Introducing Forrester’s Mobile Banking Functionality Benchmark

Technology is radically changing the way bank customers interact with their providers, and mobile touchpoints are at the forefront of this change. In the past five years, mobile banking adoption in the US has more than quadrupled, hitting 17% by the end of 2011. This represents a compound annual growth rate (CAGR) of more than 33%.

As such, eBusiness professionals and mobile strategists at banks are in a white-knuckle contest to out-do each other in the mobile space. To evaluate and gauge banks’ mobile offerings, we applied Forrester’s Mobile Banking Functionality Benchmark to the four largest retail banks in the US.                                                                                                 

What we found:

  • Big US banks offer solid, not-yet-splendid, mobile services.  We employ 63 individual criteria in our Mobile Banking Functionality Benchmark methodology. The combination of weightings and scores for the criteria generates an overall score based on a 100-point scale. In our inaugural ranking, the four largest US banks posted an average score of 63 out of 100 – above our minimum standards but far from perfect.
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The Tablet-TV Connection

Analysts and press have paid much attention to the cannibalistic relationship of tablets and PCs — but there’s another screen whose relationship to the TV is worth considering. My colleague Annie Corbett and I published a new report today on the relationship between tablets and TVs. A few key takeaways from the report:

  • Tablets complement TV in the living room. Tablets are displacing PCs and smartphones as the “couch computer” of choice: 85% of US tablet owners use their tablets while watching TV, and according to Nielsen, 30% of total tablet time is spent while watching TV. The tablet’s complementary nature to the living room TV gives a raison d’etre to “second screen” apps like Miso, GetGlue, and Viggle that engage consumers in conversation and content related to what’s on the big screen.
  • Tablets also turn TV into a “dumb” device. A surprisingly high percentage of tablet owners — 18% — say they connect their tablets to their TVs via HDMI or VGA cables (the second- and third-gen iPad can do this, as can many Android tablets, but the Amazon Kindle Fire and Nook Tablets cannot). As much as Samsung and others have promoted “Smart TVs,” the reality is that consumers with tablets think their tablets are even smarter, and at least some of the time prefer to watch the content from their small device on the big screen.
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