You order a movie online and additional suggestions pop up, based on a deep knowledge of your likes and dislikes. You plan a vacation and similar suggestions appear, reflecting your financial state, the climate in which you live (and may hope to escape for a time), and past travel history. These convenient, personalized interactions are common today — and even expected.
Yet according to a Cisco survey of 7,200 retail banking consumers in 12 countries, customer expectations for financial services are not being met. Many of the most valued customers — and not just tech-savvy Gen Y ones — feel disconnected from their financial services institutions. They state that their banks do not know them personally, and are providing advice only on the bank’s terms — in the branch, during banking hours, when staff is available, — if at all. Read More »
Tags: CCS, Cisco, customer experience, digital, digital bank, Financial Services, Internet of Everything, IoE, omnichannel, Personalization, remote expert, retail banking, video
It’s that time of year again! On November 12-14, the Cisco Financial Services team will be attending BAI Retail Delivery 2014. This year, we’ll be showcasing exciting solutions for the Digital Bank — innovations that provide seamless, cross-channel engagement and meet escalating consumer demands while reducing operating costs, and increasing sales within your institution.
Cisco financial services solutions help customers connect with their customers and deliver a personalized banking experience and gain a sustainable competitive advantage in the Internet of Everything age. In partnership with Verizon, NCR and Intel, Cisco will showcase our solutions portfolio that enables new delivery models and applications whether at home, in the branch, or on the road, to support Omnichannel customer experiences and grow your business.
Join Cisco at booth #4029 and learn how to:
Mark your schedules to attend our speaking sessions:
- The Innovation Showcase competition will give attendees a closer look at our enhanced Cisco Remote Expert Mobile solution with a new aspect that delivers an engaging, personalized onboarding experience. Led by Karl Hartmann, banking practice architect for Americas Business Transformation, we’ll demonstrate how to connect seamlessly with your customers on their preferred channels, to start strong and build more profitable relationships.
- During the “Creating a More Efficient Omnichannel Delivery Blueprint” panel session, Jim Henschel, banking practice manager for Americas Business Transformation, will share insights into why finding opportunities to drive efficiencies in distribution networks has never been more critical. The panel will also provide insights on how to manage margins and expenses while planning for innovative technologies that can maximize omnichannel performance. Make sure to read Jim’s recent “Branch of the Future – Network Innovations” article before the show.
- Al Slamecka, banking practice advisor for Americas Business Transformation, will be taking part in the “Driving Efficiency in Your Distribution Network” panel session, where he will lead a discussion regarding strategies for making balanced choices amongst today’s evolving communications and delivery channels.
This year’s event takes place in Chicago, IL at the McCormick Place West Building. For more information about registering for BAI Retail Delivery 2014, visit the registration page here. We hope to see you there!
Tags: Cisco, customer experience, digital bank, Financial Services, Internet of Everything, omnichannel, remote expert, retail banking, video
The CIO’s Finance Summit and Insurance Summit were recently held in Atlanta, GA and Cisco was a main sponsor at both events. The CIO Finance Summit provided a great opportunity for executives to have in-depth discussions on the best practices and strategies necessary to build customer-centric organizations. The CIO Insurance Summit brought together C-level executives from the property and casualty, life and annuity, and health segments, along with innovative solution providers and analysts from the insurance industry to discuss the critical technology issues affecting insurance organizations.
Major themes discussed at the CIO Finance Summit:
Channel Integration: Bridging the Business – IT Gap: Many banks are now addressing the gaps between business and IT as they move forward with channel integration and an omnichannel strategy. Marvin Cortez, Cisco Banking Practice Advisor discussed the criticality of building an appropriate business with IT roadmap that supported these initiatives and how Cisco is working with retail banks.
Customer Centricity and Interaction – What Will it Look Like in 5 Years? Meaningful client relationships are fundamental to retaining and attracting consumer and commercial customers. Customer preferences and increasing tech sophistication are causing distribution channels to evolve. Al Slamecka, Cisco Banking Practice Advisor, outlined the evolution of customer interaction and addressed the challenges and opportunities banks are now faced with to create the optimal client experience.
Major themes from the CIO Insurance Summit:
As consumers become more educated and savvy about their insurance choices, carriers are addressing the need for greater customer centricity holistically with better insight, optimized processes, and enhanced customer reach through direct and indirect channels.
Bridging the Gap, Today and Tomorrow! This session focused on how business and technology gaps are creating both challenges and opportunities. Cisco’s Rob Cornwell, Insurance Practice Manager, and Don Canning, Financial Services Practice Partner Manager, addressed how insurance industry trends are impacting lines of business and the resulting impact on IT strategy across Data Center, Networking, Collaboration and Security as we move toward the Internet of Everything.
IoE for Insurance Roundtable: In this lively exchange, roundtable participants discussed how the Internet of Everything is affecting the Insurance industry. Cisco’s Insurance Practice Advisor, Jeff Tumpowsky, opened with the observation of how the industry is seeing new data sources and how this data is driving new products, intelligent processes, tailored communications and new insights around risk. He explained where opportunities lie, first mover advantages, and what value is at stake for insurers doing nothing.
These two summits provided an excellent opportunity to exchange ideas, share successes and paint a vision of where the banking and insurance industries are evolving to as they address customer centricity, omnichannel sales and service and creating new business models. If you attended, let us know your feedback from the event in the comments section below. And if you could not make the event, please join the conversation.
Tags: Cisco, customer experience, Financial Services, insurance, Internet of Everything, IoE, retail banking
As we approach the second half of the year, banks are continuing to shift their IT and marketing budgets to focus on improving and differentiating the customer experience. Consumers are demanding more convenience from their banks, who are responding by expanding channel choices and offering differentiated services that attract these fickle clients. For existing clients, banks are investing in technologies to cross-sell, deepen relationships and reduce customer attrition as part of a larger customer journey initiative. I thought the insights provided by Penny Crosman in her December 2013 article, “Top 8 Ways Banks Will Spend Their 2014 IT Budgets” did a very nice job of highlighting how IT departments will invest to support these initiatives. I wanted to comment on a few of her points to add color with what I’m seeing. Read More »
Tags: branch, Cisco, customer experience, delivery channel, Financial Services, omnichannel, retail banking
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 »
Tags: Cisco, collaboration, customer experience, Financial Services, omnichannel, remote expert, retail banking, video, video banking