Today’s financial institutions face an array of challenges — but many of these challenges are balanced by the exciting opportunities available to financial institutions that embrace digital business transformation, re-introducing human connectivity, and leveraging digitization as a competitive advantage. The ability to harness the data that is all around is just one of these opportunities. In fact, Digital Transformation in Financial Services represents a $1.3T value-at-stake for the industry.
Leveraging the data that is all around us is critical for a retail bank to create a meaningful customer experience and optimize the investments made in the branch distribution channel. As mobile individuals become connected everywhere, banks can detect, connect and engage with those customers in highly relevant ways. And through this connection, banks can access and leverage new points of knowledge that can guide their customer interactions, mitigate threats, and optimize their distribution investments.
This next-generation of customer experience analytics was on full display with Cisco’s participation in CBA LIVE 2016. Leveraging Cisco Meraki Connected Analytics, CBA LIVE attendees were able to see real-time diagnostics on WiFi enabled devices throughout the conference event. Information such as the number of devices, geographic density, metrics on presence, and other performance attributes were gathered on all devices with an active Wi-Fi signal.
Conference participants were excited to see such a concrete example of how harnessing information on customer behavior can help inform critical decisions related to branch design, collateral and signage placement, and staffing strategies. In addition to the excitement on how connected analytics impacts their distribution model, the participants also recognized the importance of having a “customer first” perspective, including respecting and managing individual preferences on privacy and anonymity. The real power of using data to transform the customer experience is to unify the capabilities of the technology, supported by a well-designed process, and leveraged by a digitally oriented workforce.
Digital transformation is at the heart of activities in retail banking. Aligning your institution’s culture with a dedicated agenda to transform your people, process and technology assets is critical to meeting the needs of your customers and the challenges of a contemporary retail banking business model.
CBA Live attendees can access the presentation material used during the “High Tech Branching” session here CBA Live or by requesting a copy by messaging jkasteli@cisco.com. Learn more on how Cisco is collaborating across the world to transform modern banking by following us on Twitter @CiscoFSI.
Digital transformation is at the heart of activities in retail banking… that is so true sir. Without modern technology deployment, many financial institutions will not be able to cope with the new costumer trends.