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The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust

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The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust

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The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust

  1. 1. The Advice Advantage: How Banks Can Close the ‘Value Gap’ and Regain Customer Trust
  2. 2. 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 States 2. Video interviews with industry thought leaders and CEOs 3. Economic modeling of the costs and benefits of applying IoE-enabled technology Cisco Consulting Services undertook a comprehensive global study to understand how the Internet of Everything is impacting the banking industry About this SlideShare: Research sources:
  3. 3. 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.
  4. 4. 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.
  5. 5. 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, mobile payments).
  6. 6. 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.
  7. 7. To fully capitalize on the Internet of Everything, banks require a fundamental transformation, focused on the following key areas.
  8. 8. 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 business.
  9. 9. 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.
  10. 10. 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.
  11. 11. 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.
  12. 12. 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 decisions.
  13. 13. 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.
  14. 14. Download the Whitepaper Learn how your bank can close the “value gap”. Discover Cisco Financial Services Solutions

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