Two years ago, digital executives at Scotiabank looked at the state of mobile banking and recognized the opportunity to roll out targeted mobile marketing to existing customers using the firm's mobile apps. At the time, too few banks were leveraging mobile as a marketing, sales, and cross-selling touchpoint — a problem that is still evident among US banks.
But rather than simply throwing random banner ads at mobile banking users, the digital team at Scotiabank opted to take a targeted approach that served up relevant offers in the user's context, made the "buy" task flow as convenient as possible, and put the bank in position to expand the effort in future years.
As a result, digital executives at Scotiabank have seen mobile cross-selling rates — as measured by year-over-year growth in unit sales via mobile banking — more than double, up 165% since the firm launched this effort.
Scotiabank’s mobile cross-selling initiative is just one example of a brand embracing the idea of mobile moments. Forrester’s wider research shows that mobile moments are becoming a major battlefield in banks’ efforts to win, serve, and retain customers.
Hello, and a somewhat belated Happy New Year, dear readers! As we prepare for the upcoming year — and start to think about the digital banking space in 2014 — it is worth taking stock of where banks’ secure websites are today.
Canadian banks excel at cross-selling. Canadian banking providers may well be among the best in the world at cross-selling on secure sites. In our reviews, Canadian banks earned scores that were significantly higher than US firms in our cross-selling category. In fact, every Canadian bank we ranked earned high marks for digital cross-selling. They accomplish this by embedding marketing and calls to action for additional products and employing merchandising tactics within "products and services" tabs.
US banks shine when it comes to money movement and alerts. All six US banks did well in our money movement category, which includes bill pay, transfers, and P2P payments criteria. The US banks also scored well across the board for alerts by offering extensive account, transaction, and security alerts across a range of delivery endpoints including email, SMS, and in-app alerts.
Royal Bank of Canada (RBC) leads all of North America.RBC again took the top spot in the 2012 Canadian Bank Digital Sales Rankings, scoring 77 out of a possible 100. It continues to tweak and improve an already good design; the bank started a major redesign in 2009. RBC continues to excel in areas big and small: For example, the firm presents fulfillment options in an easy-to-read format (see screenshot below). In 2012, Royal Bank of Canada improved its navigation, content, and online application functionality, and its score for 2012 reflects that improvement.
Citi and Wells Fargo top the US banks.Citi and Wells Fargo topped Forrester’s 2012 US Bank Digital Sales Rankings by delivering on multiple levels. Both banks combine good usability with exceptional account-opening processes. For example, Wells Fargo uses presentation best practices to make its checking account fees clear to customers and prospects (see screenshot below).