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.

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.

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.

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 […].

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.

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 […].

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.

Predictions 2020: Old Rivalries And New Entrants Will Preoccupy Bank Execs

Forrester eCommerce

Incumbent banks will be challenged on multiple fronts in 2020. age of the customer banking fintech prediction promotedRead our predictions.

Predictions 2020: Old Rivalries And New Entrants Will Preoccupy Bank Execs

Forrester eCommerce

Incumbent banks will be challenged on multiple fronts in 2020. age of the customer banking fintech prediction promotedRead our predictions.

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.

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 […].

Google Makes Moves Into Banking: Should Banks Be Worried?

Forrester eCommerce

Principal Analyst Alyson Clarke explains what the move means for banks. Google may offer consumers checking accounts as soon as next year.

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.

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 […].

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.

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

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.

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.

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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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

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.

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

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.

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)!

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

WeBank Is Driving Financial Inclusion At Scale In China

Forrester eCommerce

Still today, large numbers of people and businesses do not rely on banks to help them meet their day-to-day financial needs. age of the customer Innovation Digital Banking financial inclusion Financial Services innovation mobile small business banking SME banking

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 […

How WeBank Became The World Largest Digital Bank

Forrester eCommerce

Can you imagine a digital-only bank has served a hundred million customers within 4 years since its establishment? And the 100 million customers are all un/underserved by traditional banks. Tencent-backed WeBank has achieved this goal and became the largest digital bank in the world.

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.