The Network Week in Review & Look Ahead: November 10-14 | The Network

Happy Friday! It's time for your weekly roundup of news from The Network.

The Network Week in Review & Look Ahead: November 10-14 | The Network

PRESS RELEASE

Cisco to Host 2014 Annual Meeting of Shareholders

SAN JOSE Calif., November 20– Cisco will webcast its 2014 Annual Meeting of Shareholders on Thursday, November 20, 2014, beginning at 9 a.m. PT. Participants will include Cisco Chairman and CEO John Chambers and Executive Vice President and CFO Frank Calderoni.

What:    2014 Annual Meeting of Shareholders

When:    Thursday, November 20, 2014, 9 a.m. PT

Listen and Watch via the Internet:
A live audio and video webcast of the meeting with synchronized slides will be available online. Questions may be asked online. Please click here to register.

Online Annual Report:
To download an electronic version of the Cisco 2014 Annual Report, visit the 2014 Shareholder Meeting page and click on the 2014 Annual Report to Shareholders.

Replay:
Playback of the Annual Shareholder Meeting with synchronized slides also will be available on the Cisco website at investor.cisco.com.

About Cisco


Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. For ongoing news, please go to http://thenetwork.cisco.com.

# # #

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

PRESS RELEASE

Watch Cisco Collaboration Summit Keynote Live, Featuring John Chambers, Rowan Trollope and Box CEO, Aaron Levie

Industry Visionaries Discuss How Cisco is Changing the Game in Workplace Collaboration During Streamed Keynote on Nov. 17 at Cisco Collaboration Summit

HOW TO JOIN:

Cisco will be streaming the keynote from the Cisco Virtual Experience. Registration details are availablehere.

BACKGROUND:

Outdated technologies and the "business as usual" approach to collaboration are not meeting the demands of today's increasingly mobile and social workforce. Cisco, along with forward-thinking technology partners such as Box, are building transformative collaboration technologies that disrupt the enterprise collaboration market and embrace the new way people want to work.

In the "Reimagine Collaboration: Bringing Amazing to Everyone" keynote address at 1:30 p.m. PT on Nov. 17 at Collaboration Summit 2014, John Chambers, Chairman and CEO, Cisco; Rowan Trollope, Senior Vice President and General Manager, Collaboration Technology Group, Cisco; and Aaron Levie, Co-Founder and CEO, Box, will introduce new collaboration tools that will power this new way of working. This announcement is the next phase of Cisco's mission to deliver "no compromises" collaboration to everyone, changing the collaboration experience for every room, every desk, and every mobile device. Onstage at theJW Marriott in Los Angeles, Calif., Cisco will unveil and demo new products that help teams connect anywhere and at any time, to get work done faster.

WHO:

·        John Chambers, Chairman and CEO, Cisco

·        Rowan Trollope, Senior Vice President and General Manager, Collaboration Technology Group, Cisco

·        Aaron Levie, Co-Founder and CEO, Box

Key Words: Cisco, Collaboration, John Chambers, Box, Aaron Levie

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. For ongoing news, please go to http://thenetwork.cisco.com.

# # #

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

PRESS RELEASE

Cisco Study: Digital Lifestyles Drive a Widening Gap Between Consumers' Expectations and Bank Delivery

Explosion in Customer Adoption of Technology Increasing Expectations of All Age Groups. 65 Percent Would Move Money for IoE-Enabled Banking. Evolving to Digital Bank Model Could Drive 5.6 Percent More Profitability for Banks

BAI Retail Delivery Conference and Expo, Booth 4029

CHICAGO – November 13, 2014 – At the BAI Retail Delivery conference, Cisco today announced the U.S. findings from its global study of more than 7,000 consumers in 12 countries revealing a gap between digital consumer behavior and bank delivery. U.S. consumers are living a digital lifestyle but see their primary bank as currently lagging in the ability to deliver convenient, personalized service. This divide goes beyond Generation Y, with 65 percent of all U.S. respondents suggesting that they would move money to a different financial institution for personalized Internet of Everything (IoE)-enabled services, in areas such as mobile payments, branch recognition, smartwatches, real-time videoconferencing, and automated financial advice derived from deep analytics.

Of the 603 U.S. consumers surveyed: 41 percent of Generation X and 36 percent of Boomers surveyed expressed that their bank does not understand their needs; 43 percent of all surveyed believe their bank does not know them and consequently cannot deliver personalized service; and nearly a third of customerswill look into alternative banking relationships because they do not believe their bank is helping them reach their biggest financial goals.

Upside for Banks: Focus on Digital Behaviors, Not Demographics

Financial services institutions have an enormous opportunity for growth when they become just as digitized as their customers, whether in the branch or far beyond. The research findings indicate that it isn't only Millennials and Generation Y that respond to technology offerings from financial institutions. Consumers from all age groups affirmed their desire for technology that opens the opportunity for personalized anytime, anywhere service in their banking relationships.

The study identifies important new customer segments in terms of digital behavior — and not just age. Moving forward, it will be important for banks to recognize these segments and their receptivity to interactive solutions. The study found, for example, that within Gen Y there are distinct segments looking for different kinds of engagement with their banks. And among older consumers, there are many who are more open to digital solutions than previously thought.

Economic analysis from Cisco Consulting Services projects that changing the customer-relationship model in the branch and other digital channels could result in a bottom-line increase of ~5.6 percent for a typical financial services firm. For a typical financial institution in the United States with $10B in revenue, this represents a $392M annual profit increase opportunity.

The study, which was also supported by interviews with industry thought leaders, shows there is a significant opportunity for retail financial services institutions to evolve to a digital business model. This will reduce attrition and increase customer wallet-share by utilizing the Internet of Everything to:

• Deliver more personalized and convenient services, with 53 percent of respondents looking for remote advice delivery outside of the branch
• Dynamically apply analytics to better understand consumer behavior, with 73 percent of respondents interested in one or more analytics-based banking tools and apps
• Provide integration of physical and virtual channels to deliver services on-demand, with 24 percent of respondents stating they would invest more of their assets and 26 percent stating they would buy additional products
• The study also shows that in this IoE era of high connectivity, security is a top of mind prerequisite for the digital consumer's bank.

Based on analysis for a financial institution with $10B in revenue, implementing the following technologies could increase profits in the millions of dollars:

• Video Mortgage –  $134M
• Video Advisor – $131M
• Branch Recognition/Personalization Services – $112M 
• Automated Advisor – $65M
• Mobile Payments – $26M

The Digital Consumer's Appetite for IoE-Enabled Services

Videoconferencing

• Regardless of the mode of delivery, customers want the ability to chat with a trusted adviser, but the experience and relationship must feel like an in-person interaction
• 54 percent of U.S. respondents seek remote-advice delivery outside the branch
• Top preferences for video advice, in order, include: financial planning, problem resolution, stock and funding picks, selecting bank products and insurance policy advice
• More than a quarter of those interested would move their money for video advice

Mobile Payments

• 72 percent of respondents would use a mobile payment system if it had the capabilities they most want
• 15 percent would definitely start an account to get it
• The top factors that would increase a consumer's willingness to use a mobile payment system include:

o   More secure

o   Easy to use

o   Accepted at most merchants

Smartwatch Applications

• Nearly half of all respondents (47 percent), regardless of age, are interested in banking with a smartwatch application to:

o   Check account balances (28 percent)

o   Receive alerts to avoid overdraft fees, for example (24 percent)

o   Transfer funds between accounts (23 percent)

o   Pay for an item in a store or physical location (22 percent)

o   Receive and redeem special offers or promotions (22 percent)

Augmented Reality

• 76 percent of consumers are interested in augmented reality experiences that, when viewed through a smartphone, superimpose discount offers over local retailers
• Other potential avenues for augmented reality development by financial institutions include:

o   Reward redemption: Real-time display of merchants in an area where a user can redeem coupons

o   Virtual locators: Location of bank, ATM, as seen through the camera of a mobile device

o   Real estate: View property details, mortgage calculator and other tools by pointing a mobile device at a property

Automated Financial Advice

• A new type of investment service uses data analytics to help investors select a portfolio of investments that fits their financial goals and preferred level of risk without a human financial advisor managing the customer's portfolio. In essence, this service is a software program that intelligently manages a customer's investments. The fees charged for such services are generally lower than those charged by traditional financial advisors.
• 48 percent of U.S. respondents are interested in receiving automated financial advice, and the percentage is even higher in younger demographics
• Among those interested, 77 percent would move at least some assets to use an automated adviser.
  • Among those willing to invest approximately 30 percent of their assets, Gen Y led the pack at 34 percent; with Gen X at 28 percent; Boomers at 22 percent; and Silvers at 18 percent.
• Another 73 percent of respondents were interested in analytics-based banking tools, with the highest interest in retirement calculator (22 percent); automatic savings tool (20 percent); and automated budgeting (20 percent).

Security Concerns Create Hesitation in the Digital Consumer

While new interaction models can help drive opportunity for financial institutions, they must deploy these models securely to engage the digital consumer. Although consumers are overwhelmingly pushing their adoption of new technologies, security remains their primary concern with new interaction models. When asked what would most contribute to their not wanting to meet with remote financial experts via video, respondents listed insecure personal data as their primary fear. In addition, 50 percent of respondents named a concern about security and privacy as the top factor preventing or limiting their use of a mobile payment system.

The Internet of Everything for Financial Services survey (conducted by Cisco Consulting Services) includes the U.S. results from a global survey of 7,200 consumers (ages 18 and up) in 12 countries (Australia, India, China, Japan, United States, Canada, Mexico, Brazil, United Kingdom, France, Germany, and Russia).

The margin of error for all survey questions is +/- four percent.

For the purposes of identifying the generational demographics, the study refers to those aged 18-34 as Generation Y, or Millenials; those aged 35-54 as Generation X; those 55-64 as the Baby Boomers; and those 65 years and up as Silvers.

Supporting Quotes

Paul Jameson, managing director of global industries, Cisco:
"The Internet of Everything is rapidly changing the expectations of today's consumers, and banking is not immune to those shifting preferences. While the demands of Generation X have influenced banking practices in recent years, this study shows that every age group is clamoring for the personalized, convenient and secure services that IoE-enabled banking affords. Retail banks have a great opportunity to shift their business models and deploy solutions that deliver these services to increase customer satisfaction across all age demographics as well as increase their wallet-share."

Jerry Silva, Global Banking Research Director, IDC Financial Insights:

"We see the older generations picking up technologies like tablets and smart phones much more than we ever have as digital experiences become much more intuitive than before – think of apps like Skype and Netflix.  And they can now leverage those experiences and that learning to use the same technologies within the branch as well.  So as self-service channels like kiosks and ATMs get more advanced in terms ​of their functionality, older generations like Baby Boomers are picking up and adopting those technologies just as well as the Millennials."​

Brett King, author, host of Breaking Banks Radio, @AmerBanker "Innovator of the Year", founder/CEO, Moven:

"What's really going to change this space is that the best advice is advice in real time. So think of it like Tony Stark or Iron Man, and the heads-up display. So don't go telling Tony Stark three weeks later that that missile's on its way. You have to have that information now. And that, I think, is a great illustration of the way advice, and the interface of advice, is going to change in the future. Sure there'll be times when we will still need a face-to-face interaction. But the most powerful advice is advice that can help you right now today to make a critical decision."
 

Supporting Resources:

·        The Internet of Everything for Financial Services Survey

·        Cisco Internet of Everything

·        Cisco Financial Services Blog

·        Cisco Financial Services Website

·        Cisco Financial Services Insights Website

Technorati Tags: Cisco, Financial Services, Retail Banking, banking, IoE, Internet of Everything, Wealth Management, Remote Expert, video, mobile, mobile payments, smartwatch, augmented reality, digital, customer experience

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. For ongoing news, please go to http://thenetwork.cisco.com.

# # #

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

PRESS RELEASE

Toshiba and Cisco Intend to Engage on Internet of Things (IoT) Strategy

The two companies intend to jointly drive digital solutions in manufacturing, transportation and smart cities with an Internet of Everything focused framework

TOKYO, Nov. 13, 2014 - Toshiba Corporation (Minato-ku, Tokyo; President and CEO: Hisao Tanaka, TOKYO:6502) and Cisco (head office: San Jose, CA; NASDAQ: CSCO) announced today that they are collaborating on new ways to utilize the Internet of Everything that can dramatically improve processes, productivity and experiences in manufacturing, transportation and city environments.

Representatives from Toshiba and Cisco signed a Memorandum of Understanding (MoU) this week with the intention to advance the progress of a new Smart Community.

Growth of the Internet of Things (IoT)^*1 market has accelerated dramatically in the past year throughout a wide range of industries and public sector organizations. The Internet of Everything (IoE) connects people, processes, data and things through the Internet, turning data generated from connected devices into actionable intelligence that can improve processes, decision-making and scenario planning for businesses and people. The Internet of Everything also is creating a greater need for fog computing, which stores and processes data at physical locations closer to devices and operations – or the edge – instead of handling all processes in the cloud.

This global collaboration brings together the Cisco Fog Computing^*2 network environment featuring Cisco’s network-wide security solution with the Toshiba Group’s endpoint management technology. The joint effort will help monitor and maintain multiple devices, stream computing technology for high-speed information processing collected from devices, and provide storage technology to accumulate information generated with M2M technology. Through this process, Cisco and Toshiba will explore the feasibility of technological verification, marketing activities, and the provision of solutions for promoting widespread use of fog computing.

Toshiba seeks to generate new value by connecting its energy, health care, storage products and services using cloud computing, big data and analytics technologies, to achieve its vision of creating a safe, secure and comfortable society, the “Human Smart Community”. Toshiba will apply the technologies with the IoT, M2M, and fog computing to a wider range of devices and spread it to manufacturing systems, traffic/transportation systems, and smart cities.

To allow customers to make maximum use of the opportunities for value generated by the IoT and IoE, Cisco believes that a new approach to infrastructure optimized for many distributed sensors and data processing is critical. Cisco is also encouraging fog computing architecture, in which new networking, computing, and storage for value generation in the IoT era are deployed from the cloud to the edge. To expand the market for this technology, Cisco will promote innovation with its strategic ecosystem partners.

Key Quotes

Toshiba Corporation

"The importance of fog computing is expected to increase for managing many devices in the cloud.” said Hironobu Nishikori, Corporate Senior Vice President and President and CEO of Cloud & Solutions Company, Toshiba Corporation.“We believe a synergistic convergence of Toshiba's advanced device management technologies and Cisco's rich expertise in networking will open up ways to provide outstanding excellence in the ever-growing field of the M2M/IoT."

Cisco

“Our relationship with Toshiba is expected to strengthen the technology foundation for the Internet of Everything, ensuring fast, reliable and valuable outcomes for our mutual customers in both the public and private sectors,” said Wim Elfrink, Cisco EVP of industry solutions and chief globalisation officer. “The powerful combination of Cisco’s and Toshiba’s information technology leadership will be one more key accelerator in the rapidly growing Internet of Everything market and its critical ecosystem.”

1.  IoT: The mutual connection of devices such as sensors and industrial devices via the Internet.

2.  Fog Computing: A paradigm for expanding cloud computing to network edges, enabling the creation of computing, storage, and network services between devices and cloud data centers in a highly virtualized manner.

About Toshiba

Toshiba Corporation, a Fortune Global 500 company, channels world-class capabilities in advanced electronic and electrical product and systems into five strategic business domains: Energy & Infrastructure, Community Solutions, Healthcare Systems & Services, Electronic Devices & Components, and Lifestyles Products & Services. Guided by the principles of The Basic Commitment of the Toshiba Group, “Committed to People, Committed to the Future”, Toshiba promotes global operations towards securing “Growth Through Creativity and Innovation”, and is contributing to the achievement of a world in which people everywhere live in safe, secure and comfortable society.

Founded in Tokyo in 1875, today’s Toshiba is at the heart of a global network of more than 590 consolidated companies employing more than 200,000 people worldwide, with annual sales surpassing 6.5 trillion yen (US$63 billion).

To find out more about Toshiba, visit www.toshiba.co.jp/index.htm

About Cisco

Cisco (NASDAQ: CSCO) is the worldwide leader in IT that helps companies seize the opportunities of tomorrow by proving that amazing things can happen when you connect the previously unconnected. For ongoing news, please go to http://thenetwork.cisco.com.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

Cities of the Future: Songdo, South Korea – Roadmap for a New Community

Cities of the Future: Songdo, South Korea – Roadmap for a New Community