Alipay Tops Forrester’s Review Of Chinese Banks' Mobile Services

Xiaofeng Wang

Mobile banking is gaining momentum all over the world, and China is no exception. In August 2015, for the first time, Forrester evaluated the mobile banking offerings of five of China’s largest retail banks plus Alipay; we’ve just published the results in our 2015 China Mobile Banking Functionality Benchmark report.

To help mobile banking teams benchmark their mobile banking capabilities, identify critical mobile features, and plan for the future, we used our Mobile Banking Functionality Benchmark methodology to evaluate the mobile banking services of six of the largest retail banks in China, including five traditional banks — Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), China Merchants Bank (CMB), and Industrial and Commercial Bank of China (ICBC) — and one nontraditional bank: Alipay.

The Chinese mobile banking services we reviewed achieved an average score of 55 out of 100; while this is slightly better than banks in Singapore and the UK, many Chinese banks still lag behind their peers in Australia, Europe, and North America. The headlines:

  • Alipay outperforms the five traditional banks. Alipay started as a third-party online payment platform but now fulfills the same functions as a bank. The only nontraditional bank in our review, Alipay not only earned the best overall score of 67, but also scored highest in four of the seven categories in our benchmark: account and money management, transactional features, service features, and marketing and sales. Alipay excels with many mobile features that none of the major traditional banks currently provide. For example, it allows customers to easily find a past transaction using sorting, filtering, and natural language keyword search.
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Introducing Forrester's Digital Store Playbook

Adam Silverman

At Forrester's Digital Business Forum in Chicago today, we announced the launch of our brand new Digital Store Playbook. This playbook provides a structured framework to guide eBusiness professionals through digital store transformation – from creating a digital transformation vision to developing a digital store business case. 

As part of a much broader and highly digitally-influenced customer shopping journey, brick and mortar shopping is increasingly becoming a digitally enhanced experience. Retail stores that use digital technology to drive convenience, service and relevant personalized experiences for customers will succeed, while those who fail to make smart investments in technology that enhances the in-store experience risk losing market share to more customer-centric competitors. As such, it is imperative that retail eBusiness executives have the appropriate tools, knowledge, and cross-role alignment to operate a digital store platform that not only unlocks new sources of value for customers but also increases operational agility in service of customers. We crafted this playbook to address key elements of digital store success. The Digital Store Playbook will help you:

  • Discover the far-reaching impact of store digitization. Forrester’s Digital Store Playbook introduces the value of using digital technology to enhance the in-store experience for customers and associates alike. Along with outlining the benefits, we discuss the costs associated with digital store transformation.
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Digital Business Q&A with Liza Landsman, Jet.com

Martin Gill

Deliver exceptional digital experiences. It sounds easy enough, but to win in the age of the customer, businesses must realize that there is much at stake if they do not focus efforts on providing customers with a solid customer experience. Forrester even argues that, in the coming years, it’s the customer obsessed digital leaders who will push far ahead of their competition. But how can they get there?

To help digital leaders exceed the expectations of their empowered customers, Forrester has designed this week’s Digital Business Forum around how to build a strategy that works — now and in the future. Liza Landsman, executive vice president and chief customer officer of Jet.com will be on stage alongside Forrester analysts Stephen Powers, Adam Silverman and Alyson Clarke to share her experience in digital business transformation.

At Jet.com, Liza is responsible for producing a compelling end-to-end customer experience with the tools and technologies that drive growth. I’m happy to share the below Q&A session with Liza — I caught up with her in advance of her keynote, and she was kind enough to chat about digital strategy and customer behaviors, and the ways that Jet.com handles its competition.

Enjoy, and I hope to see you in Chicago today!

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It All Comes Back To The Basics

Rebecca McAdams

Last week, Sailthru held it’s annual Lift 2015 conference, where it debuted new product releases and enhancements, and delved into the strategies and tactics that leading digital marketers have employed with success to increase retention, decrease churn, and create lasting profitability. One-to-one personalization was a resounding theme throughout the conference, that hit on three critical components marketers should keep in mind:

 

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Join Forrester's 2015 China Social Marketing Online Survey

Xiaofeng Wang

Forrester’s 2015 online survey for social marketing in China is now open. If you’re a marketing leader who is involved in social marketing in China, please take this opportunity to provide your perspective.

Based on the survey results, we will update the Benchmarking Social Marketing Efforts In China report published in November 2013. The updated report will help marketers check if their social marketing efforts are keeping pace with those of their peers.

Why is your input important? This survey will help us:

  • Understand your key focuses in social marketing. Marketing leaders in China put a lot of faith in social marketing and adopt various social platforms and tactics. This data will help you benchmark your key focus for social marketing.
  • Outline your pain points in achieving your social marketing goals. Marketing leaders in China are increasingly investing in social media and expect positive returns, but face internal and external challenges to achieving their business goals.

We will use the results to help marketing leaders in China:

  • Understand key trends to prioritize social marketing efforts. We will highlight the most important social platforms and tactics that you need to focus on and help you prioritize your social marketing efforts effectively.
  • Overcome key social marketing challenges. We will analyze the main challenges that social marketers face in China and help you plan and evaluate your social marketing strategies better.
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Joining The B2C Research Team Ranks

Rebecca McAdams

Hey Everyone!

I’ve been at Forrester over a year and a half now, originally coming from an analyst support role, to more recently, working with Shar VanBoskirk to drive our research around email marketing. I’m excited to announce that, going forward, I will be leading our coverage of the technologies, services, and analytics that support email marketing.

My first report in this new role was an update to our email marketing playbook assessment chapter. This report allows marketers to assess their email marketing campaigns around specific benchmarks defined by Forrester that assess both their business processes, as well as the user experience of their campaigns. Building off of this assessment, I will be publishing an update to our “Best And Worst Of Email Marketing” playbook report, with an assessment of 70 email campaigns, benchmarked against the criteria from the report mentioned above.

I am looking forward to getting to know many of you better and following the evolution of this exciting space. Whether you have insights to share, questions to ask, or email technology and services that you want to tell me about, I want to hear from you! Please engage with me via our inquiry and/or briefing teams, or track me down at Forrester’s upcoming Marketing 2016 Event (April 26, 2016).

A Successful Case Of Positive Social Marketing ROI

Xiaofeng Wang

Marketing leaders face the challenge of achieving a positive ROI —in fact, it is the top challenge for the digital marketers we surveyed in China earlier this year. Fortunately, a few marketers have managed to achieve this, and Spring Airlines is one of them. My recently published report, Case Study: Spring Airlines' Digital Business Takes Off With Social Marketing, tells its success story. From it, B2C marketers can learn how to achieve positive returns on their investments in social marketing initiatives and support their transition to a digital business.

As a private airline and the first budget carrier in China, Spring Airlines is performing well despite fierce competition from much larger state-owned competitors with more resources. Since the airline’s launch a decade ago, Spring’s B2C marketing professionals have focused on making the airline's business operations as digital as possible in order to:

  • Keep operating costs low.Unlike its main competitors, Spring receives no financial support from the government. To keep operating costs low, Spring bypasses travel agents, selling tickets exclusively via its official website and some designated ticket offices.
  • Support its challenger status and catalyze customer obsession. To compensate for its smaller scale and resources, Spring successfully differentiated its brand as an early adopter of digital, mobile, and social and built an extremely close relationship with its customers.
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Verifone Puts New Stake in The Ground With Developer Platform

Brendan Miller
 
Yesterday Verifone announced a next generation family of payment devices, called Verifone Engage.  Verifone promises to wrap more value around the merchant-consumer interaction at the point-of-purchase with new personalized marketing features, pay-with-points and rewards.  In addition, they introduced an expanded Verifone Commerce Platform giving developers the tools to publish POS apps to a new App Marketplace for merchants.  They Linux based devices will provide an accessible and well-known framework for developers to innovate upon.  Software based solutions are transforming the industry and Verifone risked getting commoditized as a hardware vendor if it didn’t act by building a platform and marketplace for developers.   
 
What does this mean for the rest of the Payments Industry? Two stakeholders in particular will be impacted.  
 
POS Developers (ISVs) – Engage is a good development for the POS developer community and merchants.  The whole mission of a POS is to improve the customer experience at the point of purchase and streamline back-office processes for the merchant.  ISVs could integrate with Engage hardware and offer merchants more services through the Verifone App Marketplace, publish apps of their own, and potentially earn new residual revenue sources from merchants paying to use those applications.
 
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2016: CIOs And CMOs Must Rally To Lead Customer-Obsessed Change Now

Cliff Condon

In the coming weeks Forrester will publish its annual set of predictions for our major roles, industries, and research themes — more than 35 in total. These predictions for 2016 will feature our calls on how firms will execute in the Age of the Customer, a 20-year business cycle in which the most successful enterprises will reinvent themselves to systematically understand and serve increasingly powerful customers.

In 2016, the gap between customer-obsessed leaders and laggards will widen. Leaders will tackle the hard work of shifting to a customer-obsessed operating model; laggards will aimlessly push forward with flawed digital priorities and disjointed operations. It will require strong leadership to win, and we believe that in 2016 CMOs will step up to lead customer experience efforts. They face a massive challenge: Years of uncoordinated technology adoption across call centers, marketing teams, and product lines make a single view of the customer an expensive and near-impossible endeavor. As a result, in 2016 companies will be limited to fixing their customer journeys.

CMOs will have good partners, though. As they continue to break free of IT gravity and invest in business technology, CIOs will be at their sides. 2016 is the year that a new breed of customer-obsessed CIOs will become the norm. Fast-cycle strategy and governance will be more common throughout technology management and CIOs will push hard on departmental leaders to let go of their confined systems to make room for a simpler, unified, agile portfolio.

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Communication Is Key For Any Relationship

Tom McCann

This is a guest post by Erna Esa, a Research Associate on the Customer Experience team based in Sydney.

In the movie Love Actually, the chemistry between an Englishman (played by the very dashing Colin Firth) and a Portuguese housekeeper (Lúcia Moniz) was evident — but not having the tools to communicate in each other’s language left the pair feeling frustrated and annoyed.

Employees experience a similar type of frustration when they are not offered the opportunity to contribute to the conversations companies have about their customers. How do we know this? Well, we have found that 70% of information workers say that their job requires them to engage with or understand their customers but fewer than 40% of organizations in Australia and New Zealand systematically capture input from their employees about those interactions. That leaves a lot of employees who interact with customers and have knowledge of their company’s customer experience ecosystem without a structured, systematic way of telling their organization what they are seeing and hearing — and that’s frustrating.

Successful voice of the employee (VoE) programs have the potential to transform your organization into one in which talented, dedicated individuals strive to build a career. In many cases, these programs are inexpensive to set up and maintain, yet deliver considerable benefits when implemented across the entire organization. Forrester clients can read about these benefits in our latest report, Engage Employees To Nail The Customer Experience.

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