Forrester’s 2014 UK Mobile Banking Functionality Benchmark: Late Starters Are Catching Up

Stephen Walker

It’s no secret that UK banks were slow to take mobile banking seriously. The iPhone launched in 2007, and it wasn’t until 2010 that we had the first mobile banking app from NatWest. Barclays and HSBC, two of the biggest banks in Europe, let alone the UK, didn’t release apps until 2012. But our new report, 2014 UK Mobile Banking Functionality Benchmark, suggests all that is changing. UK banks now do well where it matters most to customers - across money movement, balance checking and transaction history search. Some of last year’s laggards have overtaken last year's leaders, and many UK banks now offer mobile sales functionality - ahead even of their peers internationally. Here’s the headline story:  

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US Mobile Banking Benchmark: Chase And U.S. Bank Earn Top Scores But Banks Lag On Innovation

Peter Wannemacher

When it comes to mobile banking, customers' expectations are growing faster than the hair on a Chia Pet. So every year, Forrester reviews and scores the mobile banking offerings from the largest retail banks in the US across seven categories: Range of touchpoints; Enrollment and login; Account information; Transactional functionality; Service features; Cross-channel guidance; and marketing and sales. You can read the complete report here or by clicking on the link below:

Here is a sampling of some of our findings:

  • Chase and U.S. Bank tie for the top spot. With scores of 69 out of 100, Chase and U.S. Bank received the highest overall scores among the five banks we evaluated. Chase delivers the basics superbly, with a wide range of transactional features for transfers, bill pay, and P2P payments as well as strong cross-channel guidance for customers to contact Chase and find ATMs and branches. By contrast U.S. Bank stands out for more advanced features, including marketing and research for additional products, the ability to take a picture of a paper bill to enroll in bill pay, and the ability to pay another person using the contact list in a mobile phone.
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Canadian Mobile Banking Benchmark: CIBC Leads Overall Followed Closely By BMO And Scotiabank

Peter Wannemacher

In Canada, mobile banking is growing up faster than Justin Bieber. So from March 21 to April 9, 2014, Forrester reviewed and scored the mobile banking offerings from the five largest retail banks in Canada across seven categories: Range of touchpoints; Enrollment and login; Account information; Transactional functionality; Service features; Cross-channel guidance; and marketing and sales. You can read the complete report here or by clicking on the link below:

Here is a sampling of some of our findings:

  • CIBC earns the highest overall score with BMO and Scotiabank on its heels. With an overall score of 71 out of 100, CIBC received the highest overall scores among the five retail banks we evaluated, continuing the firm’s leadership in mobile banking since it launched its first iPhone app four years ago. But the other large Canadian banks are hot on CIBC’s trail: BMO and Scotiabank each earned a score of 70 out of 100 with impressive – and recent – overhauls of their mobile offerings. Scotiabank lets users apply for new products via mobile with pre-filled, mobile-optimized applications. BMO, meanwhile, ensures that all mobile money movement task flows are clear and consistent -- incorporating the same progress meter at the top of every screen.
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Digital Is What We Do Now: Banking Trends And What Digital Teams Should Do About Them

Peter Wannemacher

The first email I received at work in 2014 was from a bank; along with a festive new year’s greeting, the email touted the bank’s new mobile app and a new feature that let customers set up travel notifications directly from the bank’s website. Later that day, I was in an airport reading a friend’s Facebook post about how she wished “more apps were like Uber.”

These are just a few small anecdotes about ongoing digital trends impacting businesses and banks both large and small. I recently spoke with a banking executive who put it simply: “Digital is what we do now.” (This quote is now the header of my Twitter feed.)

Forrester recently published our Trends 2014: North American Digital Banking report, in which we identify major forces impacting banks and lay out five actions that we recommend digital strategists take to prepare for the future of digital banking. Here’s a sample of some of our findings:

  • Banks will face a sustained – yet unclear – regulatory environment. In both the US and Canada, banks are confronting an uncertain regulatory future. The Dodd-Frank Act was signed into US law on July 21, 2010, but a large number of the rules and regulations remain unwritten. It's unclear when they'll be finalized, and the fact that 47% of deadlines have already been missed – according to the law firm Davis Polk & Wardwell – doesn't bode well.
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You Have A Mobile Banking Strategy: Now What? (Discussion Of The Obstacles To Mobile Banking Execution Success)

Peter Wannemacher

For digital teams at banks and credit unions, building a mobile strategy to win, serve, and retain customers is a major undertaking. But even after executive leaders approve a mobile strategy — after the congratulations, confetti, and champagne fade away — digital teams at banks face the challenge of executing on that strategy. The latest chapter in Forrester's Mobile Banking Strategy Playbook outlines how digital business leaders at banks can meet customer needs and business objectives with a mobile banking road map

Our report lays out many commonly-encountered obstacles to mobile banking execution success and how digital teams can overcome these obstacles. Here are a few of the areas the report looks at:

  • Overly ambiguous — or nonexistent — business goals. Clearly articulated business goals should be part of a bank's mobile strategy. But a successful road map also lays out the business objectives and records specific goals for each initiative. As one eBusiness executive at a bank told us, "We literally have a section we call 'What's in it for us?' and we use sticky notes to write out what we think we can gain from each action."
  • Legacy systems and back-end integration. Technology may well be the largest obstacle to executing a mobile banking strategy — especially for larger, traditional banks. As such, successful mobile road maps need to outline how initiatives will plug into existing or soon-to-come platforms and systems.
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Forrester’s 2013 US And Canadian Bank Secure Website Rankings

Peter Wannemacher

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.

Late last year, Forrester published our annual benchmarks of the largest banks’ secure websites: The 2013 US Bank Secure Website Rankings can be found here and the 2013 Canadian Bank Secure Website Rankings can be found here. Here are a few highlights from this research:

  • 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.
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Banks: Add Search To Your Secure Sites

Peter Wannemacher

The majority of bank customers are now active online bankers, making the content and functionality offered on secure sites more important than ever. Forrester has just published research on which features are must-have on banks’ secure websites.

For my money, the most surprising high-value secure website feature is search (here we mean natural language keyword search that lets a user find what he or she is looking for on the site). In fact, our research revealed search to be one of the few bank website features that customers rate as above-average in importance, yet search is either nonexistent or poor on most banks’ secure sites. So we wrote an entire research report about it. Here are some highlights:

  • Online banking customers want search… We asked consumers who bank online to "rate how important it is to you that your bank's website has each of the following features" and asked them about 14 different features, including search. The majority of online bankers — 68% in the US and 63% in Canada — say search is important to have on their bank's secure website.
  • …but few banks offer search on their secure website…Just seven of the 25 largest banks in North America include search functionality on their secure websites.
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Forrester’s Customer Experience Forum Is Coming To London November 19th and 20th!

Harley Manning

Although it seems like Forrester’s Forum For Customer Experience Professionals West in Los Angeles just happened, we’re now just three weeks away from Forrester's Forum For Customer Experience Professionals EMEA in London.

I can’t tell you how excited I am about how the London event is shaping up.

On second thought, I can tell you. Read on!

This year’s theme is “Boost Your Customer Experience To The Next Level.” What’s that about? Well, we know from our research that companies are at wildly varying levels of customer experience maturity, ranging from not having gotten started yet to pulling even further ahead of competitors through CX differentiation. That’s why we’ve tailored this event to show attendees the one sure path to CX maturity and provide detailed guidance on how to advance along that path.

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It's Time Digital Banking Teams Took Games Seriously

Benjamin Ensor

Rachel RoizenThis is a guest post from Rachel Roizen, a researcher serving eBusiness & Channel Strategy professionals.

Gamification, which Forrester defines as the insertion of game dynamics and mechanics into non-game activities to drive a desired behavior, has rightfully been a hot topic of debate in many roles and many industries. We’ve blogged about it here, and written reports on success stories ranging from Club Psych on the USA Network to the use of games in education

The banking industry has been using some features of gaming for years, such as by offering redeemable points based on credit card purchases, but some remain wary of combining games with finances. Forrester’s view is that game mechanics can be used to draw in new and existing digitally connected customers. Digital teams at financial firms that have begun experimenting with gamification are seeing positive results, including increases to online engagement, online banking use, product sales, and social influence. Here are four leading firms that are betting on gamification and implementing it in innovative ways:

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Want To Better Understand Data And Metrics? A Recommended Reading List

Peter Wannemacher

"Let's just say I'm not lost when it comes to data . . . but I could be more found . . ." – (eBusiness team member at a top 50 US bank)

Digital teams are surrounded by data and metrics — from KPIs to customer analytics. Yet I often hear from clients who wish they were just a little more comfortable knowing what the data is really saying, or which metrics are most important.

We just published a brand new report on The Mobile Banking Metrics That Matter which outlines how mobile strategists at banks can put the right metrics in place and work with their analytics teams to get data outputs that guide them toward smart business decisions.

Writing this report got me thinking about which books, blogs, and articles I’ve found most useful when it comes to really getting data and metrics. Here are five I think might help you too:

  1. The Tiger That Isn’t. Probably my personal favorite book about stats and measurement. Written for a mainstream audience, the book works as a guide to thinking through what a given stat or data point really means — and when to trust or doubt such data. It’s also a great read, full of interesting nuggets and statistical oddities (like how the vast majority of people have an above-average number of legs). The book’s thesis is that people who consume data should be skeptical but not cynical about statistics. From there, it helps the reader more easily contemplate and act on the data and metrics they encounter.    
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