerment are increasing.” -- McKinsey & Company

Today, institutions are being challenged to meet the ever-increasing demands of the customer, something that is becoming more complex. Many have found that addressing those demands requires more coordination than ever – it’s about moving to true customer collaboration throughout the customer journey and proactively engaging the customer by combining traditional tools with the power of the future.

Customers are driving how and when they interact and demanding an engaging experience. Therefore, organizations across all industries must evolve their customer care to align with new business models -- addressing customer experience imperatives with new capabilities. The keynote can be viewed here.

We received some great feedback from those who attended our keynote. Below are a few key themes we heard from attendees:

  • The importance of the customer is at the center of the ecosystem
  • Consistency and personalization are not mutually exclusive
  • Examples show that every industry is being impacted by the trends in the market today

As you can see, we had a great time at the Customer Experience Summit and we are already looking forward to next year’s conference. Did you attend? Let us know your feedback from the event in the comments section below.

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Delivering a Next Generation Customer Experience – Cisco at CDM’s Customer Experience Summit

We had a wonderful time at CDM’s Customer Experience Summit in Chicago, IL last week. CDM Media Summits bring together leading C-level executives, analysts and solution providers to network and attend interactive agenda sessions on the latest business topics and trends.

Customer Experience Summit Group

At the event, we gave the opening keynote presentation to address how enterprises can strive to meet the ever increasing demands of the customer.  The summit brought together some of the leading executives from a variety of industries to explore ways of confronting and overcoming current industry issues. This year’s conference focused on topics that enterprises must deal with now, not in the future:

  • Leveraging Big Data
  • Social Media Marketing
  • Predictive Analytics
  • Digital Interactive Marketing
  • Monetization of the Customer Experience
  • Customer Engagement Management Platforms

Read More »

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Don’t Miss our Financial Services Sessions at Cisco Live Milan

Now more than ever financial services companies are wrestling with reducing costs, increasing revenue, and mitigating risk. Cisco Live Milan is a chance for Cisco customers and partners to learn more about innovations that can help address these challenges while meeting business goals.

This year at Cisco Live Milan, we have the following financial services industry sessions:

BRKIND-2111: Enabling Omnichannel Interaction to Capture Greater Wallet-Share in the Retail Banking and Retail Industries

Wednesday, January 29 at 11:30 a.m.

Today’s evolving financial consumer wants tedious transactions automated while valuing interactions that enhance their financial situation. Did you know 2/3 of banking customer segments want anytime-anywhere full-service banking … and will not do business without it? Learn how Cisco can make you a hero at your bank … by enabling omnichannel banking to increase your wallet-share!

BRKIND-2333: Capturing Trading Alpha with Performance and Intelligence in Financial Markets

Wednesday, January 29 at 4:30 p.m.

As ultra-low latency architectures become the foundation of trading fabrics, embedded analytics and instrumentation capabilities are critical to capturing key opportunities in a fast-paced market. Due to these growing data analytic requirements within the architecture, scalable fabrics—without compromised latency—are becoming more important. Learn how Cisco’s High-Performance Trading Fabric is unique in the marketplace in its ability to enable competitive advantage in the form of capturing sustained trading Alpha.

If you are attending Cisco Live Milan, we invite you to visit us in the Cisco Collaboration exhibit area in the World of Solutions where we will show you how you can transform your customer interaction business model to:

    • Improve sales, cross-sales, and upselling
    • Acquire customers faster
    • Increase customer satisfaction and loyalty
    • Control costs and boost efficiency
    • Enhance regulatory compliance

We will be demonstrating the newest release of Remote Expert, a solution that is gaining adoption around the globe. Why? Here is what one financial institution is saying:

“The Cisco solution has helped us improve customer satisfaction and staff efficiency while at the same time increasing mortgage sales. The business case in favor of the Cisco solution stacked up quickly.”

Andrew Nation, Senior Manager,
Future Customer Outcomes at Nationwide Building Society

If you are already registered to attend Cisco Live Milan, you can register to attend these sessions on your Cisco Live Schedule Builder today. For more general information on Cisco Live, please visit the main event website here.

See you in Milan!

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