Around the world, banking customers express similar frustrations: they believe the value they receive from their banks is declining, at a time when their trust in those banks already has eroded.
What’s more, according to a Cisco survey of 7,200 banking customers in 12 countries, four out of five customers would trust a non-bank, such as a technology company or retailer, to handle their banking needs. Some of those disruptive competitors are succeeding where banks fail: by engaging customers with convenient transactions and value-added services.
The Cisco study found that Internet of Everything (IoE)-enabled services can help restore the value customers expect from banking institutions. IoE — the networked connection of people, process, data and things — makes it possible for banks to offer a more relevant, engaging, and convenient experience for customers.
Of the $19 trillion in global economic value Cisco estimates IoE can create over the next decade, 7 percent ($1.3 trillion) is accounted for in the finance market and could be addressed with concepts included in this survey.
The digitization of business and society is happening at a rapid pace and people are looking for improved, digital services that make life easier. Banks need to embrace this pace of change and deliver relevant services or risk becoming obsolete in a market where other providers are stepping in to fill the gaps.
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Tags: analytics, banking, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, IoT, Wim Elfrink
During my recent business trip throughout Germany, the Hamburg Senate adopted a visionary “Digital City Strategy” to optimize value from the new era of massive digitalization. As part of the initiative, a Digital City Control Center will be established in the Senate Chancellery to analyze data and improve citywide processes and projects with strategic partners.
“If Hamburg wants to shape this policy, now is the time to act,” said Hamburg’s First Mayor Olaf Scholz. And at the World Economic Forum in Davos last week, German Chancellor Angela Merkel also asserted that “a digital offensive would create high-quality jobs and would help boost EU employment.”
Digitalization efforts are gaining momentum throughout Germany, fueled in part by the country’s Industry 4.0 initiative, and Hamburg in particular should be commended for its enterprising actions. Officials and industry leaders here recognize that a citywdide information infrastrcuture is essential to extracting full value from digitalization and the Internet of Everything — the connection of data with people, processes and things
At the bustling Port of Hamburg, Europe’s second largest and only growing port, CEO Jens Meier attributes recent record results and efficiency gains to technology. While here, Jens invited me aboard the, “CSCL Globe (China Shipping Container Line) ”, the world’s largest container ship. Longer than four soccer fields, the ship can transport 19,100 (TEU) containers. Hamburg was the mega ship’s first European port-of-call on its maiden voyage.
IoEis playing a significant role in reducing operating costs, synchronizing the lifting and lowering of bridges with road and water traffic, improving collaboration among employees and citizens in adjacent Hamburg. Without these advances, the port would not have been able to accommodate and attract such a mammoth vessel or prepare for a doubling of container volume over the next several years, said Jens.
The port and city of Hamburg are transforming into a powerful Seatropolis. The digital interconnectedness of port and city is a prime example of the “network multiplier effect”: The more inter-connections among nodes the greater the value of IoE. We’re proud at Cisco to be partnering with the Port of Hamburg, and we’re confident our advances will make a big splash when it showcases IoE projects as Hamburg hosts the World Ports Conference in June.
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Tags: Apartimentinum, Dr. Saxe, Hamburg, Hamburg Rotary Club, Internet of Everything, Jens Meier, MLove Salon, Port of Hamburg, Sen. Frank Horch, Wim Elfrink
Walking through the DevNet Zone at Cisco Live in Milan, I was struck by two things. First, we have an amazing array of platforms for developers who want to write applications that take advantage of the network – platforms that enable software-defined networking, collaboration, security, connected mobile experiences, data analysis at the edge, analysis of data in motion and more.
And second, our team has really focused on getting developers up and running with hands-on experiences as fast as possible. The DevNet Portal is a one-stop-shop for the resources developers need most. It speeds their development time by stepping them through their choice of learning tools, developer kits, APIs, forums to engage with Cisco engineers and lots of supporting documentation.
Then, a sandbox of developer tools provides access to the latest Cisco software and hardware platforms online. Developers can test in a real-world environment and quickly know that their code is verified to work with Cisco production equipment.
In fact, our APIC-EM controller sandbox set a Cisco record for the most users in its first two months of availability. Even now, the only way to get the latest early-field trial (EFT) version of APIC-EM is through either the EFT program or DevNet Sandbox.
The DevNet Zone and the DevNet Portal are innovative catalysts, helping the developer community to create new apps and automation functions on the network-as-a-platform. The personal and virtual interactions are inspiring.
Developers play a pivotal role in the progress of the Internet of Everything. Here this week in Milan, developers can see it, learn it, build it and launch it. I was amazed.
Tags: #DevNet, Cisco, Cisco Live Milan, Developer Community, developers, DevNet Zone, Internet of Everything, Software Developers, Wim Elfrink
During my recent trip in Dubai, I had the pleasure of experiencing both the personal and climactic warmth of this extremely modern smart city. Known for building the world’s tallest structure, the Burj Khalifa, Dubai also has emerged as a global business, financial and transportation hub in the Persian Gulf leveraging advanced networked technologies. The pace of accelerated transformation here never ceases to amaze me.
Dubai and the country of the United Arab Emirates (UAE) continue to set ambitious goals and then achieve them. Dubai has among the most efficient and busiest airports, longest metro transit systems, advanced road-tolls and highly digitized, smart government services underpinned by advanced broadband and mobile networks.
After meeting with local government and business leaders, I am not surprised about these rapid achievements. Public and private sector leaders here exude energy, enthusiasm and hospitality – and they know how to be decisive with timelines!
I am very excited that while here we were able to confirm with local officials the dates and venue for next year’s Internet of Things World Forum (IoTWF) in Dubai. We will be announcing that information soon. Bringing together IoT and Internet of Everything (IoE) industry leaders IoTWF is the ideal setting for thought leadership around the most significant advance in the history of technology – the connection of people, processes, data and things.
Business, government and other thought leaders I talked with in Dubai all recognized the value that can be captured from connecting the unconnected. Cisco Consulting Services calculates that the UAE can realize $53 billion of economic value over the next decade, and Dubai about $5 billion in the next five years by leveraging IoE-based solutions that digitize everything from buildings and transportation to energy and outdoor lighting.
We are very excited to be joining Dubai and the UAE on this journey of rapid growth and transformation.
This recent trip also extended into Saudi Arabia where leaders also are embracing the Inernet of Everything. For more, please click here.
Tags: Dubai, Internet of Things (IoT), InternetofEverything, Smart Connected Cities, Wim Elfrink
The Kingdom of Saudi Arabia (KSA), the largest economy in the Middle East, is universally recognized as the world’s largest producer and exporter of petroleum. In recent years, however, it has emerged as a visionary leader in leveraging networked technology, especially in developing a number of Smart City projects to attract business while controlling sprawl and congestion.
Cisco Consulting Services estimates that KSA alone can gain about $84 billion of total economic value from the Internet of Everything, which is the connection of people, processes, data and things. Nearly $16 billion of this is in the public sector, with profitability, cost savings and enhanced experiences coming from urban services such as smart street lighting, smart traffic management, mobile collaboration, chronic disease control, connected learning and healthcare, to name a few.
Globally, Cisco sees a total $19 trillion opportunity for both the public and private sectors.
Last week, I revisited Saudi Arabia for the 16th time in five years and saw first-hand its progress in developing Smart Cities, or what we at Cisco call, Smart + Connected Communities. I had the honor of participating in the Cityquest KAEC Forum, jointly organized by the King Abdullah Economic City (KAEC) and New Cities Foundation, which assembled global thought leaders in some of the most advanced Smart City projects.
I had the pleasure of participating in an enthusiastic panel discussion on local and global urban innovations made possible by “Connecting Through Technology,” moderated by Andrew Sewer, journalist and former managing editor of Fortune Magazine.
As reported in The Arab News, Abdullatif A. Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA), kicked off the conference by emphasizing that public sector investments to diversify the economy are “… the most promising and significant in terms of job creation, technology transfer and exports development,” pointing to KAEC as a prime example.
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Tags: Internet of Things (IoT), InternetofEverything, kaec, new cities foundation, Smart City, Wim Elfrink