Consumers in Asia Pacific have made the mobile mind shift—the expectation that they can get what they want in their immediate context and moments of need. This rings particularly true for consumers in Singapore, where smartphone penetration will reach a staggering 85% by the end of 2015. From researching products prior to purchase to booking of taxi services, consumers in Singapore are increasingly reaching into their pockets for their smartphones to get information and services in their mobile moments of need. And they have come to expect similar—if not better—information, digital services and customer experience from their financial institutions. It comes as no surprise then that competition in mobile banking has started to heat up in Singapore, with many banks enhancing their mobile capabilities to serve increasingly empowered customers.
In our inaugural 2015 Singapore Mobile Banking Functionality Benchmark report, we have evaluated the retail mobile banking offerings of four banks in Singapore using 41 criteria. We found that:
Banks in Singapore offer accessibility and convenience, providing a wide range of mobile touchpoints where customers can quickly log into their accounts to carry out key tasks, either on the web or on the app.
Most banks offer services that matter most to customers including balance checking, transaction history, and basic money movements.
Leading banks (such as DBS Bank and OCBC Bank) differentiate by offering next-generation value-added features, either by using augmented reality technology to help home buyers with their purchase decisions or by using mobile image capability to pay bills.
Yet, there is room for improvement for banks when it comes to leveraging context and analytics to gain a deeper understanding of their customers, and they can do more to cross-sell additional banking products and services through mobile
Have you seen the movie Birdman — the one that just won the Best Picture and Best Director Oscars? It’s about a middle-aged man who was once a popular movie star but has been criticized throughout his career and how he finally achieved a breakthrough performance and found great success in a Broadway production of the play What We Talk About When We Talk About Love.
The story of Microsoft Azure is similar. Microsoft was hugely popular in the age of the PC but has sailed into troubled waters in the cloud era. But now — a year after Azure’s commercial launch in China — CIOs and EA professionals must understand how and where Azure might impact their existing MSFT technology investments to achieve business transformation. Azure is one of the leading forces driving cloud adoption in China. We attribute this to the progress that Microsoft has made by:
Expanding product offerings.Microsoft Azure now has local products in four key categories: compute, network, data, and application. Beyond basic components like virtual machines, websites, storage, and content delivery networks, Azure also has advanced features that are important for Chinese customers to address their unique challenges, including mobile services for the rapid development of mobile apps to accommodate the massive shift to mobile; a service bus for integration to eliminate information silos in the cloud; and HDInsight for big data capabilities to gain the customer insights necessary to compete with digital disruption from local Internet companies.
Uber faces fierce competition in China from local taxi hailing service providers Didi and Kuaidi Taxi, which both launched Uber-style e-hailing services in 2014. Both providers use a costly subsidy model to entice taxi users to switch to e-hailing services. Kuaidi Taxi, which recently received $700 million in Series D funding to buy more self-owned e-hailing vehicles, has hired more drivers and continues to provide subsidies. Uber has a smaller user base than either Didi or Kuaidi and limited funds that it can leverage — so to win customers in China, Uber must engage customers differently. Uber can leverage its global organization’s existing customer analytics strategy and tools to better understand their (potential) customers and engage with them throughout the customer life cycle.
On New Year’s Eve 2014/2015, it was predicted that taxi service would be unobtainable as people concentrated on the New Year countdown. Uber analyzed historical customer data and was able to provide more appealing e-hailing options than Didi’s and Kuaidi’s cash coupons. Uber contacts customers in advance and asks them to confirm any rate increases due to its dynamic pricing model; this helps to set the correct expectations with customers about fares:
This Forum will help you identify brand new software opportunities and run with them. It will hit on the must-have competencies that will empower application development and delivery leaders to execute on their company’s engagement strategies. This includes accelerating development processes, creating digital experiences, reaching mobile customers, and exploiting analytics and big data. Forrester analysts will deliver forward-thinking content while industry specialists – from companies such as McDonald’s, Mastercard, and GE Capital - will provide insight into some real and revolutionary new business approaches that are relevant to you right now.
More than two years ago, Westpac – a bank in New Zealand – rolled out its “Cash Tank” feature for mobile bankers. Suddenly, customers could view key information like account balances without needing to log in (needless to say, it was and is opt-in-only). This new mobile banking feature immediately made a splash and was hailed as a small-but-impressive innovation. Other banks – such as Société Générale in France and Bank of the West in the US – offer similar pre-login information features.
This led folks like me to wonder: How might digital teams at banks take pre-login information further or make it even better?
Great digital strategy is often about pushing the limits – and not just in big ways. So Citi’s recent update to its smartphone apps is noteworthy for the bank’s decision to push the idea of pre-login information even further with Citi Mobile Snapshot. Citi customers who bank via their mobile phones can view not only balances but recent transactions without the hassle of logging in.
We spoke with Andres Wolberg-Stok, Global Head of Emerging Platforms and Services who shared with us a diagram that demonstrates the evolution of its mobile banking effort before and after Citi Mobile Snapshot (see below).
This past Friday I had one of the most enjoyable meetings of my professional life. I had initially been worried about this particular meeting. After spending 3 nights in Switzerland, I travelled back to the UK, spent 2.5 hours at Heathrow and then caught a flight to Finland, arriving well after midnight. Knowing that I would only have a few hours’ sleep in Helsinki before heading 100 km north to Lahti for the meeting, I was concerned that travel and tiredness might take their toll.
I needn’t have worried. Several participants had enjoyed a late night at Lahti’s famous summer retreat, and they were pleased I had made the extra effort to join them. As we drove up to the log cabin in the woods, I was reminded of my 4-H camping days back in West Virginia. Though I had spent childhood summers barefoot, I was surprised when asked to remove my shoes for a business meeting. But, when in Finland… So we added our shoes to the 9 or 10 pairs already by the front door and joined the others in a family-style sitting room.
My recent report, “Driving Toward Communications Sourcing Excellence,” looks behind the scenes to find out why Formula One (F1) sourcing professionals enjoy such a great customer experience from their network providers. It’s a two-way street: Providers ensure that the F1 team’s network is reliable, always available, and delivers peak performance when needed, and F1 sourcing pros provide the guidance, insight, and support to make sure providers know what teams need. This is as much a concern for CIOs as it is for sourcing pros in their quest to win, serve, and retain customers.
Matt Cadieux, the CIO of Infiniti Red Bull Racing, said, “AT&T has a dedicated F1 account team that I meet for regular account reviews to discuss our requirements and plans. In the rare event of a problem, we also have excellent relationships with AT&T’s top executives. AT&T has consistently delivered projects when required; for example, in 2014 it provisioned new access networks in England and France and at racetracks around the world. These circuits have been fully operational — we show up and they just work.”
What It Means
My colleague Tracy Stokes believes that a consistent customer experience builds a trusted brand, and I couldn’t agree more. It also leads to:
A new and pernicious myth as taken hold in many B2B Sales and Marketing organizations. The myth - that buyers are 60-70% of the way through their buying cycle before they talk with a salesperson - is an intentional fallacy based on a false generalization that “buyers” means “all buyers”. Search the web for phrases around this topic and you’ll find a substantial volume of vendors selling the myth as truth, much to their short term benefit. In my discussions with both vendors and practitioners (leaders in Sales and Marketing), it is disturbing when they throw out the "60-70% ..." statement as if it were "fact" when, in reality, it is not only false but damaging to the revenue engine of companies who sell in the B2B space.
Not All Buyers Know What They Need
Our point of view is that not only are there different types of B2B buyers (we've identified four categories we call archetypes), but that in today's economy there are multiple buyers involved in decisions and they operate in what we call agreement networks. Some of these buyers - especially most executive buyers - want help in understanding complex problems in their business (including “unrealized opportunities”) before they ever think about products. They may not yet be aware of a problem they are faced with, or they may know that they have a problem but don’t yet understand its patterns or implications or impact on their organization. They are (appropriately) weeks or months away from a search for a product or service. It is these buyers who set the direction, before asking others in the agreement network (e.g. their teams) to get deeper into the details, including acquiring solutions.
In 2010, we entered a new 20-year business cycle where successful companies will be those that better understand and serve increasingly powerful customers. But what happens when government authorities with very specific rules about how companies communicate with customers regulate these interactions?
Wealth management, insurance, and pharmaceuticals come to mind as example industries where marketers and relationship managers feel this oversight most acutely. How do you thrive in the age of the customer when how you interact — and the data you maintain — is controlled by law?
These are questions that I plan to explore next week with marketing and client experience executives from the financial services industry at "The Forward Thinker" sponsored by EarthIntegrate. Thinking through the issues around how to be more customer-obsessed in an industry where every communication could be monitored or audited, I believe that the main challenge is not to stray outside the regulatory guidelines while meeting growing client expectations for responsive, online, anytime, anywhere engagement — all while maintaining the intimacy that high-net-worth investors, for example, expect of their advisor relationships or that insurance members expect of brokers.