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.
Last month, I delivered a webinar about digital CX teams in the post-PC era. I described the importance of having a clear strategy for the digital customer experience and how it should align with the overall customer experience vision in nondigital touchpoints. I shared examples of how companies hire and train essential in-house skills like journey mapping and storytelling to avoid overreliance on partners. And I talked about how companies should take an ecosystem approach to organizing their digital resources. There were some great questions posed during the call, and I wanted to answer them here.
Q. What is the typical team structure of a post-PC CX team?
A. There is no one standard model for digital CX teams — we see a variety of different structures. Some teams, like the one at Target, are quite large and encompass many disciplines and skills. Others, like the team at Express Scripts, are smaller and focus more on the high-level vision and orchestration of projects.
What is consistent across teams is that they build strong connections with key stakeholders throughout the company. Teams actively foster collaboration and skills development both within the team and with key partners inside and outside of their organizations. Many teams provide career paths for individual contributors and mentors for junior team members by promoting strong performers to manage subteams within the larger digital CX team.
Simultaneously: using two devices at the same time to “multitask for efficiency.” Despite overwhelming evidence that humans cannot really split their attention among multiple tasks, 82% of global consumers believe that multiscreening makes them more efficient, and they act on that belief.
This is a guest post from Anjali Yakkundi, a researcher serving application development & delivery professionals.
Organizations today often take a broad focus on digital customer experiences, which carries great risks for your firm: too much experimentation for not enough return; too much duplication and waste; and too little use of data to drive and measure business results. And often, IT professionals are only involved at the end of a digital experience strategy. I’ve spoken with many individuals who recount instances when the business only comes to IT when it's ready to implement a campaign or a large-scale digital experience initiative.
The result? IT ends up playing the “no man” to marketing teams (or eBusiness, or sales, or product teams), which then makes the IT-marketing divide even greater. Instead, IT must be an enabler for exceptional customer experiences. IT pros can and should provide major contributions to – if not help lead - their firms’ digital customer experience strategies along with marketing, line-of-business, and/or eBusiness leaders.
How can IT begin to take a more vocal role in the creation of digital experience strategies? Start by aligning better with the business, defining your technology architecture, redefining your policies and procedures, and updating your “must-have” IT skill sets.
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).
Today’s digital landscape is complex. As companies use digital interfaces to engage with customers and foster long-term relationships, customer interactions are spanning an increasing array of touchpoints, with customers often crossing multiple channels in the pursuit of a single goal. While this new reality is riddled with challenges, it’s also ripe with opportunities for companies that have a strategic plan for digital customer experience.
In a recent report, and subsequent Mashable article, I made the case that companies need to develop and execute digital customer experience strategies. As opposed to digital marketing strategies that focus mostly on what a company will provide and where, a digital customer experience strategy determines the “what” and the “where” based on the “who” and the “how.” That is, a digital customer experience strategy balances company goals and strategy with user expectations (the “who”) and describes the intended experience (the “how”). This, in turn, guides specific investments based on what customers need and a well-thought-out way of delivering on those needs that leaves a lasting positive impression.