Cisco Blogs


Cisco Blog > Financial Services

Mayday for Insurance and Financial Services

According to Wikipedia, “mayday” is an emergency procedure word used internationally as a distress signal in voice procedure radio communications. It derives from the French expression “venez m’aider“, meaning “come to help me.” Most recently, the term has been used to describe a special feature Amazon now offers Kindle Fire HDX users when they need virtual support on their device. The user can simply touch the button on the Kindle screen and a contact center representative appears on the screen, where the customer can see, hear and talk with the Amazon customer service rep. It delivers personal help on-demand and in real-time.

Both uses of the word “mayday” described above apply to insurance and other financial services. It is indeed a “come to help me” signal that should be alerting insurance and financial services providers that the next-generation of customer experience capabilities is now here. We have seen the adoption pattern before—financial services customers now expect financial services firms to deliver similar services that they have access to through other industries.

The wait is over. In fact, retail banks are now rolling out similar “mayday” functionality to their customers through similar solutions that are driven by Cisco technology. As is the case with many technology trends, the “what could be” capabilities of the future are much closer than many realize. Consumers using virtual capabilities like FaceTime for social interaction are becoming much more likely to expect and use similar capabilities to interact with companies they do business with. Many workers today are also using virtual interaction to connect with colleagues to conduct business and perform their job functions. The fact is–virtual interaction has become much more common in our daily lives. Read More »

Tags: , , , , ,

The New Price of Attracting and Retaining Insurance Customers

The insurance industry is facing a massive evolutionary shift driven by competition and changes in consumer preferences. The competitive battle is easy to see, as insurers delve out billions in advertising and marketing expenditures in an effort to attract and retain customers, while maintaining top of mind brand awareness and differentiation. And adding to the pile on–retail  banks are beginning to offer personal and commercial  policies, which means insurers are no longer only competing with one another, but banks as well.

Insurance fits into the broader context of how we live our lives. So, the same technology trends and innovations that are changing the way we interact with each other socially as well as with other products and services – travel, entertainment, automotive, to name a few–are changing the expectations we, as consumers, bring to the insurance experience. Customers want to interact with their insurance provider in the way they choose, at the time they choose, across any access channel with any device.     Read More »

Tags: , , , , , , ,

3D Value Chains: Real Life Observations

Recently my colleague Chet Namboodri in his blog “Predictions 2014: Wager on the Internet of Everything” did a great level set on predictions for 2014 Manufacturing trends.  I want to add some additional comments on what I have been observing in the field and with our customers today.

The first IDC prediction described 3D value chains as an incredible source of rich productivity and we are seeing this as a goal of many companies.  Not only is it the collection of this data, but it is the sharing of this data across the value chain that is going to start to explode.  What this is starting to mean is that a component assembly company wants to have supply chain information from their manufacturing partners.  This is expanding beyond the dock, into the warehouse and even into the manufacturing lines and cells as well.  This tightly aligns with what we are seeing with customers already getting access to this information from their shop floor.

Take a look at this recent demo that John Chambers and Jim Grubb did for an example of the traceability and sophistication that a robust network can bring and how problem resolution can be much faster with real-time visibility.

Read More »

Tags: , , , , , , ,

Video Changes the Equation

At our recent Collaboration Summit in Boca Raton, I had the opportunity to sit down with some of our customers and talk about how they are incorporating video into their organizations. It’s clear that many of our customers are already seeing the business benefits of video – whether it’s using remote expert services to improve pipeline conversion or launching new services more quickly through video collaboration.

But what if you looked at video not just as a way to help you improve what you are already doing, but as a way to allow you to do things you couldn’t do before? Things that previously were not feasible because of cost, resources, or other perceived barriers?

What if you could offer health services to a segment of the population you could not previously reach?

Read More »

Tags: , , , , , , , , , ,

Post-event: The Ultimate Omnichannel Experience – Cisco FSI at BAI Retail Delivery 2013

Enthusiasm was at an all-time high at BAI Retail Delivery 2013 in Denver, CO last week as we continue to see major transformation in the banking industry.  Within the Cisco booth, we demonstrated a series of solutions that enable digital and physical channels to become more interactive and sales focused, while improving the customer’s banking experience. Attendees were excited to walk through various live customer business scenarios – all enabled by the same infrastructure – and available today.

BAI Cisco Booth 1

Cisco’s Omnichannel Booth Experience
The Cisco Financial Services team led the booth tours that took attendees through an end-to-end omnichannel experience. Participants were asked to play the role of an existing customer for the entire demonstration and were shown how Cisco can assist financial institutions in their desire to be more intimate and responsive to their clients’ needs. We demonstrated a seamless customer experience that can drive increased satisfaction and wallet share. Read More »

Tags: , , , , , , , ,