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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