Over the past seven years, mobile banking has gone from little more than an extension of online banking to what one digital banking executive now calls “the most important part of my job.” eBusiness and channel strategy professionals at banks are under intense pressure to differentiate by offering mobile features, content, and experiences that meet — or exceed — customers’ needs and expectations.
To help executives and digital leaders better understand where mobile banking is today — and where different banking providers stand in terms of their mobile offerings — Forrester conducts an annual mobile banking benchmark. This year, we evaluated 41 different banks from more than a dozen different countries across four continents. We recently published the findings in our 2015 Global Mobile Banking Benchmark report.
Recently, in The New Yorker, Mary Powell, CEO of Green Mountain Power, a small energy company in Vermont, told a story of customer-obsession. Her customer-obsession starts simply: Help customers reduce their energy footprint at no net cost. Green Mountain accomplishes this by investing hugely in the latest and best technology, to pull electricity from the sun, insulate the bejesus out of the house, run massively efficient heat pumps, and micro-manage the draw on the power grid draw. Yes, the capital expenses and labor costs are immense. But when you reduce a home's energy footprint by 85%, you reduce the $250 electric bill by 85% -- or more than $25,000 over 10 years.
Green Mountain Power has a customer-obsessed culture and a customer-obsessed operating model. But it also has become expert in using technology to win, serve, and retain customers. The company is technology-obsessed, often out ahead of even the pundits when it comes to the latest technology. Green Mountain Power unites all three forces to be customer-obsessed: culture, operating model, technology.
The same is true for every company and government. Igniting a culture of customer experience is important. Relentlessly improving the operating model to put customers first is also important. But without the right customer-serving business technology in place, customers will be stuck with ancient web sites, cranky mobile apps, pathetic call centers, and disempowered employees.
There’s no denying the importance of delivering an excellent mobile experience. As the pace of technology quickens, delivery cycles approach zero-day releases, and mobile moments reign supreme more than ever so now is the time to invest in the right priorities.The results from our 2015 DX Survey provided a vivid picture of digital experience technology organizations’ interesting insights. More specifically:
Enterprises manage an average of 268 customer-facing websites. When you compare this to the number of websites on the Internet, it is no surprise. However, having too many cooks in the kitchen is, so to speak. Many large enterprises we’ve spoken with have stated they have as many as 10,000 content creators and users using their digital asset management system. Being able to manage the extensive portfolio and volume of content creators has been a challenge for DX organizations.
“A unified platform for content, community and commerce.”
“A complete set of integrated solutions helps you maximize and measure your impact in more ways than ever before.”
“Everything you need to deliver unique and personal customer experiences.”
Unified. Complete. Everything you need. These quotes are pulled directly from the marketing materials of some of the biggest players in the digital experience delivery space. One piece of software that addresses all of your company’s needs in delivering top-of-the-line customer experience. Sound too good to be true?
Yeah. We thought so too.
Vendors are piecing together discrete capabilities to form what we at Forrester call digital experience delivery platforms, which aim to manage, deliver, measure, and optimize experiences consistently across every digital touchpoint. Vendors from content, commerce, and marketing backgrounds are playing in this space, and Forrester clients increasingly mention them together when considering a vendor to act as their delivery backbone (a year ago, we certainly wouldn’t have heard IBM and hybris mentioned in the same inquiry for non-transactional needs, as we did recently).
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.
[Quick note: If you read my old blog post about gamification, you may hope to earn more Peter Wannemacher Points. Well congrats! You just earned 150 more Peter Wannemacher Points! Plus, you can collect a digital badge if you read to the end of this post and send me an email!]
Fiserv’s current version of CheckFree RXP uses gamification to increase digital bill pay adoption among its bank clients - our research shows online bill pay is a critical secure site feature on banks' websites. So I spoke with Justin Jackson, senior product manager at Fiserv, about the company’s use of gamification. Right away, he made it clear that gamification is not just “building an online game for people to play” but the process of “taking cues from game design to better engage users.”
It’s time again for our annual survey about all of the digital customer experience improvements, redesigns, and new digital experiences you’re working on this year. Please consider taking the survey, where we’ll ask you about:
What projects, if any, you have planned for this year.
Details about those projects, like budgets, staffing, and research tools.
Incremental improvements you’re working on in addition to — or instead of — the big projects.
To what extent all those projects and improvements are integrated.
Not planning anything? That’s okay — we still want to hear from you!
The info you provide will help shape an upcoming report. And good news: To thank you for your time, we’ll send you a copy of that report when we publish it.
It’s amazing how quickly the world of digital experiences is changing technology, and vice-versa. I’ve covered web content management (WCM) since I joined Forrester in 2006, and that particular market has changed quite in a bit, due in large part to the disruptions caused by digital experiences. These days, many more stakeholders participate in the WCM decision-making process, traditional technology decision-makers can no longer afford to make technology decisions in a silo, and key WCM players are refining and expanding their strategies. I’ll tackle this in more depth with Ron Rogowski next month at our Forum in Orlando but, if you’re a digital experience (DX) decision-maker, you should keep in mind:
· Don’t hold your breath for a true DX suite. Though some of the vendors are promising integrated suites that contain content management, commerce, analytics, optimization, etc., none has best-of-breed offerings in all of these areas. And even if one were available, haven’t you already made too many investments to do yet another rip-and-replace? Some of the vendor strategies remind me of the great promises of the all-encompassing enterprise content management suite (remember how that turned out)?
Digital disruption is forcing business leaders in every industry to rethink their strategy. Music, media, and publishing have been turned upside down. Now, non-digital products and services — from airlines to automobiles — must consider new competitors, new economics, and new customer relationships. For example, game-changing, disruptive mobile experiences and apps on platforms like Amazon.com, Apple, eBay, and Google give those firms control of consumer mobile devices and platforms, allowing them to both "tax" sales and hijack payments as well as threatening to further strangle already-squeezed margins for eBusiness professionals.
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.