Business Technology Roundtable

What does today's retail banking customer expect from a financial institution, and how can business technology be applied to enhance the overall experience. The latest results from the Cisco Customer Experience Report focused on the retail banking sector. The global report examined consumers' desire for a banking experience that is more personalized to help simplify the management of their finances over multiple channels -- including online, mobile phones, telephones, video conferencing and bank branches. It also examined views about the privacy of their personal information and the value of financial management tools used in their daily lives. Consumers globally identified the most important attributes when interacting with their financial institution or financial advisor as: availability (63%), competence (65%), and efficiency (68%). Survey respondents indicated a willingness to exchange more details about their financial habits and having banks be more active advisors...

Community banks have attracted new customers by offering a truly personal banking experience that their larger rivals can't match, and by maintaining close ties to local communities. However, all bank customers are demanding Business Technology driven services that many community banks simply can't provide with their current infrastructures. The lack of the latest technology can make migrating to new services prohibitively complex and expensive. Community banks have depended on multiple providers for their voice and data networks. These banks found that they were paying substantially more for their network connections than larger institutions. Moreover, having to deal with multiple providers can strain the smaller bank's modest IT staff. Implementing and operating a new converged voice/data/video IP network would overwhelm an IT team that usually handles simple tasks. In addition, deploying a new IP network could negatively impact the community bank's operating budget. ...