You Have A Mobile Banking Strategy: Now What? (Discussion Of The Obstacles To Mobile Banking Execution Success)

For digital teams at banks and credit unions, building a mobile strategy to win, serve, and retain customers is a major undertaking. But even after executive leaders approve a mobile strategy — after the congratulations, confetti, and champagne fade away — digital teams at banks face the challenge of executing on that strategy. The latest chapter in Forrester's Mobile Banking Strategy Playbook outlines how digital business leaders at banks can meet customer needs and business objectives with a mobile banking road map

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.
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Forrester’s 2013 US And Canadian Bank Secure Website Rankings

Hello, and a somewhat belated Happy New Year, dear readers! As we prepare for the upcoming year — and start to think about the digital banking space in 2014 — it is worth taking stock of where banks’ secure websites are today.

Late last year, Forrester published our annual benchmarks of the largest banks’ secure websites: The 2013 US Bank Secure Website Rankings can be found here and the 2013 Canadian Bank Secure Website Rankings can be found here. Here are a few highlights from this research:

  • Canadian banks excel at cross-selling. Canadian banking providers may well be among the best in the world at cross-selling on secure sites. In our reviews, Canadian banks earned scores that were significantly higher than US firms in our cross-selling category. In fact, every Canadian bank we ranked earned high marks for digital cross-selling. They accomplish this by embedding marketing and calls to action for additional products and employing merchandising tactics within "products and services" tabs.
  • US banks shine when it comes to money movement and alerts. All six US banks did well in our money movement category, which includes bill pay, transfers, and P2P payments criteria. The US banks also scored well across the board for alerts by offering extensive account, transaction, and security alerts across a range of delivery endpoints including email, SMS, and in-app alerts.
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Banks: Add Search To Your Secure Sites

The majority of bank customers are now active online bankers, making the content and functionality offered on secure sites more important than ever. Forrester has just published research on which features are must-have on banks’ secure websites.

For my money, the most surprising high-value secure website feature is search (here we mean natural language keyword search that lets a user find what he or she is looking for on the site). In fact, our research revealed search to be one of the few bank website features that customers rate as above-average in importance, yet search is either nonexistent or poor on most banks’ secure sites. So we wrote an entire research report about it. Here are some highlights:

  • Online banking customers want search… We asked consumers who bank online to "rate how important it is to you that your bank's website has each of the following features" and asked them about 14 different features, including search. The majority of online bankers — 68% in the US and 63% in Canada — say search is important to have on their bank's secure website.
  • …but few banks offer search on their secure website…Just seven of the 25 largest banks in North America include search functionality on their secure websites.
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Highlights and Thoughts From Finovate Fall 2013

[note: this was written live last week while I was attending Finovate]

Greetings from the Big Apple! I’m here attending the fancy schmancy Finovate Fall 2013 conference featuring tech solutions and innovations from – and for – the financial services industry. Here are some of the offerings and presentations that stood out for me, in the order they were presented at Finovate:

  • Kofax offers process automation software for lenders, but the big takeaway for me was their recent expansion of mobile, cross-channel, and multichannel analytics for financial providers. Focused on how customers shop for a loan, the dashboard and data are digestible and actionable. The jury’s still out, but strong analytics and easy-to-use tools can help banks improve sales in their lending lines of business.  
  • MoneyDesktop offers digital money management tools – also known as personal financial management or PFM – and their demo at Finovate continued to show their strengths: Nifty tools, clean design, and intuitive UI and UX. The question mark for banks, however, continues to be how well integrated – or better yet, embedded – the experience can/will be for end users.
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Take This 10-Minute Survey To Help Us Understand How You Use Data, Metrics, And Analytics

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Forrester is launching new research looking at how firms and companies can better use data and analytics. Please help us make this research better by taking our survey. We want to hear from you whether you use data extensively or not, and your responses will be extremely valuable. Plus you get a free Forrester report (not to mention the warm glow you'll get from helping out). 

In addition, we appreciate any efforts to spread the word: Forward this to anyone who uses - or could use - data as part of their job. 

On behalf of the Forrester team, thank you very much!

Want To Better Understand Data And Metrics? A Recommended Reading List

"Let's just say I'm not lost when it comes to data . . . but I could be more found . . ." – (eBusiness team member at a top 50 US bank)

Digital teams are surrounded by data and metrics — from KPIs to customer analytics. Yet I often hear from clients who wish they were just a little more comfortable knowing what the data is really saying, or which metrics are most important.

We just published a brand new report on The Mobile Banking Metrics That Matter which outlines how mobile strategists at banks can put the right metrics in place and work with their analytics teams to get data outputs that guide them toward smart business decisions.

Writing this report got me thinking about which books, blogs, and articles I’ve found most useful when it comes to really getting data and metrics. Here are five I think might help you too:

  1. The Tiger That Isn’t. Probably my personal favorite book about stats and measurement. Written for a mainstream audience, the book works as a guide to thinking through what a given stat or data point really means — and when to trust or doubt such data. It’s also a great read, full of interesting nuggets and statistical oddities (like how the vast majority of people have an above-average number of legs). The book’s thesis is that people who consume data should be skeptical but not cynical about statistics. From there, it helps the reader more easily contemplate and act on the data and metrics they encounter.    
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Who Leads In Mobile Banking: Forrester Ranks 15 Banks Around The World

Mobile banking success is a moving target: Customers needs and expectations are changing rapidly, and eBusiness teams at banks are sprinting to get ahead of their customers’ expectations. To achieve this, firms are rolling out new features, optimizing existing services, and enhancing mobile experiences.  

To understand which firms are leading in mobile banking — and to better gauge the mobile banking landscape overall — we used our Mobile Banking Functionality Benchmark to evaluate and rank the mobile banking efforts of 15 of the largest banks in North America, Western Europe, and Australia.

Our findings across all the banks we evaluated can be found in our 2013 Global Mobile Banking Functionality Rankings. We've also published two additional reports looking at the banks we reviewed in the UK and the US: 2013 UK Mobile Banking Functionality Rankings and 2013 US Mobile Banking Functionality Rankings

Highlights of this research include these findings:

  • Chase takes the top spot overall. Chase received the highest overall score among the banks we evaluated, netting a score of 71 out of 100. The bank offers mobile banking services across a range of touchpoints ranging from smartphone apps, strong mobile websites, and two-way SMS. In addition, Chase also has strong mobile money movement features such as bill pay – including the ability to add a payee – and mobile transfer capabilities.
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U.S. Bank Tackles Cross-Channel Banking With Innovative Mobile Photo Bill Pay

Banks get a bad rap for not being innovative enough. But at least one provider is proving the haters wrong: Early this year, U.S. Bank launched Mobile Photo Bill Pay, a feature that lets mobile bankers add a new payee simply by taking a picture of a paper bill or statement.

This mobile feature – powered by technology solutions company Mitek – goes beyond “nifty” With it, U.S. Bank offers customers an easier, more convenient, and more elegant cross-channel experience for a common activity. It helps the bank by increasing the number of customers who use digital bill pay – and deepening relationships with customers. According to Niti Badarinath, SVP and head of mobile banking at U.S. Bank, “Getting people to become active users of bill pay is key to our digital strategy, because we recognize the value and stickiness of the relationship when people pay bills." (taken from a recent article in American Banker)

How it works

When U.S. Bank launched mobile photo bill pay, I immediately pulled up my U.S. Bank iPhone app and took this new feature for a test drive (see screenshots below). Put simply, this is an innovation that delivers: A customer can go from opening a bill he got in the mail to enrolling a brand new payee to paying that bill in under 150 seconds (a.k.a. less than 2 minutes and 30 seconds). This is without setting up any bill payment options in advance, or entering any information manually – the mobile photo bill pay feature even corrects for image distortion, reads relevant data and auto-populates all the information.

Why it’s good for U.S. Bank

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How To Build A World-Class Mobile Banking Strategy

Mobile has gotten a lot of attention at banks recently. In fact, other teams in a firm’s organization are starting to feel like Jan Brady, the voices in their heads chanting “Mobile Mobile Mobile!”

But there’s good reason for the increased focus on mobile banking efforts: mobile is the most important strategic change in retail banking in over a decade. It is shifting your customers’ behavior, raising customers’ expectations, and opening up new opportunities for banks, their competitors, and new disruptors.

So how can strategists at banks assess the current and future state of the mobile banking market? How can they plan their own mobile banking roadmap? What do they need to successfully execute these plans? And how will they continue to improve and enhance their mobile offerings going forward?

Forrester’s new Mobile Banking Strategy Playbook seeks to answer all of these questions, drawing on mountains of research and deep dives into data in order to give eBusiness teams at banks a complete framework for building and maintaining a world-class mobile banking strategy. The playbook will include 12 chapters (plus an Executive Summary) that cover different aspects of mobile banking – and many of those chapters are already live. These chapters outline how to develop a successful mobile banking strategy. Specifically, we recommend that mobile strategists at banks:

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Citi And Royal Bank Of Canada Earn The Top Spots In Our 2012 Bank Secure Website Rankings

Late last year, Forrester reviewed and ranked the secure websites of the 12 largest retail banks in the US and Canada. The full reports can be found here (US) and here (Canada). Overall, banks' secure websites earned an average score of 70 points (out of 100), demonstrating a level of quality that meets customers expectations but also leaves room for improvements. Here are some of the highlights:

  • Citi moves to the top of the US rankings with a website overhaul. In July 2011, Citi launched its first tablet banking app. Based in part on insights gleaned from that process, the bank rolled out a newly redesigned secure website, followed by additional digital features and functionality for online bankers, mobile bankers, and tablet bankers. As a result, Citi moved from second-to-last in our ranking to the top spot this year.
  • RBC pulls off a historic sixth-straight win among Canadian banks' secure sites. For a record sixth year, RBC earned the top spot in our Canadian rankings. Two factors drive RBC’s digital banking success: First, the bank's secure website offers a wide array of secure site features, including eBills, tax management tools, and more; second, the bank continues to innovate, this year adding customizable money management dashboards and new mobile features such as foreign exchange and mortgage payment calculators on its iPhone app.
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