Splitwise Is A Fintech Disruptor That Shows The Potential Of Shared Finances

Peter Wannemacher

Note: If you’re a Forrester client, you can jump straight to the full report here.

Two weeks ago, I was lucky enough to spend 10 days in Italy on a vacation with my wife and some friends. As we walked the Path of the Gods, made our own Neapolitan pizze, and enjoyed the gorgeous views of the Amalfi coast, different people in our group would pay for a limoncello here or a glass of aglianico there. As such, our financial activity was a mix of different individuals spending various amounts for a range of stuff. But our group was often too busy having fun to carefully track who paid how much for what and when.

Enter Splitwise* a non-bank mobile app that lets groups of people easily track their spending and settle their short-term debts to each other (see screenshots below). We used it throughout our trip, and it was a breeze.

But why didn’t a bank build this kind of convenient digital offering first? Or why don't more financial providers integrate with Splitwise and other disruptors to build ecosystems of values for their customers? Many bank executives and digital banking teams say their goal is to help customers better manage their finances (and increase retention and engagement by doing so). But too few financial institutions have focused on what Forrester calls the shared finances opportunity. Forrester defines shared finances as:

Any situation in which a person acts as an observer of, partner in, or proxy for another person's finances.

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Marketing With Virtual Reality

JP Gownder

Moonlighting as a contributor to our CMO role's research, I've just published a major new report about how virtual reality will affect marketers, collaborating with Forrester's lead on digital disruption, James McQuivey, PhD.

CMOs and other marketers have four choices when it comes to virtual reality (VR). Most of you should wait and see, because there's no business imperative to invest scarce time and resources in VR this year. But there are three other choices available to digital predators – that is, CMOs at companies that want to shape trends, not follow them:

  1. Crawl – The Coachella music festival went a step beyond providing an event app: they handed out thousands of cardboard VR headsets to attendees. Since festival-goers can't be everywhere at once, they can catch shows that happened on other stages, extending and rounding out the benefits of attendance. They recognized that consumers don't yet own their own VR devices, so they gave them out as part of the experience to deepen engagement.
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Doubting Thomas Or Devil's Advocate? CX Does Matter To Government

Jennifer Belissent, Ph.D.

During a recent discussion of the Age of the Customer and how it applies to government, one of the participants from a government agency essentially asked why they should care.  The argument was “If I’m providing passport services why does customer experience matter to me? My “customers” can’t walk out that door and find another passport services provider.”  

Needless to say I was taken aback – not shocked really, this is the government after all and not traditionally known for accessible or user friendly services. But personally my experiences have never been as bad as the stereotype of government.  In fact, I just received a new passport in 2 weeks, having been told that it might take 3 – 6 weeks.  And, at least the rhetoric of late has certainly embraced, in principle, more customer centricity in government.  But here it was, the government monopoly argument rearing its ugly head.  At least to play devil’s advocate, suggesting that the sentiment did exist somewhere in the organization.

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Open The Door To Sales Enablement Success

Steven Wright

Open The Door To Sales Enablement Success

After seven months as a Forrester research analyst, with scores of vendor briefings and customer inquiries under my belt, I've seen certain patterns to unlocking sales enablement success emerge. Five Keys To Sales Enablement Automation Success brings together lessons learned from vendors and practitioners to show where B2B marketers should focus their attention. Some considerations to keep in mind – especially when it comes to content: 

  • Design content for conversation. B2B marketers naturally focus on outwardly focused content (PDFs, white papers, videos, third-party, etc.) and use sales enablement automation to make that content visible and easy for sellers to use to engage with buyers. But sellers need more – they need information on how to use content to best engage not with emails and links but in conversation. That’s where the real connection is made.
  • Keep it concise and consistent. Shorter is better. Fewer is better. Whether that’s the amount of content or the places to discover it, less is more. Using analytics, marketers can see what content is used, how often, and by whom. That unlocks insight into how to improve quality, not quantity.
  • Build in collaboration to improve customizing. Sellers will always need to personalize and customize content, whether it's an email, a presentation, or – most frequently – any sort of proposal. Analysis can show what is most frequently changed, and marketers can use that to better understand how to improve content.
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Google I/O Recap: Google Rises To The Virtual Agent Challenge

Julie Ask

Google took a few big steps forward at Google I/O 2016 to fill in its portfolio to win, serve and retain customers in their mobile moments. Three new product announcements should propel Google forward. They include:

  1. Google Home. Google Home looks like an incredibly promising (and necessary) entry into the home virtual assistant or agent hardware market. Like Amazon, Google led with a story of entertainment and media followed by that of virtual assistance. Google claims the combination of natural language processing, artificial intelligence and years of experience with consumer inquiry patterns via Search will push it beyond the competition. Google’s entry validates the space and its vision to sit between the consumers and their favorite brands. However, Google also failed to offer answers to questions such as a firm date on availability, price or access to the service – how open will access be for brands who want to engage their consumers on Google Home?
  2. Allo. Allo is late to the instant messaging game, but on time for the bot frenzy. Brands are exploring bots that offer customer service or support and help them sell products and services. Google will launch Allo this summer with a host of well-known brands such as OpenTable, Uber and GrubHub. Like Facebook -- and despite a dependence on advertising revenue -- Google did not announce any opportunities specific to marketers for advertising or broad consumer engagement. Google will still facilitate consumers getting reservations or finding concert tickets – sitting between the brand and the consumer. The strategy is both expected and smart.
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European Marketers Are More Likely To Model And Measure Customer-Obsessed Leadership

James McQuivey

It's the age of the customer, and only the leaders who know how to lead their organizations to increased customer obsession will be able to keep up with hyperadoptive consumers. Those consumers already expect to get what they want, when, where, and how they want it. The only question will be who will give it to them? Will it be you?

It's a question I asked today on stage at Forrester's Marketing Europe 2016 forum in London. I shared with them an overview of my recent report, "Leadership In The Age Of The Customer," a months-long project that revealed the five things that customer-obsessed leaders must do. I then asked the attendees to answer five questions. Just more than 40 executives took my short five-question survey, allowing me to compare the marketers in the UK and from across Europe with their counterparts in the US, where I asked the same questions just a few weeks ago. See the chart below to see how they compared.

As you can tell, our UK colleagues are more confident in how effectively they measure customer obsession. That's a tremendous thing. In a few key areas, however, they fall slightly behind, such as in recognizing and rewarding customer obsession in others and especially in providing the resources that are needed to achieve customer obsession. 

What to do next? You can measure yourself in more detail than these five questions — in a survey that still takes fewer than 10 minutes to complete. Just go to http://bit.ly/AoCLeadershipStudy to participate in and learn more about the full study.

Also, sign up for our upcoming webinar, "Adapting Leadership To The Customer-Led Market." See the link below, and click to register. See you there.

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Spain, Turkey, And Poland Continue To Lead The Way In The European Mobile Banking Market

Aurelie L'Hostis

For the second year in a row, Spain’s CaixaBank tops our review of European banks’ mobile banking services. Not only CaixaBank delivers the basics superbly when it comes to transactional features, it also excels in offering a wide array of touchpoints including a smartwatch app and a fully-optimized mobile website with product research tools, as well as best-in-class alert services, and outstanding marketing and sales functionality.

Forrester has just published its 2016 European Mobile Banking Functionality Benchmark, revealing important insights about the current state of European mobile banking. We evaluated the mobile banking services of 11 of the largest retail banks in Europe, and found out that CaixaBank in Spain, Garanti in Turkey, and Bank Zachodni WBK in Poland continue to lead in mobile banking. The three banks achieve mobile banking success by offering both strong basic functionality and a wide range of next-generation features. For example, CaixaBank lets customers make mobile contactless payments in store by providing a digital wallet integrated into the main mobile banking app. Garanti offers an interactive, voice-activated virtual assistant that customers can use to search the app for functionality and various task like finding a past transaction. Bank Zachodni WBK helps customers reach human help easily by offering video banking through their mobile banking app.


[Image Below: Bank Zachodni WBK Offers Video Banking Through Its Mobile App]



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Post-Digital Marketers Use Customer Experience To Demonstrate Their Brand Promises

Shar VanBoskirk

Customer experience is critical to business success.  But customer experience simply for customer experience sake can leave businesses chasing customer whims that don't align with operational goals or brand identity. (See Figure 5 in Thriving In A Post Digital World).  Forrester Senior Analyst Joana van den Brink-Quintanilha tackled this difficulty of balancing customer experience and brand experience in her after-lunch presentation at Marketing Europe 2016. 

Her research identifies four ways to avoid brand and customer experience dissonance:

1) Paint a vivid picture -- This is not about building a 60 page static brand strategy, but rather determining the key emotional moments a customer goes through and identifying how to meet those needs with on brand experiences.  AirBNB storyboarded critical moments for both their hosts and guests and uses these storyboards to focus the efforts of marketing, customer service and employee training.

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Marketing Leaders Will Provoke Customer Obsession By Developing Post-Digital Strategies

Shar VanBoskirk

And Forrester's Marketing 2016 Europe forum is under way!

Forum host Melissa Parrish just kicked off our two days in London by acknowledging that ideas related to customer obsession aren't new per se.  John Spedan Lewis, originated the John Lewis Partnership in 1929 which distributed profits from the John Lewis department stores to employees, specifically so that employees would be invested in delivering exceptional customer service.  What is new today is that the post-digital climate has raised customer expectations from brand experiences and introduced new, faster ways for businesses to get customers what they want in their moment of need.

So how can you -- as a marketing leader at your organization -- drive customer obsession and post-digital strategies?

James McQuivey presented the answer to this question based on his most recent research Leadership In The Age of The Customer.

How leaders act has more influence on business culture and transformation than who they are or what they say.  Customer obsessed leaders specifically:

  • Measure customer obsessed behavior
  • Reward people for performing against those metrics
  • Unblock performance inhibitors by removing obstacles
  • Model customer obsessed behaviors that they want employees to demonstrate
  • Provide resources

In my morning keynote tomorrow, I will be addressing how demonstrating the actions James highlighted will help your brand be more Human, Helpful and Handy -- the key characteristics of post-digital marketers.  Can't wait!

Decoding The Programmatic Media Buying Ecosystem In The World’s Largest Digital Market

Xiaofeng Wang

Digital media buying is changing dramatically all over the world — traditional buying models have been displaced by new programmatic buying models. China, the world’s largest and fastest-growing digital market, started later in programmatic buying, but is catching up quickly. However, China’s ecosystem is less mature, with hundreds of players competing fiercely in different sectors. My latest report, The World’s Largest Digital Market Goes Programmatic, provides an overview of the landscape and key features of the programmatic buying market in China.

Programmatic buying is gaining momentum in China because:

  • Chinese consumers are addicted to online media. Metro Chinese online adults already spend more time on online media than offline.
  • Spending on online display ads is increasing rapidly. As a result of skyrocketing online media consumption, China is now the second-largest online advertising market in the world. Metro Chinese online adults are also more open to online display ads than online adults in the US.
  • Advertisers are eager to improve buying effectiveness. China’s digital advertising market is more fragmented than those in Western countries, and it’s more challenging for Chinese marketers to achieve a positive return on their digital investments.
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