Cisco Unveils Digital Transformation Roadmap for Banking & Financial Industry

Announces first digital experience centre in India that offers over 100 digital solutions for sales, service and process transformation, mobile payments, analytics and cybersecurity

Aligned with its country digitization acceleration program (CDA), Cisco today inaugurated its first Digital Experience and Collaboration Centre for the Banking and Financial sector in Mumbai, India. As per the Cisco VNI report 2016-2021, the total number of Internet users will double to 829 million, mobile data traffic will grow 7-fold and there will be 2 billion networked devices in India by 2021. This rapid growth in connected users, devices and data underpinned by the Digital India initiative, and proliferation of 4G networks, has created a great platform for digital banks in India to address its customers.

With the average age of India’s population estimated to be 29 by 2020, banks and financial institutions are looking to address their customers’ rising digital expectations by attracting the next generation of customers, transforming their banking experience through new, secure omni-channel business models. Aimed at helping banks and financial institutions redefine the banking experience, the digital experience centre offers more than 100 immersive digital solutions that use analytics, mobility, video, and security. During the first phase of the digital experience centre, highly-trained Cisco engineers and developers will come up with new ways to combine digital and design expertise to help customers innovate. Cisco experts will work with industry partners and customers to analyze business challenges and develop solutions based on deep customer insights, digitized interactions, enhanced operational efficiency and mobile elasticity for a secure personalized experience. The centre will also offer education, hackathons and customized workshops for a broad ecosystem of innovators including partners, statups, developers and systems integrators. The digital experience centre will soon expand its capabilities to serve other verticals such as retail, ecommerce and manufacturing.

To help banks digitize, Cisco will focus on digitizing interactions where all interactions will be personalized. This will be media, devices and geography agnostic. Cisco’s digital interactive solution makes technology invisible in creating same user experience across multiple scenarios. The second area would be building a mobile first elastic model. It enables bringing policy and analytics in the management of core data center infrastructure. Third, Cisco solutions will help create a boundary-less security infrastructure with talks to each other and checks threat reputation in cloud cognitive model.

The digital experience centre was born out of the urgency for digital banking solutions well-demonstrated in the Cisco study Digital Vortex: How Digital Disruption is Redefining Industries, which found that in retail banking four of the top 10 incumbents will be displaced by digital disruption in the next three years. With the right technology investments, retail banks have the potential to realize $ 3.1Trillion in digital value between 2015 to 2024 as per a Cisco report.

Digital disruption means getting business outcomes faster. Cisco through its next generation technologies such as security, collaboration, cloud and the Internet of Things is helping its customers transform their businesses and thrive in the digital age. Cisco country digitization acceleration (CDA) program is aimed to partner with countries to drive their digitization agenda, help grow GDP create jobs, accelerate local innovation and improve the everyday lives of citizens across the country. With six innovation centres across five states in India, Cisco is the leading technology provider and business partner in helping its customers across industries such as retail, financial services and healthcare in India to build digital businesses, accelerate innovation and compete in the global markets.