When I started in the tech industry in the late 80’s, I used to think that we lived in dog years: The pace in “high-tech” (a term that sounds so quaint now, doesn’t it?) was that we packed seven years’ worth of work, development, business, play, pressure—you name it—into a single year.
Fast forward to today, and the pace of digital change—and pressure—has accelerated to pack even more change into smaller units of time. Technologies like QR codes, Near Field Communications (NFC), photo-image capture, and now voice control are maturing. What was a mobile novelty two years ago now feels dated.
And consider that we are addicted to mobile. As consumers, we have enthusiastically embraced mobile devices, thanks to a regular stream of flashy new interfaces and capabilities. For many people, a mobile device is the last thing they touch before going to sleep and the first thing they grab for when they wake up. The behavioral changes that these feature-dense devices have encouraged is transforming how customers engage with their insurance companies and with the extended insurance ecosystem—all while pressuring digital insurance and business technology teams, processes, and budgets. Consider just two of the impacts that the ubiquity and proximity of mobile devices has resulted in:
Time spent on mobile is skyrocketing. Since about 80% of that time is spent on apps, many marketing leaders have quickly jumped to the conclusion that the only way to reach and engage their customers is through their own branded apps. Wrong! Here are five — often ignored — good reasons for marketing leaders to broaden their mobile approach beyond their own apps:
1. Branded apps are relevant. Yes, some of them (Starbucks, Nike, and many others) are success stories. But more often than not, branded apps don’t deliver real mobile benefits and engage only a small subset of customers. It's about time marketers connect their apps to their marketing and CRM systems to personalize and contextualize the brand experience. Marketers should launch fewer but smarter apps.
2. Apps offer real engagement opportunities. Yes, but only for a minority of apps, according to Forrester’s App Engagement Index. Several of the most engaging apps — Instagram, Pinterest, Snapchat, Twitter, and WhatsApp — either don’t have or only recently introduced mobile advertising offerings. Marketers must identify the overlap between the most engaging apps and the most popular apps among their brand’s customer base. Then they have to mix content and context to tell a story that is relevant to customers in their mobile moments. It will not be about ads but about sparking a conversation instead of broadcasting a marketing message. Marketers should select the most promising partners evolving their apps as marketing platforms.
Like most of us, you probably made a few resolutions you’re hoping to keep in 2015—eating better, exercising regularly, and reading more. Why not add one more resolution that will help you, your company and more importantly, your customers and agents? Keep your mobile insurance strategy current with new technology; customer, employee, and partner expectations; and pressures that are coming from competitors and more importantly, non-insurance competitors. Because one thing’s for sure—the pace of change in mobile and insurance is crazy, as evidenced by all the new examples of mobile insurance innovation that we uncovered while writing our soon-to-be published update of our 2012 report, “The Future Of Insurance Is Mobile”.
Need some help in updating your mobile strategic plan? Earlier this week, we published a major update to the Strategic Plan chapter in Forrester’s Mobile Insurance Playbook. The report, “Get Mobile Insurance Strategy Right By Designing For Customers' Mobile Moments”, answers two essential questions: How do we build a strategic plan, and what should be in that strategy? It also provides a framework for the plan that encompasses four processes:
Identify mobile moments and context.
Design the mobile engagement.
Engineer processes, platforms, and people for mobile.
Analyze results to monitor performance and optimize outcomes.
We're living in a time when smart, connected devices -- tablets, smartphones, wearable devices, Internet of Things (IoT) devices, and the like -- are being woven into the Business Technology (BT) Agenda of most companies. Nowhere is this trend more intimately applied to the customer experience than in healthcare, where devices near our bodies, on our bodies, or even inside our bodies are changing the way doctors, insurers, and other healthcare players think about patient care.
In a a major new report, Four Ways Connected Devices Improve Patient Care, we've researched how mobile, cloud, and connected devices come together to reshape the patient care experience. Technology innovations on the device and services side are creating new treatment options. And systemic changes to the healthcare system are creating both challenges and opportunities, which these emerging technologies can help address. For instance:
Busy doctors spend too much time on electronic health record (EHR) data entry. And when they use a traditional PC in the room with a patient, it's not always a great experience; one doctor told us he felt his "back was to the patient" too often. The solution? Moving to a Surface Pro 3 tablet, armed with better software, which allows the clinician to face the patient directly while still saving time -- and gaining accuracy -- on EHR data entry.
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.
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).
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.
Our report lays out many commonly-encountered obstacles to mobile banking execution success and how digital teams can overcome these obstacles. Here are a few of the areas the report looks at:
Overly ambiguous — or nonexistent — business goals. Clearly articulated business goals should be part of a bank's mobile strategy. But a successful road map also lays out the business objectives and records specific goals for each initiative. As one eBusiness executive at a bank told us, "We literally have a section we call 'What's in it for us?' and we use sticky notes to write out what we think we can gain from each action."
Legacy systems and back-end integration. Technology may well be the largest obstacle to executing a mobile banking strategy — especially for larger, traditional banks. As such, successful mobile road maps need to outline how initiatives will plug into existing or soon-to-come platforms and systems.