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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. MORE
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 […]. MORE
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. MORE
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 MORE
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 MORE
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. MORE
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. And Google is now moving ahead with its plan to launch one of those marketplaces. MORE
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. MORE
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 […]. MORE
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. MORE
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. MORE
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. MORE
The apparel retailers are introducing the service as parent company Tailored Brands goes through Chapter 11 MORE
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. MORE
… 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? MORE
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 […]. MORE
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. […]. MORE
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. MORE
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 MORE
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. […]. MORE
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. MORE
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 MORE
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. MORE
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. MORE
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 […]. MORE
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 MORE
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 MORE
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. MORE
For banks, open banking implementation is not straightforward – differing standards, specifications, and deployments result in the need to resolve complexity across interfaces. MORE
Hemp-derived CBD products: you can’t avoid them anymore. From the CBD edibles at your local pharmacy to the hemp moisturizing… Payments MORE
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. MORE
(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 MORE
[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 […]. MORE
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. MORE
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 MORE
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! MORE
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 MORE
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 MORE
Banking Related Topics Forrester's Customer Insights
SEPTEMBER 11, 2020
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.
TalkingRetail
JULY 13, 2020
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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Retail Archives
SEPTEMBER 25, 2020
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.
Forrester's Customer Insights
JULY 29, 2020
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. […].
BigCommerce
SEPTEMBER 9, 2019
Hemp-derived CBD products: you can’t avoid them anymore. From the CBD edibles at your local pharmacy to the hemp moisturizing… Payments
Retail Archives
JUNE 4, 2020
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.
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Forrester's Customer Insights
SEPTEMBER 28, 2018
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
Forrester's Customer Insights
JULY 16, 2020
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 […].
Forrester's Customer Insights
JULY 15, 2020
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!
Forrester's Customer Insights
JULY 30, 2020
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. […].
Forrester's Customer Insights
APRIL 15, 2020
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.
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eCommerce CEO
JANUARY 1, 2020
… 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's Customer Insights
AUGUST 12, 2020
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.
Forrester's Customer Insights
APRIL 23, 2020
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
Forrester's Customer Insights
JULY 9, 2020
For banks, open banking implementation is not straightforward – differing standards, specifications, and deployments result in the need to resolve complexity across interfaces.
Retail Archives
JULY 17, 2020
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.
Forrester Omnichannel
APRIL 27, 2016
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.
Retail Archives
MARCH 9, 2020
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.
retaildive
AUGUST 20, 2020
The apparel retailers are introducing the service as parent company Tailored Brands goes through Chapter 11
Forrester's Customer Insights
JULY 16, 2020
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 […].
Forrester's Customer Insights
DECEMBER 4, 2018
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
Forrester's Customer Insights
AUGUST 28, 2019
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's Customer Insights
AUGUST 12, 2020
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
Forrester's Customer Insights
AUGUST 7, 2020
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 […].
Forrester's Customer Insights
FEBRUARY 19, 2019
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.
Forrester's Customer Insights
JUNE 11, 2020
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.
Forrester's Customer Insights
JUNE 10, 2019
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
Forrester's Customer Insights
MAY 29, 2019
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
GetElastic
JULY 30, 2019
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.
Forrester's Customer Insights
MAY 15, 2019
[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 […].
Forrester's Customer Insights
MARCH 26, 2019
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.
Forrester's Customer Insights
JULY 5, 2020
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
Forrester Omnichannel
OCTOBER 22, 2013
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.
Forrester's Customer Insights
OCTOBER 8, 2019
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.
Retail Archives
APRIL 3, 2020
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.
Forrester's Customer Insights
SEPTEMBER 20, 2019
(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
Forrester's Customer Insights
OCTOBER 1, 2019
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 […].
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