It's Time To Rethink Digital Banking Metrics

Zhi-Ying Ng

This time of the year is significant not only because of the never-ending amount of Christmas log cakes (or puddings) that we guiltily consume without restraint at our offices, it is also when we sit together to talk about everything that has transpired in the past year. As we go into the festivities over the next few days, this is the time for us to pause and reflect on the things that have gone well, and those that haven’t quite gotten to the stage of being ideal.

For the financial services sector in particular, this means taking stock of your digital transformation journey by evaluating your progress in digital banking in the age of the customer.

At Forrester, we have done extensive research that involved speaking to incumbent banks globally and leveraging our consumer technographics data for our digital banking strategy playbook. We have recently published the digital banking strategic plan, processes, and benchmark chapters. 

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Forrester’s Top 10 B2B Marketing Blogs Of 2016

Caroline Robertson

As the number of days in 2016 winds down, my own days at Forrester are adding up. I recently joined Forrester as a new B2B marketing research director, working alongside Peter O’Neill. I appreciate how your appreciation of the insights and guidance from our team led to the need for more leadership, and I am thrilled to be here. So as I’ve been immersing myself in the team’s work, I thought that it would be as interesting to you as it was to me to see what our top 10 B2B marketing blogs of the year were. There were more than a quarter of a million reads of the team’s blogs in 2016, and I wanted to share the top 10 with you by readership.

10. Your B2B Prospects Don’t Want You To Call Them

Steve Casey, principal analyst, shared a fundamental truth of the post-digital world in this blog post. B2B buyers now strongly prefer to conduct their own research, without ever speaking with a sales rep. He recommends that marketers embrace this uncomfortable truth and spend more time considering how to make information readily available to these self-service buyers.

9. Marketo Goes Private: A New Epoch In Marketing Software May Have Just Begun

This blog by Peter O’Neill provided perspective on Marketo’s acquisition by Vista Equity Partners, which it announced inMay 2016. Lori Wizdo, principal analyst, also predicted this kind of move in April 2016 during an interview with CMSWire.

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DevOps The Code To Delivering With Velocity, Quality And Agility

Robert Stroud

Every business today is under pressure from a startup that is disrupting their traditional market. We have seen this in the taxi industry with Uber[i], ATOM Bank is revolutionizing banking[ii] and Airbnb the hotel industry.[iii] The overused statement that today every business is a software business, is resonating in every industry and we are all under pressure to not only deliver faster, we must do so with quality and add value to our respective businesses.

To achieve velocity, organizations are turning to DevOps in their cultural and technology transformation. In my recent report, “How To Deliver Services With Quality, Agility, And Value,” I look at these issues and discuss how to pragmatically assess your DevOps journey.

CALMSS A Model For Success.

Delivering faster requires a new model, one which features smaller changes driven through faster high-quality release cycles that leverage end to end automation. To guide the transition, infrastructure and operations (I&O) pros should employ the CALMSS  competency model (Culture, Automation, Lean, Measurement and management, Sharing, and Sourcing). All team members who are engaged in the product life cycle – from individual contributors to the executive team – must master these competencies. I&O pros must also use benchmarks to assess their progress and to maintain or adjust their current DevOps competencies accordingly.

Automation: “The Weakest Link” To DevOps Success

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Tell Your Board How Business Technology Will Help Win Customers

Matthew Guarini

Customers are more powerful than ever, and nothing is slowing that trend. Your Board is the primary body for setting, monitoring, and adapting strategy. Ensuring that the Board, and the C-suite,  is equipped with the proper insight and knowledge is a requirement. Research shows that CEOs rank technological change as the second-most-pressing factor for companies after economic factors. While the recognition of technology as a differentiator is a positive trend, CEOs cite concerns with the ability of their teams to handle this emerging future. Additionally, other research shows that Board members lack the knowledge and skills necessary to understand, develop, and implement tech-based strategies.  

Our latest report dives into these issues and provides recommendations that hit on strategy, cloud, budgeting and funding, cybersecurity, and innovation. We talk about the importance of getting on the Board’s standing agenda and using your tech and business credentials to drive credibility and support across the enterprise. CIOs who seize the day will help their firms, team, and selves succeed.

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Not just good. Not just great. Build an amazing brand.

Dipanjan Chatterjee

There are plenty of good brands. And some great ones. But few can arouse the intensity of emotions that make them inseparable. Brands achieve resonance at the point of inflection where the interaction transforms from transaction to relationship. And like any relationship, resonance occurs in intensifying layers, with the best brands being able to trigger an enduring and self-amplifying relationship.  

Patagonia has practically written the book on how to do this right. Newer brands like Spanx and Dollar Shave Club have built a loyal following by rewriting the rules. Kimpton Hotels & Restaurants and CrossFit have built communities that thrive on shared experiences. And “legacy” brands like USAA and Delta Air Lines have effectively engaged their communities to strengthen their bond.

Forrester clients can read about these Resonant Brands in my new report (From Great To Amazing: Building Brands With Enduring Resonance). Here’s a quick preview of how CMOs can steer their brands towards Resonance:

 

Get Emotional

If you deliver a great customer experience, you’re halfway to building an amazing brand. Now, ramp up on emotional connections — they are much stickier than functional excellence.

Build Communities

An engaged community will do the heavy lifting around building brand and salience for you — if you give them a reason to. Create the right environment and the context for your brand communities to thrive.

Have A Unique Voice

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Context Matters, And That Means Your Industry

Jennifer Belissent, Ph.D.

It’s likely not news to you that your business context matters.  Your vendors and services providers must understand the reality you’re doing business in.  They’ve got to have the experience and knowledge to intelligently "speak the language" of your internal stakeholders, identify relevant insights, and recommend appropriate actions. And that means knowing the industry in which you operate.  And, that’s even more so for someone providing you with the insights you need to improve your business. 

Some of these industry differences include:

  • Top priorities. Although business priorities are often similar, each industry pursues them with varying levels of urgency. Decision-makers in retail see improving customer experience as a do-or-die requirement, with 80% reporting that it's a high priority over the next 12 months; in oil and gas, only 49% report that it's a key area of focus. Under intense competitive pressure, telecoms look to reinvent themselves: Over two-thirds of decision-makers report that improving innovation is a high priority, while only 47% in healthcare say it's a top initiative.
  • Strategic objectives. Strategies for growing revenue, a unanimous priority, vary greatly by industry. Decision-makers in the consumer goods industry emphasize acquiring new customers as well as launching and selling new products over retaining, upselling, and cross-selling to current customers. In contrast, decision-makers at financial services firms see enriching current customer relationships as key to growing revenues. Other verticals, like utilities and primary production, have a greater appetite for pursuing new opportunities in emerging markets. Yet only a quarter of decision-makers in retail responded that this initiative was on their firms' agenda. It is clear that one approach doesn't fit all industries.
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Context Matters, And That Means Your Industry

Jennifer Belissent, Ph.D.

It’s likely not news to you that your business context matters.  Your vendors and services providers must understand the reality you’re doing business in.  They’ve got to have the experience and knowledge to intelligently "speak the language" of your internal stakeholders, identify relevant insights, and recommend appropriate actions. And that means knowing the industry in which you operate.  And, that’s even more so for someone providing you with the insights you need to improve your business. 

Some of these industry differences include:

  • Top priorities. Although business priorities are often similar, each industry pursues them with varying levels of urgency. Decision-makers in retail see improving customer experience as a do-or-die requirement, with 80% reporting that it's a high priority over the next 12 months; in oil and gas, only 49% report that it's a key area of focus. Under intense competitive pressure, telecoms look to reinvent themselves: Over two-thirds of decision-makers report that improving innovation is a high priority, while only 47% in healthcare say it's a top initiative.
  • Strategic objectives. Strategies for growing revenue, a unanimous priority, vary greatly by industry. Decision-makers in the consumer goods industry emphasize acquiring new customers as well as launching and selling new products over retaining, upselling, and cross-selling to current customers. In contrast, decision-makers at financial services firms see enriching current customer relationships as key to growing revenues. Other verticals, like utilities and primary production, have a greater appetite for pursuing new opportunities in emerging markets. Yet only a quarter of decision-makers in retail responded that this initiative was on their firms' agenda. It is clear that one approach doesn't fit all industries.
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The Data Digest: It's The Most Emotional Time Of The Year

Anjali Lai

The holidays have a way of bringing people together in more ways than one – and every holiday season I’m reminded of just how universal the power of human emotion is. Regardless of lifestyle, background, and world view, people everywhere are truly emotional beings, moved by fundamental feelings of joy and sadness, hope and fear, love and loss. And anyone who has observed frantic shoppers careening through store aisles or the unbearable anticipation of children on Christmas morning can see that, at this time of year, emotions are at their peak.

Advertisers know holiday shopper emotions better than anyone; they have perfected the art of tugging at heart strings or prompting tears to spur a purchase. But as consumers wear their hearts on their sleeve, retailers broadly must be in tune with – and responsive to – customer sentiments. For example, when passionate shoppers turn to social channels, retailers mustn’t dismiss their cheering or venting. In fact, Forrester’s Customer Experience Index (CX Index™) data shows that consumers often experience their most positive brand interactions on social media – and remember them more favorably than engagements on websites, over email, through phone conversations, and even in person:

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Connecting The Human Being To The P&L

Victor Milligan

The fact that human beings make affinity and spend decisions based in large part on emotion is not new news. It is the underlying logic of advertising – heartstrings are the early sparks of revenue. But there is a reason that most companies have not baked emotion into experience design and into the day-to-day engagement with customers. It's hard to do.

Emotions are situational, dynamic, and hard to read. Yet the gulf between the science of emotion and the business of emotion is closing, creating a set of new tools to convert great experiences into sustained growth.

Last week during an online event, I brought together thought leaders, Anjali Lai, Harley Manning, and Roxie Strohmenger, to translate the science of emotion to the pragmatic business application of emotion. If you were unable to watch it live, here is the replay – and for good measure, here are key takeaways from our discussion:

  • Emotion is the next step in getting to know your customer.
    The customer is now the center of the universe, and to win in this market, companies need to know – really know – their customer. Beyond satisfaction, advocacy, and journeys, companies must understand what makes customers tick and how to influence affinity and spend. Emotion is not the next thing "just because"; it gets to the heart and soul of operating in a customer-led market.
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Sales Enablement Automation Systems Are Ready To Help B2B Marketers Support The Seller Of Today And Tomorrow

Steven Wright

Just published, The Forrester Wave™: Sales Enablement Automation Systems, Q4 2016 highlights the nine leading vendors in the space using 33 criteria. Following on from the Forrester report Vendor Landscape: Sales Enablement Automation, the Forrester Wave report whittles down 18 vendors to nine of the strongest players in the sales enablement market.

The Forrester Wave evaluation process is rigorous, involving in-depth demos and customer references. As my colleague Lori Wizdo noted in a recent blog post about her report, The Forrester Wave™: Lead-To-Revenue Management Platform Vendors, Q4 2016, there’s no hiding for either the vendor or the analyst. The product and marketing teams for all the vendors are passionate and committed in presenting and defending their solution.

As the first Forrester Wave to cover the sales enablement automation market for B2B marketers, this report also offers a clear definition of just what is needed to be a successful solution. While there are many functions that are consistent across the solutions, such as CRM integration (mostly Salesforce) and various levels of back-end content management, there are clear differences as well. The solutions tended to be either/or:

  • Synchronous solutions that focus on the live presenting and meeting experience, whether face-to-face or virtual.
  • Asynchronous solutions that target engagement with content via email.
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