A Strong Network Strategy Is Good Business
Having an effective network strategy in place enables financial services organizations to become more customer-focused, increase profitability, enhance agility, reduce total ownership costs, and address new business challenges. Cisco is working with financial organizations worldwide to develop a sound networking strategy for connecting companies with customers, suppliers, partners, and employees.
Networking technology is transforming the global financial services industry as the industry has faced new challenges.
- Web-based banking and trading applications--along with e-commerce--have produced innovative business models and greater efficiencies
- Deregulation has invited new competition
- Customer needs and expectations have become a top priority for financial institutions
- Structural changes such as consolidation, divestiture, and mergers—as well as the ever-evolving regulatory focus—require organizations to be flexible
- Intense competitive pressure is forcing companies to minimize costs and maximize productivity
Retail Banking
The U.S. banking industry was an early adopter of e-commerce and online customer information services. In addition, new legislation and government mandates have profoundly affected the way banks do business. To compete effectively, banks must:
- Focus on customer relationship management, advisory services, and financial planning
- Transport consistent and accurate customer information across all delivery channels
- Address new legislation such as the Check Clearing for the 21st Century Act (Check 21), which enables the digital exchange of checks between banks
- Deploy secure networking technology to ensure privacy protection, compliance with corporate and government governance standards, and protection from terrorism
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Insurance
Insurers face major challenges, including distribution, operating efficiency, compliance, security, and privacy. Senior insurance technology executives must extend limited resources further, and ensure that IT initiatives align with business objectives, infrastructure, and security.
- Underwriting profitability is a primary concern for property and casualty insurers
- Life/health insurers have grown by selling variable products through alternative distribution channels such as banks, stockbrokers, and financial advisers
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Financial Markets
In a highly competitive industry, retail and institutional financial firms must find new ways to reduce costs, maximize profitability, and improve employee efficiency. These firms also rely on technology to ensure compliance with stringent new government regulations for e-mail storage and transparency and documentation in financial reporting.
Retail brokerage and securities firms have rapidly migrated to Internet-based trading and e-commerce systems that help them:
- Provide more valuable information to private bankers, brokers, and advisers
- Offer more tailored customer advice while selling a broader range of products
Cisco Solutions for Financial Services
Cisco offers a comprehensive product portfolio that integrates intelligence into a company's network. The result? Financial institutions can work proactively, realize agility and productivity gains, increase profitability, and enhance customer satisfaction.
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