When my teenage son is interested in purchasing a mobile phone, some PC equipment, or a games console, he will typically spend weeks gathering the necessary information to arrive at a well-informed decision. He once told me that he feels this is necessary to make the best use of his savings — a trait that I do not always observe banks around the world exhibiting.
Recently I had a phone call with a few people from the business side of a medium-size bank somewhere in the world. Their challenge? They wanted to use the best method to find the mobile banking application most suited to their bank. Their real challenge? They had no time to make a deeper assessment of their individual business and technology situation and only wanted to get proof that their approach would be the right one. They wanted a clear recommendation within a few days.
Unfortunately, it’s not that easy. When I know nothing about a bank’s business environment, its supporting application landscape, and its underlying technology, I am very reluctant to offer more than a long list of business applications, regardless of whether the topic at hand is mobile or cross-channel solutions, core banking, or something else. This is in line with a research report about best practices for banking platform transformation that Forrester published some time ago. At the time, we identified a few key reasons common to major banking platform transformation failures. One of those reasons: ill-designed shortcuts.
Mobile banking is on a steep rise in the US. Almost one-third of online bankers currently conduct banking activities through their mobile handsets, and this population is poised to more than double by 2017. As indicated in our recently published Forrester Research Mobile Banking Forecast, 2012 to 2017 (US), younger age groups (Gen Y and Z) and familiarity with PC banking are fueling thisrapid adoption.
While checking account balances is the most popular activity, receiving alerts is the fastest growing feature; users will triple in the next five years. And with growing consumer comfort, mobile transactions, such as transferring funds from one account to another, will more than double during the same time period.
A few months ago I wrote here about our benchmark of the sales content and functionality of UK banks' sales sites. My colleague Vanessa Niemeyer has just published a benchmark of the big four Australian banks' sales sites. Crushingly for an Englishman, the Australians beat us. The four Australian banks achieved an average score of 56 (out of 100), compared with an average of 48 for the British banks.*
National Australia Bank (NAB) came top, just ahead of Westpac in second place, with Commonwealth Bank of Australia not far behind. The Australian banks demonstrate a series of good practices in their application processes, such as cross-selling during the application and automated confirmations. We highlight many of the good practices that the eBusiness teams at the Australian banks have developed in the report which is available for Forrester clients here.
One of the most common questions banking eBusiness executives ask Forrester analysts is: "What do you think of my Web site?". That's always a tough question to answer because what I think of a Web site depends on who I am and what I'm trying to use it for. To help UK bank eBusiness executives answer that question, my colleague Vanessa Niemeyer has just published a benchmark of the sales content and functionality on the Web sites of 10 of the UK's biggest banking brands, from the perspective of a typical customer trying to switch current account provider.
Some background: UK Net users are among the most likely anywhere in the world to use the Net to research and buy financial products. According to our Consumer Technographics® surveys, almost 60% of UK Net users have researched a financial product online in the past 12 months, more than in any other European country. Two out of five UK Net users have applied for a financial product online in the past year, which is double the Western European average. So you might think that UK bank Web sites are all highly effective sales sites.
Most of us have already heard that Sybase will become part of SAP — or, to be more precise, that SAP and Sybase announced that SAP's subsidiary, SAP America, Inc., signed a definitive merger agreement to acquire Sybase. When this acquisition takes place, there will be various impact areas across SAP and Sybase’s combined portfolio. Rather than discussing this big picture, I would like to focus on SAP for Banking.