The Threat (And Opportunities) Facing Banks Today

Victor Milligan
Banks serve as the bedrock of the economy, and that bedrock is changing. These changes represent a direct attack against the current banking business model and associated P&Ls. Our Empowered Customer and North America Consumer Technographics data tells us:
 
  • Only 50% of bank customers are willing to keep their existing level of business with their bank.
  • Only 59% of bank customers are willing to purchase additional products or services, meaning 41% are not.
  • Almost 50% of Progressive Pioneers – the most progressive of our five customer segments representing 25% of consumers in 2016 – indicate they are likely to switch banks in the next year.
  • 21% of Progressive Pioneers have closed a bank account in the past 3 years.
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BC & DR Pros, We Need Your Help!

Stephanie Balaouras

Each year, Forrester Research and the Disaster Recovery Journal team up to launch a study examining the state of business resiliency. Each year, we focus on a particular resiliency domain: IT disaster recovery, business continuity, or overall enterprise risk management. The studies provide BC pros, DR pros, and other risk managers an understanding of how they compare to the overall industry and to their peers. While each organization is unique, it's helpful to see where the industry is trending, and I’ve found that peer comparisons are always helpful when you need to understand if you’re in line with industry best practices and/or you need to convince skeptical executives change is necessary.

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IoT Software Platform Wave Evaluation Helps Firms Navigate The Complex Solution Landscape

Michele Pelino

As businesses pursue digital initiatives, I&O execs must assist their line-of-business colleagues with addressing software, security, data, and business analytics integration complexity associated with deploying these IoT solutions. Digital opportunities to use IoT include:

  • Building connected products. Product manufacturers are creating smart, connected products to differentiate their offerings and generate new revenue streams as well as ecosystems for other partners to participate in and create their own value.
  • Transforming operational processes. Businesses across many vertical markets are using IoT-enabled use cases to transform supply chain processes, enhance inventory management and operational processes, and track and monitor asset performance
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The Data Digest: For Men And Women's Clothing Purchases, Timing Is Everything

Anjali Lai

Here in Boston, we are at a precious moment in the year: The early onset of cool, dark evenings sets the stage for the imminent holiday season — but doesn’t eclipse the warmth of the autumn sun quite yet. As the seasons change, we have a few rare days of mild weather that I can’t pass up, so, like my fellow city-dwellers, I make a little extra time to walk and window-shop.

Except — I hardly ever return with empty hands. Especially when I spot a sale at my favorite clothing retailer, it doesn’t take long before my intended walk turns into a shopping spree. Fortunately, our data shows that I’m not the only one who falls for the spontaneous clothing purchase. Forrester’s Consumer Technographics® data reveals that women in particular buy apparel on impulse:

In fact, our data shows that 43% of women don’t research clothing at all prior to making a purchase, compared with only 36% of men. And those women who do research apparel predominantly count the in-store browsing experience as their product research, while men often use both online and offline tools.

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The Uncertain Future of Obamacare and the Healthcare Industry

Kate McCarthy

The results of the United States Presidential election came as a shock to almost everyone – even Trump supporters. Most prepared for a Clinton win, which would have meant that even if the Republican party held onto the House and the Senate, there would still be a relative balance of power across party lines. In that scenario, the future of Obamacare, and the healthcare industry at large, was certain to stay the course. But a Republican Congress and Presidency, makes that future less certain.

Republicans have talked about repealing the Affordable Care Act for six years, backing their words with actions, sending numerous bills through Congress to amend and/or repeal the Act. These efforts failed under the Obama administration, which implemented the Affordable Care Act, expanding access to health insurance to over 20 million previously uninsured lives. In the last six years, the annual increase of health spending has slowed to equal the rate of gross domestic product (GDP). The healthcare cost savings from 2010-2020 should exceed $1 trillion. More importantly, as payers and providers have adjusted their businesses to the New Healthcare Economy, we have seen improvements in quality outcomes including a 25% reduction in hospital readmissions.

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Does Trump’s Victory Signal The End Of Data-Driven Decision-Making As We Know It?

Sheryl Pattek

It’s not been an easy week or so for many of us in the US. Why did the election results surprise so many? How could we not have known how divided a country we were?

And what happened to a belief in the principles of fairness, respect, and equality for all, which formed the foundation of our democracy — despite an election’s outcome? One explanation is that many relied on predictions, polls, and data and misjudged the impact of voters’ emotions and sentiment on the race . . . and badly so.  

Four years ago, just after I joined Forrester, one of the first blog posts I wrote was about how the smart use of data helped elect Obama as our 44th president. In that post, I talked about how Obama and his team employed data science from the start to understand the electorate and target their engagement and messaging effectively to inspire voters to action.

In fact, to quote that blog post:

“What I found the most fascinating is how the use of data, the right data, served as the foundation for Obama’s successful reelection. Starting on election night, the analysts on the best-known news shows were already talking about how calm and confident the Obama team members were. And why were they confident? According to Obama’s team, it had the data to back up its march to a second term. The team members believed that data and how they used it was one of the biggest advantages they had over the Romney campaign. Think about that for a minute. Obama, traditionally seen as the image and message guy, ran his reelection campaign based on using the right data effectively. And it worked.

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Web Summit Stakes Its Claim As One Of The Most Important Global Tech Events

Dan Bieler

Photo: Paddy Cosgrave, CEO and co-founder of Web Summit

Recently, Web Summit took place in Lisbon. “Web-what”? Web Summit is indeed a relative newcomer on the event scene, but you should take notice. At its core, Web Summit is all about connecting larger enterprises and investors to smaller tech companies. On a human level, Web Summit’s goal is to bring together youngish and enthusiastic technology entrepreneurs with experienced investors and leading managers of technology vendors. The result is a fresh and dynamic exchange of ideas and opinions as well as the mutual mentoring of the involved participants.

Web Summit started only in 2009 with a few dozen bloggers, journalists, and technologists in a hotel on the outskirts of Dublin. Web Summit’s rise to become one of the most important global technology conferences is remarkable. In 2016, the event already attracted 53,000 visitors from 166 countries and 15,000 companies, with 65% of visitors being senior managers, including 7,000 CEOs.

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What’s New For 2016 Singles’ Day: Live Streaming, VR, And AR

Xiaofeng Wang

November 11 is Singles’ Day in China — the biggest eCommerce event in the world. This year, Singles’ Day generated almost $18 billion in one day for Alibaba alone. For more results and analysis, see the Quick Take: AR, VR, And Global Brands Help Singles’ Day Surpass $18 Billion In Online Sales report that my colleague Lily Varon and I put together.

Singles’ Day is now a global phenomenon, blending shopping and entertainment both online and offline; it’s a far cry from its origin as a one-day, one-country, online-only shopping event. This year, newer trends like live streaming and virtual reality (VR) commerce show how eCommerce is evolving. Some of the highlights were:

  • Elevating online-to-offline promotions with augmented reality (AR). Alibaba created a Pokémon-Go-like augmented reality mobile game — “Catch The Tmall Cat” — to drive traffic to the offline stores of partner retailers like Starbucks and Suning and increase sales; players could “capture” discount codes to use in stores. 
  • Developing live streaming as an online shopping staple. This year, Alibaba held a shoppable, live-streamed fashion show during its kickoff gala and live-streamed more than 300 shows during its 24-day promotion period. JD.com and Suning also latched on to the trend: Both teamed up with live-video platform Huajiao to provide live streaming during Singles’ Day.
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The Marketers' Responsibility In Measurement

Tina Moffett

B2C marketers have taken ownership of data-driven decisioning from their customer insight colleagues. With the most holistic view of investment, execution, and results, marketers themselves are the ones best equipped to move marketing from gut-feel to results-driven. Thirty-nine percent of marketing measurement professionals in our recent Forrester Wave evaluation revealed that corporate marketing sponsors marketing measurement and optimization initiatives while only 14% indicated business intelligence or corporate analytics groups sponsor. (Source: Forrester's Q3 2016 Global Marketing Measurement And Optimization Solutions Forrester Wave™ Customer Reference Phone/Online Survey).

 
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Kale Is Good For JetBlue And Other Tales of Brand Resonance

Dipanjan Chatterjee

A powerful brand not only has to be extremely relevant to prospects, it has to make itself an invaluable and inextricable part of customers' lives as well. In the recent Forrester report called Navigate Your Brand To Resonance: Four Milestones To Brand Building, I outline a road map for CMOs with four clear stops, from salience to resonance, on the road to building a powerful brand. This journey is a must-take road trip for CMOs looking to assess the state of their brand and craft a strategy for taking it to the next step. The milestones are shown in the figure below:

The roadmap traces a deepening connection between brand and consumer built on a foundation of customer-obsessed experience delivery and powerful emotional connections. Good brands succeed in being salient, inducing trial, creating memorable experiences, and forming emotional bonds. Amazing brands do more – they energize the entire brand-consumer relationship in a way that creates a resonant and enduring bond. Brands that achieve this resonance are twice blessed -  they reap the rewards of loyalty with existing customers and also set in motion a powerful recommendation engine which feeds the awareness and salience funnel. As Forrester research has consistently shown, word of mouth and recommendations are far more credible than brand-generated paid and earned media.

In the report, I provide several best practices of brands on this journey from salience to resonance; here are a few:

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