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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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Tech Innovation Emerges within Carriers’ Legacy Environments

Solution architectures are typically derived from open-ended questions designed to discover customer needs. However, Cisco approaches customers with insights-based assertions that rest on the belief that true innovation emerges from disruptive ideas that make customers aware of unknown needs.

According to Gartner’s report “Agenda Overview for P&C and Life insurance 2014,” three concerns for change stand out for insurance companies -- profitability and business growth, cost savings, and customer centricity. The study further indicates insurance executives struggle to maintain legacy products while simultaneously addressing concerns and uncertainties of innovation. 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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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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What the Internet of Everything Means for Insurance

©Michael Tompert  2012 / from The Human Face of Big Data

©Michael Tompert 2012 / from The Human Face of Big Data

Moving to one-to-one relationships: It’s incredible to think about the impact and influence. Cisco predicts $14.4 trillion of value will be “at stake” over the next decade, driven by “connecting the unconnected” through the Internet of Everything (IoE). IoE triggers a 19 trillion dollar global opportunity based upon the growth statistics of more than a 7.2 billion population, with an average of 3.47 devices per person, yielding more than 25 billion IP connected devices all by 2015, growing to 50 billion by 2020. TED Talks keynote speaker, Rick Smolan, author of The Human Face of Big Data, comments, “It’s like the earth is growing a nervous system.”

How does this impact the insurance industry? On a one-to-one level, customer’s cars, houses and human anatomy (e.g. Fit Bit) can all be connected; providing critical information about risk and rewards in real-time. In the distribution channels, it can change the way carriers, agents and brokers conduct business, both virtually and face to face. Read More »

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