Banks Have Neglected SMEs. They Will Come To Regret It

Forrester eCommerce

Forrester just published new research outlining the future of small and midsize business banking (also called SME banking to refer to SMEs, or small- and medium-sized enterprises). If you’re an executive at a traditional bank, it contains some grim and gloomy predictions.

Hong Kong Bank Must Raise The Bar In Mobile Banking

Forrester eCommerce

It is the first time that Forrester has evaluated banks in Hong Kong SAR, the famous world finance hub. age of the customer banking mobile apps

Forrester 2018 Mobile Banking Industry Wave™: BBVA Offers World-Class Mobile Banking Services

Forrester eCommerce

Digital banks are not eating the incumbent banks’ lunch (yet!) banking benchmarks digital business digital money management mobile apps mobile services user experience Banking Digital Banking Industry Wave Mobile Banking

Competition Heats Up In Banking Transformation Services

Forrester eCommerce

After a few quiet years, Thought Machine, the fintech behind a new core banking platform called Vault, is stealing the limelight, first with its announcement of a strategic partnership with Lloyds Banking Group, then with a similar partnership with the digital bank Atom.

Citizens Challenge 2019: Driving Innovation In Banking

Forrester eCommerce

The Citizens Challenge, held by Citizens Bank […]. age of the customer APIs & API management banking customer centricity financial services fintechHackathons can be an excellent way for financial services firms to round out their innovation portfolios.

Chase Closes Finn: Lessons For Other Digital Banks

Forrester eCommerce

On June 6, JPMorgan Chase announced it would be closing its digital-only bank Finn, a little under a year after it was launched. Digital banking is a tough business, and we’ve seen far more examples of failures than successes over the past two decades.

Virtual banks in Hong Kong set to rekindle the retail banking experience

Forrester eCommerce

(Co-authored with Nancy Lin, Senior Associate) The Hong Kong Monetary Authority (HKMA) recently announced 8 new virtual banking licenses in the market and their operators will all launch new digital-only banks there before or in early 2020. age of the customer banking

European Banks Are Redoubling Their Mobile Banking Efforts in 2019 – Just Not All At The Same Speed

Forrester eCommerce

Banks across Europe are all working hard to build the killer mobile banking app. They aim to keep pace with their customers’ needs and rising expectations as consumers’ appetite for banking on the go shows no signs of abating. Incumbent banks like […].

Customers Don’t Think Bank Experiences Are Improving

Forrester eCommerce

So how well do banks earn loyalty with the quality of their customer experience? We’ve just released Forrester’s US Banking Customer Experience Index for 2019. Customer experience leaders grow revenue faster than CX laggards, drive higher brand preference and loyalty, and can charge more for their products. Based on a survey of more than 101,000 […].

The Good, The Bad, & The Ugly Of US Mobile Banking Experiences In 2019

Forrester eCommerce

[Note: This is about the findings from our US mobile banking reviews and research, if you want to read about what we saw in Canada go here] Mobile apps have become the touchpoint of choice for millions of people to manage their finances. To find out how effectively banks are meeting customers’ expectations, Forrester regularly […].

Apple’s Partnership With Goldman Sachs Will Drive Seismic Shifts In The Banking Industry

Forrester eCommerce

The bigger concern for digital banks, traditional banks, […]. Apple and Goldman Sachs are partnering to deliver a new credit card. The industry seems to be quick to dismiss the partnership, especially the rewards program – but we think they’re missing the bigger picture. There’s an awful lot more at stake here than credit card rewards.

Amazon Flirts With Banks And Their Customers: Here’s What You Should Do

Forrester eCommerce

Okay, that’s not exactly what’s happening here, but it sure felt like that to many bank executives who heard the […].

Is Your Bank’s Mobile App A Fonzie Or A Potsie?

Forrester eCommerce

application development & delivery banking digital business financial services mobile appsIf you’re a fan of the old TV show “Happy Days,” you know Fonzie and Potsie.

Banking Up For Grab In Singapore

Forrester eCommerce

Following in Hong Kong’s footsteps, Singapore’s regulator – Monetary Authority of Singapore (MAS) – has confirmed that it is currently studying the possibility of issuing digital-only banking licenses to organizations with a “non-bank” parentage, which was first reported on May 7th, 2019 by various news outlets.

BBVA Tops Forrester’s 2019 Global Mobile Banking App Reviews

Forrester eCommerce

Spain’s BBVA has come top in Forrester’s global mobile banking app reviews for the third year in succession. Over the past few months, a team of Forrester analysts and other researchers has reviewed the functionality and user experience of 54 leading mobile banking apps from around the world.

The UK’s Digital Banks Are Giving Established Banks A Run For Their Money

Forrester eCommerce

Digital banks have disrupted the status quo. Retail banking in the UK has more competition from digital banks than almost any other market, with small business banking a close second.

How USAA Differentiates In Mobile Banking

Forrester eCommerce

Take another not-so-random walk with me, this time as my colleague Peter Wannemacher and I explore what makes USAA a standout performer in our Mobile Banking Benchmark assessment. age of the customer banking mobile apps mobile marketingAs we did before when exploring The Home Depot’s success in our “The Forrester Retail Wave: US Mobile Web, Q4 2017” report, we invited executives from USAA […].

Leading Australian Banks Continue To Raise The Bar — But Many Mobile Banking Experiences Continue To Miss The Mark

Forrester eCommerce

The good news is…we are bringing some warmth and cheer to this cold winter, sharing our 2019 Forrester Banking Wave on Australian Mobile […].

Open Banking and PSD2 – the first 100 days. A slow, fragmented start.

Forrester eCommerce

TLDR: A slow, fragmented start to open banking, but the pace will accelerate. Banks need to become outside-in fast to thrive with open banking, building operating model competence for an externally oriented business. Few Banks Place Open Banking At […]. banking digital business digital disruption financial services Innovation open data APIs Digital Banking fintech open banking PSD2

CBD Banking and Financing Your CBD Venture: Where are the CBD-Friendly Banks?

BigCommerce

Hemp-derived CBD products: you can’t avoid them anymore. From the CBD edibles at your local pharmacy to the hemp moisturizing… Payments

The Good, The Bad, & The Ugly Of Canadian Mobile Banking Experiences In 2019

Forrester eCommerce

Mobile apps have become the touchpoint of choice for millions of people to manage their finances and Forrester regularly reviews those of leading banks. We just published our latest evaluations of the apps of the big five Canadian banks: CIBC, RBC, BMO, Scotiabank, and TD Canada Trust. Overall, they’ve raised the bar, striking a good […]. age of the customer

T-Mobile MONEY’s Checking Account: Game Changer?

Forrester eCommerce

This is not the first time we’ve seen a telecommunications firm enter the banking space – it’s already been happening for years in Europe and Asia, with large telcos such as Orange and KDDI. And this isn’t T-mobile’s first foray into banking either. So should banks be worried?

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Chinese Banks Offer Great Functionality And Usability, But There’s Still Ample Room For Improvement

Forrester eCommerce

We recently published our latest evaluation of the mobile apps of six banks in Mainland China, including: CITIC Bank, China Merchants Bank […]. Mobile apps have become the touchpoint of choice for millions of people to manage their finances, this is especially true for China where the customers are among the most empowered in the world.

Unveil The Hong Kong Mobile Banking Landscape

Forrester eCommerce

(Coauthored with Riccardo Pasto, senior analyst, Nancy Lin, senior research associate, and Han Bao, senior research associate) It is the first time that Forrester has evaluated banks in Hong Kong SAR, the famous world finance hub. age of the customer banking mobile apps

Kicking Off Our New Research On Autonomous Finance: FORR/3 Video

Forrester eCommerce

Forrester has recently kicked off some new research focusing on services and companies that make financial decisions and take action on behalf of consumers. You can take a very short survey on this topic here. I’m psyched to present here our first FORR/3 video episode on this topic (see below)!

Crypto-commerce: banking on blockchain for B2B payments

GetElastic

While nearly half of payment fraud is linked to paper checks and manual processes, emerging digital payment methods are equally vulnerable, prompting banks and businesses to seek out faster and more transparent ways to settle transactions. How banks are already banking on blockchain.

Financial Service Firms Need To Stop Thinking Like Retailers On Personalization

Forrester eCommerce

Many financial services firms say that they are already delivering on personalization and view improving their personalization capabilities and technology further as a top priority.

Introducing Autonomous Finance: Forrester’s New Research On Algorithm-Based Financial Services

Forrester eCommerce

People’s lives are becoming ever more automated as millions of algorithms make decisions — and, in some cases, take actions on those decisions — on behalf of a consumer.

Rome Was Not Built In A Day, And Neither Are Digital Businesses

Forrester eCommerce

age of the customer digital business digital transformation financial services Banking Digital Banking digital strategy Financial Services innovation

Apple Card Will Be Popular — Here’s Why

Forrester eCommerce

age of the customer banking digital business digital customer experience digital disruption Apple Digital Banking digital strategy digital transformation Financial Services innovation video

Is Money (Still) Too Tight To Mention: Forrester’s New Research On The Future Of Financial Well-Being

Forrester eCommerce

“I been laid off from work My rent is due My kids all need Brand new shoes So I went to the bank To see what they could do They said son – looks like bad luck Got-a hold on you.

Customer Experience Index Reveals Brands Lack Human Connection

Forrester eCommerce

automotive banking customer emotion customer experience customer experience index (CX Index) emotion Insurance loyalty retail

Banks: Your Customers’ Cross-Channel Experiences Are Shoddy (Or Worse)

Forrester Omnichannel

The other day, I stopped by my bank's ATM to get some cash. After entering my card and PIN and while waiting for my money ( during which I was a captive audience ), I was presented with an ad for a new service from the bank. banking. cross-channel banking. mobile banking.

Bank of America lowers security – removes one time passwords at payee add/change

Forrester eCommerce

With the latest change to the BofA online banking bill pay service (which added all sorts of unnecessary and distracting icons and ugly fonts), the bank decided to remove the one time password two factor authentication (OTP 2FA) requirement to force the customer to perform a one time password based step-up authentication before allowing the […

PSD2 Security Requirements Are Restricting Fintech Innovation

Forrester eCommerce

Banks and financial institutions are currently hard at work building APIs and testing their Strong Customer Authentication (SCA) solutions. Banks need to comply with […]. age of the customer banking financial services security & risk

Forrester’s US Banking Customer Experience Index 2018 Shows CX Is Stagnating

Forrester eCommerce

Customer experience leaders grow revenue faster than CX laggards, drive higher brand preference, and can charge more for their products.

How 100+ yr old firms stay relevant

Forrester eCommerce

In last month’s midwestern US regional Forrester Leadership Board meeting, Stephanie Hammes-Betti, the SVP of Innovation Design at US Bank took us through the […].

Do You Work For A Financial Services Provider? Then Take This Survey!

Forrester eCommerce

Uncategorized Banking brokerage Digital Banking Financial Services insurance retail banking video video strategy wealth managementForrester is conducting research on how financial services companies are using Video to win, serve, engage, and retain customers.

Predictions 2019: Financial Services Firms Shift Their Focus To Operational Efficiency

Forrester eCommerce

While many governments are still nursing large debts, most banks, investment management firms, and insurance companies have long since returned to good health. banking financial services predictions 2019 wealth management

How digital assistance in Banking is changing Customer Engagement

Whisbi

Digital banking is revolutionizing customer’s behavior, expectations, and needs. We are witnessing a shift in the competitive landscape of banking which is a fascinating journey to be part of. In an industry such as banking, high-value customers are driving 70% of value for companies.