New SlideShare! Learn how your bank can close the “value gap”. cs.co/fsiSS via @Cisco #RetailBanking http://ctt.ec/yOvNf
The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust
The Advice Advantage: How Banks
Can Close the ‘Value Gap’ and
Regain Customer Trust
1. Consumer survey of 7200 global smartphone users and bank
customers in 12 countries: Australia, Brazil, Canada, China, France,
Germany, India, Japan, Mexico, Russia, United Kingdom, and United
2. Video interviews with industry thought leaders and CEOs
3. Economic modeling of the costs and benefits of applying IoE-enabled
Cisco Consulting Services undertook a comprehensive
global study to understand how the Internet of Everything is
impacting the banking industry
About this SlideShare:
Customers across the globe are getting less value from
their banks than they expect. This “value gap” results
when customers do not receive financial advice and
guidance, when and where they need them.
With new services enabled by the Internet of Everything,
banks can close the global “value gap” and fulfill
customer demands for anytime-anywhere advice and
rich contextual mobile experiences.
The study tested five key Internet of Everything solutions
designed to deliver better advice (virtual financial advice,
virtual mortgage advice, automated investment advice)
and more valuable mobile services (branch recognition,
The solutions resonated with consumers globally: 75%
of respondents would move their money for one or more
of the five solutions. Respondents in emerging markets
are more than twice as likely to do so.
To fully capitalize on the Internet of Everything, banks
require a fundamental transformation, focused on the
following key areas.
Digitize Business Processes
Banks can provide customers with more relevant advice
and contextual experiences by embracing complexity
and leveraging the Internet of Everything throughout the
Focus on Digital Behavior, Not Demographics
To forge new relationships, banks can better engage
with customers by understanding digital behaviors, and
then implement Internet of Everything solutions that
resonate with individual needs.
Make Calculated Innovation Bets, Starting
with Emerging Markets
Interest in the Internet of Everything is especially strong
in Brazil, Russia, India,China, and Mexico, presenting an
immediate opportunity to meet customer demands and
deliver IoE solutions at scale.
Make Security a Competitive Differentiator
Banks that approach security in innovative ways will gain
the confidence of their customers, who view security as
a top concern when considering mobile payments,
mobile banking and virtual advice.
Turn Data Into Actionable Insights
Data analytics is a core element of innovation, allowing
banks to produce actionable insights that can advise
customers and help them make better financial
By adopting the Internet of Everything-enabled solutions
tested in our survey, banks can capture 5.3% to 15.2%
increased annual profit. This marks the beginning of a
much wider opportunity for banks in the IoE era.
Learn how your bank can close the “value gap”.
Discover Cisco Financial