Which Banks Lead In Digital Sales? Find Out Here

Peter Wannemacher

[This blog post was co-authored by Rachel Roizen]

Hot off the presses: We’ve just published our 2014 US and Canadian Bank Digital Sales Benchmark reports, in which we assess the public websites of the five largest retail banks in each country — as well as their mobile sites and downloadable apps for smartphones and tablets. Our benchmark looks at a range of criteria across four categories: discover, explore, buy, and onboard (see image below).

Read the full reports by clicking on the following links:

                      

Here are some of the findings from the research:

  • Bank of America narrowly edges out the competition to take the top US spot. For the second year in a row, Bank of America earns the highest overall score among the five largest retail banks. The firm excels by simplifying the online application process (it takes just a few minutes and guides the user with clear feedback and progress indicators) while supporting digital shoppers with chat and click-to-call options. At the same time, Bank of America enables easy cross-channel shopping for digital researchers who want to move offline to apply, with branch appointment scheduling available online.
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Inspired By Disruptors, Digital Banking Executives Will Innovate In 2015

Peter Wannemacher

In April, we outlined some of the most powerful forces reshaping digital banking. These include breathtaking growth in the role of mobile banking, unrelenting changes in technology, a crowded field of new competitors and digital disruptors, and rising expectations among customers and prospects.

Now we’ve taken a look at 2015 and predicted a dozen ways digital banking will change in the coming year.* At the center of these predictions is what Forrester calls the age of the customer: A 20-year business cycle in which the most successful enterprises reinvent themselves to systematically understand and serve increasingly powerful customers. To succeed in the age of the customer, digital bank executives must work with partners across their organizations to use business technology — which Forrester defines as technology, systems, and processes to win, serve, and retain customers — to deliver more compelling customer experiences to bank customers.   

You can read the full report with all of our digital banking predictions here. In the meantime, here’s a sample of two:

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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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