Customer Experience Q&A With Louise Long, Head of Customer Experience, NAB

Michael Barnes

As customers we’re rarely satisfied with simply buying goods and services. What we really want, on top of the actual purchase, is a great customer experience (CX). This drives us to seek out companies that not only understand our wants and desires but more importantly, understand the role their company’s products actually play in our lives.

Nowhere is this more true than in the hyper-competitive Australian retail banking market. That’s why we invited Louise Long to speak at Forrester’s Summit For Marketing & Strategy Professionals: Australia. Louise is Head of Customer Experience at National Australia Bank (NAB), leading the company’s initiatives to deliver truly great customer experiences to NAB’s clients.

Louise was kind enough to answer a few of our questions about what she’s doing. Read on for insight into how NAB continuously seeks innovative ways to ensure that the customer remains at the center of the company’s business strategy.

Those of you who’ll be with us in Sydney on Wednesday, August 13th, can hear even more from Louise. I look forward to seeing you there!

Q: When did your company first begin focusing on customer experience? Why?

Read more

The Digital Money Management The People Want

Stephen Walker

We at Forrester believe Digital Money Management, often referred to as Personal Financial Management (PFM), is the future of digital banking. But as we find in our new report, The State Of Digital Money Management 2014, available here, it doesn't appear to be the present. Fewer than 22% of customers in the US and Europe have used a single money management feature in the last 90 days.

Why? It's simple: most people just don’t want to manage their money. They don’t want to budget, as in doing any work. They don’t want insight, beyond one or two bite size chunks. And they don’t want to save. They may think they want to, so they’ll set up a savings goal, but most won’t stick with it. Even if they do, it's not about the saving. It’s the buying – that’s the thing they actually want to do. 

Even with today's money management, I suspect many of the best users actually spend more, not less, as a result. Few banks measure this - and that's another blog - but it's an instinct I know some clients share. When customers have more transparency around their options, they feel empowered to buy more.  

Those users who have no choice but to save often find money management too depressing and give up. Efforts to gamify money management, to make it social, or send “you should save” reminders just alienates them further - the digital equivalent of that unopened bill reminder in the post. 

Read more

eCommerce Evolution In Brazil

Zia Daniell Wigder

Many brands eyeing Latin American eCommerce markets look first to Brazil, and with good reason. Brazil is Latin America’s largest online retail market by a wide margin and growth rates remain high: Our forecast shows the market growing by a CAGR of 18% to reach $35 billion in 2018. 

As in every fast-growing eCommerce market, however, companies that compete in this environment face numerous challenges. Issues like complex tax navigation and the long path to profitability are well documented. In addition, companies need to prepare for shifts in what consumers buy online and how they make these purchases. The dynamics of online shopping are shifting.   

Our report published today on The Evolution Of eCommerce In Brazil (client access req’d) discusses five trends that will impact the online retail market in the country. While these same trends will play out in many markets around the globe, our report dives into how and when we expect to see shifts in Brazil. 

For example, in Brazil:

Read more

The Evolution Of Consumer Attitudes On Privacy

Fatemeh Khatibloo

With Anjali Lai

The tide is turning on privacy. Since the earliest days of the World Wide Web, there has been an increasing sense that the Internet would effectively kill privacy – and in the wake of the NSA PRISM program revelations, that sentiment was stronger than ever. However, by using our Forrester’s Technographics 360 methodology, which blends multiple qualitative and quantitative data sources, we found that attitudes on privacy are evolving: Consumers are beginning to shift from a state of apathy and resignation to caution and empowerment.

Read more

The Data Digest: The Evolution Of Consumer Attitudes On Privacy

Anjali Lai

With Fatemeh Khatibloo

The tide is turning on privacy. Since the earliest days of the World Wide Web, there has been an increasing sense that the Internet would effectively kill privacy – and in the wake of the NSA PRISM program revelations, that sentiment was stronger than ever. However, by using our Forrester’s Technographics 360 methodology, which blends multiple qualitative and quantitative data sources, we found that attitudes on privacy are evolving: Consumers are beginning to shift from a state of apathy and resignation to caution and empowerment.

In our recently published report, we integrate Forrester's Consumer Technographics® survey data, ConsumerVoices Market Research Online Community qualitative insight, and social listening data to provide a holistic view of the changes in consumer perceptions and expectations of data privacy. In the past year, individuals have 1) become much more aware about the ways in which organizations collect, use, and share personal data and 2) have started to change their online behavior in response: 

Read more

Which Firm Poses The Biggest Disruptive Threat To Retail Financial Services?

Benjamin Ensor

Over the past few months, we've been researching a series of reports about the disruptive potential of various clusters of new entrants into financial services, from social lending and crowdfunding to digital investment managers and digital banks.

But many eBusiness executives are more concerned about the potential impact of technology giants like Amazon, Apple or Google with their deep pockets, technological prowess and broad consumer reach.

I originally posted this question on one of Forrester's internal collaboration platforms, but I was so intrigued by the results from my colleagues I thought I would post the same question here to see whether your perspective similarly is thought-provoking.

Please vote in my poll in the column to the right of this post. ->

Have I missed any firms that you think have even greater potential, or plans, to disrupt retail financial services?

The Landscape Of Loyalty Providers: Everything But The Kitchen Sink?

Emily Collins

I field a lot of inquires from clients in various stages of loyalty vendor selection projects. Some come with a tightly defined short list, but more often than not, they aren't even sure where to start. Customer loyalty initiatives take several forms including highly structured programs and loosely tied customer service, marketing, and product development tactics spread throughout the organization. As such, vendors of all types -- from loyalty-specific service providers and platforms to customer engagement agencies and analytics service providers -- bring loyalty strategy, management, and marketing chops to the table: 

Loyalty provider categories

With so many different providers knocking on their door, it's no surprise that marketers feel overwhelmed by the selection process. My most recent report cuts through the clutter by organizing loyalty providers into categories based on their core offerings and delivery models. But, before you start dropping vendor names into a shortlist, you first must answer these three questions:

  • How does your company approach loyalty? Take stock of your existing retention tactics and how customers currently interact with your products, services, and brand. Outlining your organization’s approach will help you select new partners but also potentially enrich relationships with existing partners.
Read more

Announcing The Forrester Wave™: Omnichannel Order Management, Q3 2014

Peter Sheldon


Order management systems (OMS’s) typically haven’t garnered the same attention as other commerce technology. Orchestrating online orders from the point of purchase through to the point of fulfillment was viewed (through the eyes of eBusiness professionals) as a back-office process. In fact, eBusiness professionals have historically paid little attention to these systems and were happy for them to be developed and minded by supply chain or enterprise architecture professionals. But like the awkward kid at school, Omnichannel OMS systems have blossomed and turned into the must-have technology for almost every eBusiness leader.

So what’s all the fuss about?

Read more

Mobile Is Not Yet Delivering On Its Marketing Promise

Tracy Stokes
Is this the long-awaited year of mobile? Last week, Facebook announced that its quarterly profits had more than doubled, driven in large part by mobile; 62% of Facebook’s ad revenue now comes from advertising on mobile devices. Forrester forecasts that mobile will be the fastest-growing digital marketing category in 2014, increasing 47% in 2013 over the prior year. And Forrester believes that we are witnessing a mobile mind shift — “the expectation that I can get what I want in my immediate context and moments of need.” 
 
But mobile’s marketing moment has not yet arrived. While consumers continue the rapid shift to mobile, marketers have not yet realized mobile’s brand building potential — because for too many marketers, mobile remains a tactical underfunded offshoot disconnected from a CMO's brand building efforts. This is a missed opportunity.  
 
Marketing needs a mobile mind shift. To harness the power of mobile, marketers must start with the experience they want customers to have with their brand, not the technology. Then determine what role mobile can play in delivering, improving, or even reinventing that experience — by creating, anticipating, or addressing a customer's mobile moment. Because the new battleground for customers is the mobile moment — the instant in which a customer has a want or need — Forrester has identified three types of mobile marketing moments.
Read more

Why Asking About Google Bank Is The Wrong Question

Oliwia Berdak

"When will Google launch a bank and what will it look like?" is a question I frequently hear from our banking clients. Google’s activities in digital wallets and payments, as well as its reputation as one of the most disruptive firms in the market, have obviously left many banking executives worried. Unfortunately, they’re asking the wrong question.

I’ll leave aside the issue of whether Google or perhaps Apple or Amazon should be the focus of this increased attention. Each of these players has its unique strengths and growth plans, and some of these correlate more or less closely with financial services. That’s not what makes the question so wrong. As I write in my new report, it’s the assumptions that are faulty here; assumptions that reveal precisely the type of legacy mindset that makes many retail banks so vulnerable to disruption.

Many retail financial firms still haven’t grasped the full potential of digital disruption. They think that new competitors will use their digital might to beat them at their own game, be that through more efficient processes, brilliant algorithms or better user experience. While these three things do matter, what matters most is the purpose which they serve. As I have written elsewhere, digital disruptors like Google are disruptive because they don’t play by the rules.  Instead, they use digital technologies to deliver better or entirely new ways of meeting customer needs, often bypassing regulation and re-defining a given industry in the process.

Read more