Digital Vortex in Financial Services: A Cisco Study & Interview by LTP

Digital disruption has become an unavoidable reality for various industries. The Global Center for Digital Business Transformation, a joint initiative of Cisco and IMD, conducted a research to understand the nature and speed of this global disruption that took place in April and May of 2015. Participants of the survey included 941 executives in 12 industries, including 165 financial services executives. The survey was aimed to give an understanding of the impact, timing and means of disruption predicted for their industries and companies over the next five years.

As stated in the official report, qualifying companies were for-profit organizations with 500 or more employees worldwide. Qualifying respondents were directors through CXOs (Chief Experience Officers) in a mix of functional roles. Surveys were conducted in local languages in over a dozen top-ranked GDP economies, including Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, the UK and the US.

The 12 surveyed industries were CPG & manufacturing, education, financial services, healthcare, hospitality & travel, media & entertainment, oil & gas, pharmaceuticals, retail, technology products & services, utilities, and telecommunications. We combined our primary research data with secondary data on venture capital flows and the digital technology trends shaping each industry. Analysis revealed a snapshot of how close industries are to digital disruption (complete digitization) as well as the vectors or factors most likely to impact each.

Explaining the goals for this study and the reason it is relevant and important, Joseph Bradley, Vice President of IoE Global Practice at Cisco Services, shared some of his thoughts with LTP Co-founder Amit Goel in an exclusive interview:

Everyone is talking about the explosion of the digital. Whether you are talking about the number of devices being connected every week, 30 million—or my favorite: 5 TB of data, per person by 2020—that is an equivalent of everyone sitting at home watching 30 days of your favorite HD video. But the key question here is: ‘What are we doing with it?’ Big data is worth absolutely nothing without big judgment. It's the ability to act ...


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