In his excellent book, The Checklist Manifesto, Atul Gawande makes a compelling case for the power of simple checklists to avoid issues and mistakes during the decisioning process. Gawande's thesis is essentially this: A consistently applied, step-by-step checklist can be enormously valuable for a range of professionals from doctors to software designers to executives at major companies.
Add to this group the lowly mobile banking strategist.
[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.”
More than two years ago, Westpac – a bank in New Zealand – rolled out its “Cash Tank” feature for mobile bankers. Suddenly, customers could view key information like account balances without needing to log in (needless to say, it was and is opt-in-only). This new mobile banking feature immediately made a splash and was hailed as a small-but-impressive innovation. Other banks – such as Société Générale in France and Bank of the West in the US – offer similar pre-login information features.
This led folks like me to wonder: How might digital teams at banks take pre-login information further or make it even better?
Great digital strategy is often about pushing the limits – and not just in big ways. So Citi’s recent update to its smartphone apps is noteworthy for the bank’s decision to push the idea of pre-login information even further with Citi Mobile Snapshot. Citi customers who bank via their mobile phones can view not only balances but recent transactions without the hassle of logging in.
We spoke with Andres Wolberg-Stok, Global Head of Emerging Platforms and Services who shared with us a diagram that demonstrates the evolution of its mobile banking effort before and after Citi Mobile Snapshot (see below).
(1) Rapidly improving their mobile services. Yes, this is now true of many banks around the world, but it's especially true in Australia. Following our reviews, CommBank announced updates to its app that would move the bank from 64 out of 100 to 69 out of 100, and up from 10th place globally, based on our reviews of 32 banks across 11 countries, to joint 6th. Westpac has already migrated 1.2 million customers to its new web based platform, which would move the bank from 62 to 77 out of 100, and 2nd place overall in our global reviews, up from 12th. These are dramatic positional swings in a very short period of time.
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:
This is a guest post from Aurélie L’Hostis, a researcher serving eBusiness & Channel Strategy professionals.
In a world that’s constantly on the move, more and more Europeans appreciate that the phone in their pocket can do more than just cruise the Internet, check the weather forecast, and shoot disgruntled birds into space. For mobile banking now offers a secure and convenient way for customers to do their banking ... all in the palm of their hand.
As mobile banking adoption maintains its steady growth in Europe, customer expectations for functionality within mobile banking apps continue to increase. Customers now want quick access to their accounts 24/7, the ability to perform a range of transactions with only a few clicks, and a way to manage their money directly on their smartphone. Over the past year, European banks have focused on trying to keep up with the demands of these increasingly sophisticated mobile banking users. The result has been a plethora of improved functionalities and exciting innovations in European mobile banking. We used our Mobile Banking Functionality Benchmark methodology to evaluate the retail mobile banking offerings of eleven European retail banks from France, Germany, Italy, the Netherlands, Spain, Poland, and Turkey. Here are some of the highlights:
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.
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.
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.
As my colleague Benjamin Ensor wrote some time ago, innovation often happens in clusters.This means that innovation by one company causes its competitors to not only match it but also to try to leapfrog it — resulting in rapid cycles of innovation. This is what is happening in Poland right now. During my trip there last week, a few bank executives told me of the increasing internal and external pressure not to fall behind digital innovation. There a couple of other reasons why Poland is a great testing ground for new financial services ideas; it has: