For The Third Time In Three Years, Forrester’s UK Mobile Banking Benchmark Has A New Leader

Oliwia Berdak

[This is a guest blog by Alexander Causey]

In 2013 NatWest led the way. Last year Barclays overtook having introduced a range of new app functionality, including being the first in the UK to introduce a digital vault (Barclays Cloud It). And now in our latest report we found Lloyds Bank to have jumped ahead of them both.

Forrester’s 2015 UK Mobile Banking Functionality Benchmark was published yesterday and reveals our insights around the state of the UK mobile banking, based on reviews of Barclays, HSBC, Lloyds Bank, Nationwide Building Society, and NatWest.

Lloyds Bank has pulled ahead of its peers with more extensive account management and transactional features. It remains the only bank in the UK which we reviewed that lets customers add a new payee directly in the app. If I’m out and about and need to pay back my friend for some tickets, I don’t want to have to wait until I get home to add a new payee through my online banking (yes, yes I know…we could use Paym to make a P2P payment but for the sake of this argument, let’s say these are very expensive tickets). I want to be able to add a new payee and send the money then and there - in my mobile moment.

Lloyds Bank is also making strides through its Everyday Offers. By partnering with Cardlytics, the Lloyds Bank app presents customers with relevant cash-back offers based on their past transaction history.

That’s not to say that the other banks are not doing great things. One of my favorite features is Nationwide’s Quick Balance, which lets customers view their account balance in just one click and without the need to login.

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Selling Digital Goods Or Online Services Requires A Flexible Commerce Platform

Lily Varon

Consumers and enterprises alike are increasingly shying away from buying digital content, services, and software outright. Instead, these businesses are embracing alternative business models where they lease or rent access to digital products and services. The disruption to traditional business models is widespread and accelerating across all verticals of digital product distribution, with high profile digital disruptors like Adobe, Netflix, and Salesforce driving changes in the way consumers and enterprises pay for, and engage with, digital products.

Today we see that:

  • Business model changes are accelerating in the digital goods marketplace. Today's digitally connected consumer is increasingly eschewing the traditional ownership model of buy, download, install, and use. Consumers want access to digital content and services across their connected devices, anytime, anywhere — and are embracing virtual ownership models that provide access to vast libraries of content, services, and products under subscription, usage, and other emerging ownership models.
  • A different set of features and services are fundamental for digital goods sellers. Many of the features and capabilities found in enterprise eCommerce platforms are directly transferrable to selling digital goods or online services. However, most of these retail-focused solutions lack the unique features and services needed to sell digital products and services online, including flexible cross selling and bundling, asset protection, subscription management and entitlements among other features.
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Scotiabank Uses Mobile Messaging To Increase Digital Sales

Peter Wannemacher

[Note: This blog post is based on a new Forrester research report; clients can read the full text here.] 

Two years ago, digital executives at Scotiabank looked at the state of mobile banking and recognized the opportunity to roll out targeted mobile marketing to existing customers using the firm's mobile apps. At the time, too few banks were leveraging mobile as a marketing, sales, and cross-selling touchpoint — a problem that is still evident among US banks.

But rather than simply throwing random banner ads at mobile banking users, the digital team at Scotiabank opted to take a targeted approach that served up relevant offers in the user's context, made the "buy" task flow as convenient as possible, and put the bank in position to expand the effort in future years.

As a result, digital executives at Scotiabank have seen mobile cross-selling rates — as measured by year-over-year growth in unit sales via mobile banking — more than double, up 165% since the firm launched this effort.

Scotiabank’s mobile cross-selling initiative is just one example of a brand embracing the idea of mobile moments. Forrester’s wider research shows that mobile moments are becoming a major battlefield in banks’ efforts to win, serve, and retain customers.

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Competition Remains White Hot In The Canadian Mobile Banking Market

Peter Wannemacher

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

Forrester has just published its 2015 Canadian Mobile Banking Functionality Benchmark. The report reveals important insights about the mobile offerings from the five largest retail banks in Canada: BMO, CIBC, RBC Royal Bank, Scotiabank, and TD Canada Trust. Forrester clients can find the full benchmark report here:

The Canadian mobile banking market has been highly competitive for years, ever since CIBC became the first Canadian bank to roll out robust mobile banking services more than five years ago. Our benchmark research shows that this remains true today: All of the banks have solid mobile banking functionality that meets customers’ most common needs and expectations.

But different banks excel in different areas of mobile banking. CIBC and Scotiabank received the highest overall scores, each earning an impressive 75 out of a possible 100 in our benchmark. The two banks achieve mobile banking success with strong core banking features plus enhancements in key areas: For example, CIBC offers excellent product research tools, while Scotiabank recently launched a best-in-class help service within its mobile apps (see image below).

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From Shanghai To São Paulo: A Comparative Look At eCommerce In China And Brazil

Zia Daniell Wigder

Over the past few weeks, I spent several days in both China and Brazil speaking with eCommerce executives about the opportunities and challenges in their respective markets. Despite the vastly different market sizes – China’s retail eCommerce market reached $440B in 2014 while Brazil’s came in at $18B – these two countries are similar in that they both dwarf other markets in their regions in terms of online sales.

There are many different ways to look at eCommerce in China vs. Brazil; below are just a few areas in which these markets differ and where they show similarities:

Mobile evolution is at different stages. In China, Alibaba's Q1 2015 results showed mobile to be 51% of GMV across its marketplaces, up from 27% a year ago. In Brazil, by contrast, eCommerce players of all types tend to see lower figures in terms of both GMV and total transactions via mobile. B2W, for example, one of the top players in online retail in Brazil, reported that 16% of orders placed in Q1 2015 were via mobile. As the percentage of mobile revenues grows in both markets, so will expectations of companies’ mobile experiences.    

At Alibaba, overall sales are shifting heavily toward mobile 

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Fitbit IPO: The Road Ahead

Julie Ask

Fitbit made its S1 filing coming off a quarter of astounding growth: $336.8M in revenue – up from $108.8M in Q1 2014. The enterprise generated $48M in net income. Last week we learned it hopes to raise $100M through an IPO. Why would Fitbit IPO now?

There are any number of traditional reasons - raise capital, return money to investors, etc. But what is interesting to debate, however, is the timing of Fitbit’s IPO. Fitbit may have chosen to IPO now so it can:

  • Draft off Apple’s wave. Fitness bands and smart watches have been on the market for years, but sales have been limited – especially for smart watches. Apple’s entry and marketing spend will drive awareness of the category from early adopters on the west coast to mainstream consumers. The tide will lift all boats, as the saying goes.
  • Raise capital at a possible peak. The smart watch may kill off or stymy the growth of lower end fitness bands. The cameras on early mobile phones were not as good as the digital point and shoot cameras or SLR’s owned by consumers, but a camera on hand is better than the one at home in a drawer or closet. The pedometer and sensors on a smart watch may not measure activity with the same precision as a dedicated device, but it may be good enough for many consumers.
  • Take advantage of a market with few IPO candidates. Few small companies will mature enough – let alone show the financial strength – to take their companies public. Many entrepreneurs are building services that make great features rather than great businesses. Their exit strategy is to sell to a Google, Facebook, Salesforce.com, IBM, Oracle, Microsoft, or SAP.
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Small Business Insurers: Are Your Digital Sites Open For Business?

Ellen Carney


Small business is booming in the US.  The US Small Business Administration declared this week as “National Small Business Week” to promote the role that small business plays in the US economy.  Why should insurance companies pay close attention to the needs of small business? For starters, small businesses mean:

  • Big economic impact. Small business spells substantial opportunity. These small businesses comprise about 49% of private sector employment, and about 43% of private sector payrolls.[i] And as small business grow, that growth translates into the need for more insurance to cover employees, vehicles, and other liabilities.
  • New revenue streams.  With self-driving vehicles tests planned in 30 cities by 2017, there’s trouble ahead for the industry’s cash cow, private passenger auto insurance.[ii] Small business insurance is one revenue stream that insurers can increase to counterbalance premium declines.
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Six Takeaways From Global eCommerce Events In New York

Zia Daniell Wigder

Last week there were a couple of great events related to global eCommerce here in New York — Borderfree had its annual Global eCommerce Forum and Adyen held a local merchant event. A few themes emerged:

Omnichannel is now a must-have. At both events, omnichannel retail was front and center. Adyen underscored the opportunities inherent in integrating online and offline payments. At the Borderfree event, Stephen Sadove, the former chairman and CEO of Saks, kicked off the event with 10 disruptive trends. He declared that #1 and #10 were most important: #1 was the shift to omnichannel.  Sadove cited the substantial gross margin implications of being able to move inventory between channels; he also emphasized it’s “not a sustainable point of view ” to believe that getting one view of the customer is just too expensive.

The demands of retail leaders have shifted. Other issues that came up regularly with attendees at both events were the changing needs of retail and the challenge of hiring qualified talent (“talent requirements” was the #10 big trend on Sadove’s list above). Today’s business leaders must be able to deal with a laundry list of new topics — e.g.  mobile payments, cross-border eCommerce — many of which wouldn’t have registered on their agenda just a decade ago.

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Millennial Shopping Experience Series: Old School Satisfaction in New School Brooklyn

Patti Freeman Evans

This blog is the first in a series I've devised where I've asked a few millennials (some on my team, some in my family, and others) to look at their shopping experiences across the multichannel field and report back.  Those reports will be featured here, in my blog over the next few months.  

Why am I doing this?  Well as Sucharita Mulpuru writes in her terrific report, The Future of Shopping, https://www.forrester.com/assets/img/gls_tile.gif) 0% 100% repeat-x rgb(255, 255, 255);">Digital natives are now sought-after shoppers with disposable income and retailers are nervous that these consumers are capricious and demanding, with unique expectations for products, customer service, and payments.  Most large firms are looking for data and insights on millenials, even if they are not in their core customer segement.  So here is the first in my series by Luke Evans:

Old School Satisfaction in New School Brooklyn

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Andy Hoar gets bold

Patti Freeman Evans

Andy recently published the first B2B ecom forecast .  He and the forecast team have tackled a complex market and come up with bold numbers-- and the numbers are huge.  Here's a link to his blog.  And here is a link to the doc.

Then, Andy followed it up with a big idea report: Dealth of a (B2B) Salesman.  It's bold work that maps out the future of the ebiz B2B salesman - who survives, who evolves and who doesn't.  Here's a link to his blog.  And here is a link to the doc.

For any eBusiness pro working in B2B these two docs are worth the read.  Even if you don't agree with the conclusion in the Death of a Salesman doc initially, you will see a very strong, well laid out argument that is pretty hard to ignore.  Happy reading!