The Next Generation Of Digital Financial Services

[With apologies to all those of you who had already read this, I'm re-publishing this as the Forrester gremlins ate my previous post.]

For the past few years, many eBusiness and channel strategy executives in financial services have had a nagging sense that today's websites would be rendered obsolete as new technologies emerged or younger consumers developed radically different behaviour patterns. We think that time if fast coming upon us. 

For the past six months we've been working on our vision of the Next Generation of Digital Financial Services, led by my colleague Alexander Hesse and inspired by the work of leading eBusiness teams worldwide. Although our vision is not an exact description of how all digital financial services will evolve, given the wide variety of markets that eBusiness executives operate in and the different strategies of their firms, we think the next generation of digital financial services will be characterized by five things:

  • Simplicity. Making it easy for customers to achieve their goals.
  • Ubiquity. Interacting with customers wherever they want.
  • Personalization. Making the entire experience relevant to individual needs.
  • Empowerment. Enabling customers to take action by themselves.
  • Reassurance. Providing human help whenever it adds value.
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Welcome To The Era Of Agile Commerce

Multichannel commerce no longer makes sense. As consumers are increasingly connected through a wide array of Internet-connected devices, the traditional multichannel commerce experience is becoming obsolete. Customers no longer interact with companies from a “channel” perspective; instead, they interact through touchpoints. These touchpoints include channels such as stores, branches, call centers, and websites, but also emerging interactions such as apps, social media, mobile sites, SMS messages, and interactive advertising -- across a wide range of devices such as smartphones, tablets, Internet TVs, cars, and even appliances. 

As a result, it is time for organizations to leave their channel-oriented ways behind and enter the era of agile commerce —optimizing their people, processes, and technology to serve today’s empowered, ever-connected customers across this rapidly evolving set of customer touchpoints. This is agile commerce.

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