National Australia Bank Tops Our Australian Bank Content & Functionality Benchmark

A few months ago I wrote here about our benchmark of the sales content and functionality of UK banks' sales sites. My colleague Vanessa Niemeyer has just published a benchmark of the big four Australian banks' sales sites. Crushingly for an Englishman, the Australians beat us. The four Australian banks achieved an average score of 56 (out of 100), compared with an average of 48 for the British banks.*

National Australia Bank (NAB) came top, just ahead of Westpac in second place, with Commonwealth Bank of Australia not far behind. The Australian banks demonstrate a series of good practices in their application processes, such as cross-selling during the application and automated confirmations. We highlight many of the good practices that the eBusiness teams at the Australian banks have developed in the report which is available for Forrester clients here.

Read more

The Lone Cry for Growth In Insurance?

Yee Hah! The worst recession since the Great Depression was declared officially over in June of 2009. We should be feeling great, since all things considered, the insurance industry fared pretty well when it came to how it emerged from that dark tunnel. But except for one notable role voice, insurers, unlike their banking peers, are still holding back from growing the business. How do we know? We took a look at nearly 5,000 inquiries that Forrester answered for insurers, bankers, and securities firms in the wake of failure of Lehman Brothers to just after this May’s Flash Crash.

What was on the minds of insurers during these six quarters? For starters, insurers:

  • Asked more questions than their financial services peers. Of the three segments we looked at, insurers asked half of the inquiries we fielded—2,500 versus nearly 1,600 and 600 for banks and securities firms, respectively.
  • Framed more than half of those questions around risk. Insurers didn’t veer away from what got them through the recession intact (indeed, from the very nature of their business)—managing risk. Even questions about application development strategies were framed as a risk question, with most insurers seeking validation that they were following in the well-worn grooves of others in insurance (and other industries) before them.
  • Posed too few questions about growing the business. Unlike their banking and securities siblings who asked questions about growing the business through new product launches, up-selling and cross-selling, or luring new customers away from competitors, insurers, with one big role-based exception, did notreflect that Q2 2009 economic inflection point.
Read more

SNS Bank Is A Showcase For The Future Of Multi-Channel Retail Banking

With more customers migrating from branches to the Web, bank’s Web sites are gradually becoming the heart of the customer relationship. Despite this, many banks’ multichannel strategies are still branch-centric.

As a medium-size retail bank with ambitious growth plans, SNS Bank in the Netherlands has developed an innovative multichannel banking strategy that clearly puts the Web at the center of the customer relationship.

It launched an integrated public and secure site with state-of-the-art functionality; reorganized its branches into a network of lean, cashless banking shops where customers can buy simple products from the bank’s Web site; introduced a mobile sales force that specializes in selling complex products from both the bank itself and other providers; and implemented a state-of-the-art cross-channel marketing campaign management platform.

With this new strategy, SNS Bank has adapted to changing channel behavior, eliminated channel conflict, and increased marketing effectiveness.

Those of you who are Forrester clients can read more about SNS Bank’s new channel strategy in my Case Study which was published earlier this week.

Alexander