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

Forrester's Customer Insights

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.

Post Office unveils latest additions to banking framework

TalkingRetail

Wealth manager and private bank Coutts has joined the Post Office’s Banking Framework, allowing its customers to use services such as making cash withdrawals, deposits or paying in cheques at any of the Post Office’s 11,500 branches. Industry News banking services convenience stores Coutts The Post Office

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Banking of Things- IOT Advantages to Banking and Financial Services

Retail Archives

Leveraging IoT advancements and digital technologies helps banks better serve their customers. IoT is transforming every industry including the banking sector, which is known to be conservative and prone to bureaucracy. Most consumer research shows that post-pandemic, consumers will continue to bank at a distance, using call center and chat services, more online and mobile banking, and contactless or digital payments instead of check or cash.

The Future Of Banking Has Arrived

Forrester's Customer Insights

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. The drivers of the future are evolutions of the past – some playing out now, others that will be far more prominent by 2025 and table stakes by 2030. […].

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

Physical Banking is Dead — Long Live Physical Banking!

Retail Archives

Physical banking (as in walking into an actual brick-and-mortar branch office and speaking with real people) is going the way of 8 Track Tapes, dial telephones and Dodos. The rise of online banks and traditional banks proffering online services over the last decade with anywhere / anytime / any-device banking, digital credit cards and check deposits are endangering good old-fashioned physical bank branches. Physical Banking is Dead.

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

Forrester's Customer Insights

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

A Glimpse Into The Future Of Banking

Forrester's Customer Insights

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. We see four clear themes forming in the research. Many […].

Mobile Banking Apps Take Center Stage As Australians Embrace Digital Banking

Forrester's Customer Insights

How we bank has also changed dramatically. Age of the Customer banking digital business digital disruption financial services Australia Digital Banking Financial Services financial well-being; financial wellness; digital strategy; digital banking; mobile banking; financial services; customer experience Mobile apps Mobile BankingIt’s mid-July 2020, and the world is a very different place than it was six and a half months ago!

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

Forrester's Customer Insights

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. Banks will have to selectively leverage and extend the trust they already have and will carefully select their key battlegrounds. […].

Open Banking in Australia: Where Are We Now?

Forrester's Customer Insights

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.

15 Niche Ecommerce Business Ideas You Can Bank On

eCommerce CEO

… 15 Niche Ecommerce Business Ideas You Can Bank On Read More ». Your dream of sitting on the beach and running a ecommerce business starts with a profitable ecommerce business idea. I’m dreaming. Are you?

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

Forrester's Customer Insights

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.

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

Forrester's Customer Insights

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. Their responses show that many banks are missing the mark by making COVID-19 content hard […]. banking covid19-cn customer experience user experience (UX) Banking covid-19 CX Mobile Banking UX

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

Forrester's Customer Insights

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

Banking Trends, Looking Beyond the COVID-19 Pandemic

Retail Archives

Deliver the right banking advice the moment your customers need it. This is especially true for banks and financial institutions who maintain networks of physical branches for in-person banking, and whose products and operations are among the most highly regulated. When the dust finally does settle and banks return to (near) normal operations they will find the same project and pain point challenges they had pre-COVID are still there, and still priorities.

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. Unfortunately, the ad's call-to-action was a message telling me to call the bank's 1-800 number to find out more. And as a result, the bank also failed to cross-sell me any products or services. banking. cross-channel banking.

There’s Still Time for Retail Banks to Get Out Ahead of Open Banking

Retail Archives

Open banking is coming , and its arrival is not a question of if, but when. and savvy banks in the U.S. Open banking–where both consumers and third-party applications can access, through secure APIs, financial data now almost solely in the ownership of a banking institution–is part of a larger trend toward more customer-centric services and data management. To consumers, this makes experiences with their bank and third parties feel logically connected.

Jos. A. Bank, Men's Wearhouse launch BOPIS

retaildive

The apparel retailers are introducing the service as parent company Tailored Brands goes through Chapter 11

The Future Of Banking: Sneak Peek Into Our Upcoming Research

Forrester's Customer Insights

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. Out of that research, four clear themes have emerged. These themes are already starting to play out now but will be far more prominent by 2025 and table stakes by […].

Competition Heats Up In Banking Transformation Services

Forrester's Customer Insights

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

Hong Kong Bank Must Raise The Bar In Mobile Banking

Forrester's Customer Insights

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

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

Forrester's Customer Insights

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. Age of the Customer Banking banking app mobile app Mobile Banking mobile banking experience mobile experience mobile strategy user experience

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

Forrester's Customer Insights

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. The vendor quickly suggested that its solutions align with Forrester’s concept of a lean core. Now, you may ask […].

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

Forrester's Customer Insights

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.

Japanese Banks? Digital Awakening Is On The Way

Forrester's Customer Insights

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 transformationIt has been a year since Japan moved to a new era: “Reiwa” and quite a lot has happened during the past 12 months.

Chase Closes Finn: Lessons For Other Digital Banks

Forrester's Customer Insights

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

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

Forrester's Customer Insights

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

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. Blockchain technology is increasingly gaining traction among banks, lenders, fintechs and merchants. Blockchain cuts central banks out of the process, dramatically speeding up settlement. How banks are already banking on blockchain.

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

Forrester's Customer Insights

[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's Customer Insights

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.

DBS Bank followed four design principles when building their enterprise data platform

Forrester's Customer Insights

I recently had the pleasure to talk with Siew Choo So, Group Head Consumer Banking Technology and Big Data/AI at DBS, on how the bank has set up their enterprise data platform to enable a data driven organization. Asia Pacific banking business technology (BT) CIO insights

Sophisticated Online, Internet, And Mobile Banking Solutions Help Banks Differentiate And Contain Costs

Forrester Omnichannel

The bank I mainly use for my daily banking needs does not offer that many examples of great customer experiences. The two reasons why my family continues to use that bank are the high number of ATMs in the area where we live and a very customer-oriented branch advisor. Our most recent interaction with that bank (but not with that advisor) delivered yet another example of "great" customer service across channels, an experience that will likely cause us to look for a new bank.

Citizens Challenge 2019: Driving Innovation In Banking

Forrester's Customer Insights

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. Innovation events like these can help address changing consumer needs and behaviors, as well as competitors’ responses to them. They can help ensure the firm’s survival by adding net-new value to consumers.

How Banks Respond to the COVID-19 Crisis Now Will Set Them up for the Future

Retail Archives

Contactless, online banking increases during COVID-19 crisis. In the rapidly changing environment of the COVID-19 crisis, banks and other financial institutions are facing a real-time test. Many national and community banks are taking measures to ease the financial difficulties posed by COVID-19. In addition, banks are offering customers relief by deferring payments for credit cards and mortgages, making loan modifications and offering low to zero-rate loans.

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

Forrester's Customer Insights

(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. Here is what we think is happening: The regulator’s objective is clear: disrupting traditional banking and improving digital […]. age of the customer banking

Customers Don’t Think Bank Experiences Are Improving

Forrester's Customer Insights

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 […].