Forrester's Vision On The Next Generation Of Digital Financial Services

Many of today’s financial services websites seem increasingly outdated. Why? More and more people are using the web as their primary banking channel and firms like Amazon, Apple, and Google are raising the bar on what customers — especially the younger generation — expect from their banks.

Despite the fact that the online channel is more than a decade old, most retail financial services companies have yet to make full use of its potential. Many banks still don’t make it easy for customers to achieve their goals online, they struggle to provide compelling cross-channel experiences, fail to tailor content and functionality to individual needs, and don’t enable customers sufficiently to take action by themselves.

We believe that a new generation of digital financial services is required — one that provides a fundamentally improved digital experience. To be successful, these next-generation digital financial services should be SUPER — simple, ubiquitous, personal, empowering, and reassuring.

This framework presents Forrester's vision of the of future of digital financial services and describes the technologies, processes, and organizational aspects that will enable it. It also provides examples of leading financial services firms that provide next-generation experiences today.

A key enabler of the Next-Generation is Agile Commerce which means optimizing people, processes, and technology to serve today's empowered, ever-connected customers across a rapidly evolving set of customer touchpoints.

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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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