The Advice Advantage: How Banks Can Close the ‘Value

Gap’ andRegain Customer Trust

#RetailBanking

#RetailBanking

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:

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.

#RetailBanking

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.

#RetailBanking

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).

#RetailBanking

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.

#RetailBanking

To fully capitalize on the Internet of Everything, banks require a fundamental

transformation, focused on the following key areas.

#RetailBanking

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.

#RetailBanking

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.

#RetailBanking

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.

#RetailBanking

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.

#RetailBanking

#RetailBanking

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.

#RetailBanking

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.

Download the Whitepaper

#RetailBanking

Learn how your bank can close the “value gap”.

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