How To Build A World-Class Mobile Banking Strategy

Mobile has gotten a lot of attention at banks recently. In fact, other teams in a firm’s organization are starting to feel like Jan Brady, the voices in their heads chanting “Mobile Mobile Mobile!”

But there’s good reason for the increased focus on mobile banking efforts: mobile is the most important strategic change in retail banking in over a decade. It is shifting your customers’ behavior, raising customers’ expectations, and opening up new opportunities for banks, their competitors, and new disruptors.

So how can strategists at banks assess the current and future state of the mobile banking market? How can they plan their own mobile banking roadmap? What do they need to successfully execute these plans? And how will they continue to improve and enhance their mobile offerings going forward?

Forrester’s new Mobile Banking Strategy Playbook seeks to answer all of these questions, drawing on mountains of research and deep dives into data in order to give eBusiness teams at banks a complete framework for building and maintaining a world-class mobile banking strategy. The playbook will include 12 chapters (plus an Executive Summary) that cover different aspects of mobile banking – and many of those chapters are already live. These chapters outline how to develop a successful mobile banking strategy. Specifically, we recommend that mobile strategists at banks:

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Vendor Channel Leaders And Their Challenges In Asia Pacific

Last week, Forrester hosted a channel roundtable in Singapore on the evaluation of channel models in Asia Pacific. The goal was to create a common platform for tech vendor senior channel executives and Forrester analysts to discuss key changes faced by the channel leaders and how best to adapt to them. The briefing was attended by 26 senior channel executives representing 21 tech vendors.

All of the channel leaders agreed with a Forrester report which indicated that channel models are under great pressure due to the growth of mobility and the devices that power it, as-a-service computing models, and the decreasing influence of IT departments on overall tech spending. As they cope with these changes, the key challenges they identified during the interactive roundtable were:

  • Identifying and engaging with those channel partners that can adjust to market shifts. This emerged as a major challenge, not only for some of the new cloud-based service providers but also for traditional tech vendors venturing into new solution areas. A shortage of skilled channel professionals within Asia Pacific exacerbates this challenge. Several also identified the challenge of high turnover within their channel base and the frustration of investing in the skills of a partner executive and having him shift to a competitor’s channel.
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Use The Customer Experience Ecosystem Playbook To Drive Differentiation

Even companies that make customer experience a strategic priority struggle to implement major long-lasting improvements. That's because they fail to connect behind-the-scenes activities to customer interactions. These firms need a new approach to customer experience management: one that considers the influence of every single employee and external partner on every single customer interaction. Forrester calls this complex set of relationships the customer experience ecosystem.

Healthy customer experience ecosystems create value for all of the actors in the system. To nurture a healthy ecosystem, firms must balance the needs of and engage all of the parties involved. Customer experience leaders need to:

  • Engage employees to meet business and personal objectives.
  • Engage partners to drive results for their organizations too.
  • Engage customers to create experiences that meet their needs, are easy, and are enjoyable.
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