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Interaction Technology: Neutralizing the Barriers of Time, Location, and Staffing Levels

In my last blog, I continued the discussion about the 24-hour bank and how banks must transition from the physical business model to the digital business model. As part of my series on the 24-hour bank, this post builds on the question of how banks could begin to develop the capabilities, enabled by technology, to address the operational and logistical challenges inherent in operating in a customer-driven 24-hour world.

First are the factors that shape our existing banking distribution model: the traditional route to market and how clients connect and interact with their bank. Starting with branches, the traditional distribution model has evolved with the development of technologies such as the telephone, ATM’s, and the Internet. While these technologies provided increased options for clients to interact and transact, they were still affected by constraints of the existing operating model– the availability of bank staff with the requisite skills.

How so? Contact centers, telephone, and online banking required a shift in staffing models to enable customers to interact and transact outside of the normal work day. ATM’s began to allow customer self-service for certain basic transactions at any time of day. Collectively, these technologies extended operating hours for clients, but services were limited due the fact that the expertise required for more complex services were still unavailable outside the traditional workday. Read More »

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Delivering More Personalized Customer Service

At Cisco Live, Hans Hwang, VP of Cisco Advanced Services spoke with Todd Walthall, Vice President, Digital Servicing Integration from American Express about how they are taking their customer service to the next level. By partnering with Cisco, American Express is piloting video chat capabilities in their American Express iPad application. With a push of a video icon button on an iPad, a video window appears, and a customer connects directly to a customer service representative to receive concierge service.

AmEx at Cisco Live 3c

Seeing this demo reminded me of a recent session I had the opportunity to attend where Rob Honts from Accenture presented on customer retention and loyalty, which is part of their annual Global Consumer Pulse Research survey. One of the key findings that Rob highlighted from the survey is that the number one reason customers stay with and switch their service provider is due to customer service. Not convenience. Not product.  Dare, I say it? Not brand. But customer service. Read More »

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