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Pandemic drives over half of consumers to shop more locally; bank data key in enabling SMEs to compete with big businesses

Retail Technology Review

That’s according to new research released by Pollinate, the global software business that partners with banks to help them deepen and extend relationships with their business customers, in which over 4,500 consumers were surveyed across the UK, US, Australia, and Brazil. Over half of consumers globally (53%) believe it is more important to shop with local businesses now than it was before the pandemic.

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The Future Of Banking Requires Tech-Driven Innovation

Forrester eCommerce

Over three quarters of banks are increasing their spending on emerging technologies, creating the potential for hype and fear of missing out. Forrester identified nine emerging technologies that should be on the list of every bank, either now or later.

Banking 370
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After Retail Banking Now Banks Must Transform Their Corporate Banking!

Forrester eCommerce

Digital transformation is coming to Corporate Banking. Corporate banking today is antiquated due to its highly customized and complex product offerings; lack of challengers to drive innovation; and strong barriers to switching for clients.

Banking 373
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What’s New In EMEA Mobile Banking

Forrester eCommerce

Mobile banking apps are a crucial component of the overall banking experience. To identify mobile banking best practices, we reviewed the mobile apps of 13 EMEA banking brands in March and April of 2022 for both functionality and user experience.

Banking 370
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The Future Of Banking Has Arrived

Forrester eCommerce

Forrester’s view on the future of banking is here – examining the changes that we expect to play out over the next decade of retail banking.

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SVB’s Collapse Will Reshape How Customers Trust Their Banks

Forrester eCommerce

The collapse of Silicon Valley Bank (SVB) and Signature Bank will impact the banking industry in four key ways. Age of the Customer Banking

Banking 195
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The Future Is Here: Google Moves Forward With Its Banking Marketplace

Forrester eCommerce

As discussed in Forrester’s recent research on the future of banking, success for many banks will come from powering products and distributing through others’ marketplaces. Late last year, I blogged about Google’s move into banking and […]. The future is here.

Banking 444
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Banking Software Vendors Won’t Differentiate With Just Functionality For Long

Forrester eCommerce

A few days ago, Forrester published two Forrester Waves, one focusing on retail banking, the other on corporate banking. With these Forrester Waves, we separated off-the-shelf banking back ends for retail and corporate banking for the first time.

Banking 329
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Building A Private Bank For The Next Generation

Forrester eCommerce

Significant gaps continue to exist in private banking, forcing firms to rethink pricing and organizational models. As a result, high-net-worth clients are not fully benefiting from some of the digital innovations that are changing how customers interact with their private banks.

Banking 539
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The Future Of Banking: Invisible, Connected, Insights-Driven, And Purposeful

Forrester eCommerce

Leading banks are pivoting and rebooting their strategy — capitalizing on the pace of change and innovation and setting their course for the next decade. By 2030, banking will be invisible, connected, insights-driven, and purposeful.

Banking 382
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We Evaluated Banks’ In-App Messaging On COVID-19: Five Brands Stood Out

Forrester eCommerce

What do consumers expect from their banks in response to the COVID-19 pandemic? We interviewed 40 customers of 14 banks to find out. We also asked them what they think of how their banks are handling the crisis so far.

Banking 504
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Automation Opportunities Abound In Corporate Banking

Forrester eCommerce

It’s no secret that in today’s business climate, corporate banks are feeling the squeeze. Now is the time when corporate banks change the way they serve clients. They struggle with an installed base of pre-modern applications and archaic processes.

Banking 195
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A Glimpse Into The Future Of Banking

Forrester eCommerce

COVID-19 is recasting the foundations of the future of banking and reshaping the digital agenda and priorities for many banks. Alyson Clarke and I have been interviewing financial services experts around the globe as part of our upcoming research report on the future of banking.

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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 Bankingbut they’re certainly demonstrating voracious appetite. In the UK, Monzo recently hit the one million customer mark, whilst Revolut has almost tripled its customers to 2.8 million in a year.

Banking 418
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Mobile Banking Apps Take Center Stage As Australians Embrace Digital Banking

Forrester eCommerce

How we bank has also changed dramatically. It’s mid-July 2020, and the world is a very different place than it was six and a half months ago! Just think of the ways we now interact with each other, carry out our daily activities, and buy and pay for products and services.

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UK Banks’ Mobile Apps Have Stalled In Terms of Functionality

Forrester eCommerce

Mobile apps have become the main touchpoint of banking relationships for millions of people and the starting point for many financial decisions and activities. Forrester data shows that 53% of UK online adults have done their banking on a mobile website or app in the past month.

Banking 259
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Lean Isn’t Always Lean: There Are Lean Cores And Lean Cores In Banking

Forrester eCommerce

A few days ago, I discussed application architecture in banking with a banking software vendor. Starting from there, we had a look at that vendor’s core banking solutions and further back-end systems such as trade finance.

Banking 482
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Predictions 2022: Banks Will Double Down On Innovation

Forrester eCommerce

To compete and survive in an increasingly unpredictable, post-pandemic world, banks will invest heavily in technology, talent, and sustainability in the coming year. Age of the Customer Banking financial services fintech infrastructure & operations predictions

Banking 366
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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. application modernization banking digital business digital transformation financial services banking transformation core banking fintech IBM Thought Machine

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Open Banking in Australia: Where Are We Now?

Forrester eCommerce

As Australian banking leaders roll out initiatives to help consumers and small business owners cope with the fallout from the coronavirus, they also face an impending deadline: to make consumer data available by July this year. Quite a lot has happened since 2020 started.

Banking 419
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In 2021, Banks Must Sustain The Digital Momentum

Forrester eCommerce

Banking Digital TransformationWe’re hitting the end of January. So, let me ask you, how is that New Year’s resolution coming along?

Banking 494
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European Banks Must Deliver Better User Experience On Their Mobile Apps

Forrester eCommerce

Mobile apps have become the main touchpoint of banking relationships for millions of people and the starting point for many financial decisions and activities.

Banking 273
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Sopra Steria Plans To Acquire Fidor Solutions To Push Its Digital Banking Engagement Platform Forward

Forrester eCommerce

Earlier today, Sopra Steria announced its plans to acquire Fidor Solutions via its subsidiary Sopra Banking Software. Fidor Solutions is the technology subsidiary of Fidor Bank, a fintech that became part of Groupe BPCE in 2016.

Banking 243
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Forrester Reviews And Scores US Mobile Banking Apps: What We Learned

Forrester eCommerce

For over a decade, Forrester has conducted an annual review of banks’ mobile apps. My colleague Gina Bhawalkar and I recently published our most recent research, in which we evaluated and scored the mobile banking experiences on more than a dozen banking brands’ apps across the US and Canada.

Banking 354
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Banking Functionality Doesn’t Differentiate Banking Software Anymore, But Technology And Ecosystems Do

Forrester eCommerce

Functionality in retail and corporate banking is not highly differentiating anymore. In the future, only those that can support partner solutions in their ecosystem seamlessly can fully cope with banking industry's expanding requirements.

Banking 195
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US Banking Customers Will Soon Demand These Features. Does Your Mobile App Offer Them?

Forrester eCommerce

When a customer opens a mobile banking app, they are usually trying to complete a specific task: paying a bill, seeing how much money they have left for the month, finding a recent transaction, requesting money from a friend, etc. Forrester’s Mobile Banking […].

Banking 312
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Small Business Banking Has Been Disrupted (And There’s No Going Back)

Forrester eCommerce

Bankers around the world are rightly worried about the threats posed by digital disruptors getting in between them and their retail banking customers. But Forrester’s newest research reveals that executives should be just as worried — perhaps even more worried — about another market that is being upended: Small business banking.

Banking 359
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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. We benchmarked the usability and functionalities of five mobile banking apps in Hong Kong: Bank of China (BoC), Bank of East Asia (BEA), DBS Bank Hong Kong, HSBC, and Standard Chartered Bank. age of the customer banking mobile apps

Banking 257
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Decoding China’s Central Bank Digital Currency

Forrester eCommerce

The digital yuan, the central bank digital currency (CBDC) of China, has already been tested in several major cities across the country. Age of the Customer Banking fintech

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The Future Of Banking: Sneak Peek Into Our Upcoming Research

Forrester eCommerce

As part of our upcoming research report on the future of banking, Jacob Morgan and I have been interviewing financial services experts around the globe.

Banking 284
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Predictions 2021: Banks Will Need To Get To Know Their Customers (Again)

Forrester eCommerce

The COVID-19 crisis has upended banks' understanding of their customers. In 2021, banking executives will need to pivot accordingly. Age of the Customer Banking prediction

Banking 385
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Japanese Banks? Digital Awakening Is On The Way

Forrester eCommerce

As Japanese leading banks roll out initiatives to help consumers and SMEs cope with the fallout from the COVID-19 pandemic, they also face an urgent need for digital transformation to serve […]. Age of the Customer banking digital business digital transformation

Banking 421
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Forrester Reviews And Scores Canadian Mobile Banking Apps: What We Learned

Forrester eCommerce

For over a decade, Forrester has conducted an annual review of banks’ mobile apps. My colleague Gina Bhawalkar and I recently published our most recent research, in which we evaluated and scored the mobile banking experiences of more than a dozen banking brands’ apps across the US and Canada.

Banking 284
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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. age of the customer banking customer experience digital business digital customer experience digital disruption financial services Banking Digital Banking digital strategy digital transformation Financial Services innovation

Banking 341
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The Top Tech That Will Win Over Banks In 2021

Forrester eCommerce

Banks are transforming their organizations with digital technologies. Forces such as emerging technology, fintechs, changing customer behavior, and the decomposition of the banking industry are influencing banking technology investment trends.

Banking 307
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Open Banking Implementation Issues Give Rise To A New Breed Of Intermediaries

Forrester eCommerce

For banks, open banking implementation is not straightforward – differing standards, specifications, and deployments result in the need to resolve complexity across interfaces.

Banking 322
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Distributed Ledger Technology In Banking — Neither Major Upheaval Nor Dead Silence

Forrester eCommerce

Blockchain has added value for banks when filling white spaces or replacing inadequate solutions. Age of the Customer Banking Blockchain Business ValueFully operational systems are few and far between.

Banking 195
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Mutuals And Direct Banks Top The UK, France, Italy, And Spain Banking CX Indexes – Here’s Why

Forrester eCommerce

In our 2020 European Banking Customer Experience Index (CX Index™), mutuals and direct banks outperformed traditional banks in terms of CX in the UK, France, Italy, and Spain. Age of the Customer Banking customer experience customer experience index (CX Index) Europe

Banking 284
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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 […].

Banking 345
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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 […]. age of the customer customer experience financial services mobile apps Customer Experience (CX) Digital Banking digital strategy Mobile Banking User Experience (UX

Banking 316
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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.

Banking 392
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What’s New In European Mobile Banking

Forrester eCommerce

Forrester reviewed the mobile apps of 13 European banking brands in June and July of 2021 for both functionality and user experience. Age of the Customer Banking Europe mobile technology user experience (UX

Banking 195
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Mox Bank drives a high-performance operating model to deliver new digital banking experiences in Hong Kong

Forrester eCommerce

While the Hong Kong market is mature in terms of traditional banking products, Forrester has found that digital banking’s pre-sale and post-sale journeys there lag those in other advanced economies. Age of the Customer Banking fintech

Banking 195