Webinar Forrester’s Mobile Banking Functionality Benchmark: A European Perspective On Leaders, Laggards, And The Path To Progress Stephen Walker, Analyst Tushar Dani, Senior Consultant September 25, 2014. Call in at 10:55 a.m. Eastern time

Agenda Forrester’s benchmarking methodology How leaders set themselves apart and what holds the laggards back Where should you go from here? How can we help?

Agenda Forrester’s benchmarking methodology How leaders set themselves apart and what holds the laggards back Where should you go from here? How can we help?

We start by defining what your customers are trying to achieve Source: June 23, 2014, “2014 European Mobile Banking Functionality Benchmark” Forrester report

Many customers do much more than check their balance through mobile “Which devices have you used to do each of these banking activities in the past three months?” (Not all responses shown) Base: 2,903 European online adults 16+ (online weekly or more) who are banking customers who use a mobile phone and 1,386 European online adults 16+ (online weekly or more) who are banking customers who use a tablet; Source: Forrester’s European Consumer Technographics® Financial Services Survey 1, 2014

Our specific criteria and weightings are based on four principles › What matters to customers today › What will matter more in the coming years › Forrester’s published research › Interviews with practitioners

Each bank gets an overall score out of 100, which determines its ranking Note: Mobile app assessments were conducted between May 1 and May 19, 2014. Source: June 23, 2014, “2014 European Mobile Banking Functionality Benchmark” Forrester report

Each bank’s category score breakdowns reveal where digital teams can improve #1 #2 #3 #4 #5 #6 #7 Source: June 23, 2014, “2014 European Mobile Banking Functionality Benchmark” Forrester report

Agenda Forrester’s benchmarking methodology How leaders set themselves apart and what holds the laggards back Where should you go from here? How can we help?

#1: Leaders support customers across a wide range of touchpoints SMS Mobile app Tablet Mobile Web A sun set technology, but still important to some customers. 42% of customers expect a mobile app. Forrester predicts tablet banking will outstrip mobile banking by as early as 2016. 62% of customers expect a mobile-friendly website. Source: January 24, 2014, “Mobile Moments Transform Customer Experience” Forrester report

A number of banks are now exploring responsive web design (e. g A number of banks are now exploring responsive web design (e.g., Sun Trust) Image source: April 4, 2013, “Case Study: SunTrust Reboots Its Digital Platform” Forrester report

Westpac has taken a hybrid approach by using responsive web design Image source: Westpac iPhone app

BNP Paribas offers interactive money management displays built specifically for tablet devices Image source: BNP Paribas iPad app

#2: Leaders offer convenient and safe login options (e. g #2: Leaders offer convenient and safe login options (e.g., Barclays, Co-op bank, and NatWest’s five-digit PIN) Image source: Barclays iPhone app, The Co-operative bank iPhone app, and NatWest iPhone app

Nationwide offers its Quick Balance and Quick Save features pre-login Image source: Nationwide iPhone app

Swedbank lets customers “shake” their device to bypass login Image source: Swedbank (http://www.swedbank.com/)

Postbank uses contextual onboarding to promote new and existing features Image source: Postbank iPhone app

La Caixa presents privacy and security policies in context to reassure customers Image source: la Caixa iPhone app

#3: Leaders make it easy to manage money e.g. all accounts on one page Image source: Nationwide iPhone app and Santander iPhone app

CommBank in Australia lets customers see a consolidated balance on a single page Image source: Commonwealth Bank of Australia iPhone app

Postbank lets customers see how they’re performing against their budget at a glance Image source: Postbank iPhone app

Garanti Bank shows customers how much money they have left (i. e Garanti Bank shows customers how much money they have left (i.e., safe to spend) Image source: Garanti Bank iPhone app

Disruptors like Tink offer a simple money management optimized for mobile moments Image source: Tink Android app

Few banks are combining money management with offers and point-of-sale guidance like Meniga Image source: Meniga

#4: Leaders let customers move money quickly and easily (e. g #4: Leaders let customers move money quickly and easily (e.g., Société Générale’s P2P functionality) Image source: Société Générale iPhone app

NatWest’s Get Cash lets customers withdraw money without using their debit card Image source: NatWest iPhone app

CommBank’s Kaching supports the widest range of different payment types that are now fully integrated Image source: Kaching iPhone app and Commonwealth Bank of Australia iPhone app

iGaranti stores all customers’ cards in a mobile wallet and enables mobile payments Image source: Garanti Bank iPhone app

#5: Leaders let customers self-serve for basic but important tasks (e #5: Leaders let customers self-serve for basic but important tasks (e.g., Bank Millennium’s lost card feature) Image source: Bank Millennium iPhone app

La Caixa offers helpful in-app alerts management Image source: la Caixa iPhone app Note: Only BNP Paribas, Société Générale, mBank, UniCredit, and Garanti Bank offer in-app notifications.

But there’s room for improvement across a range of service features Missing feature Justification Universal search More important with more content and functionality added to a small screen Notify the bank that you’re going abroad. Saves the customer time and from potential embarrassment and saves the bank from servicing costs Report possible fraud. Immediate resolution of a very sensitive issue Disable your card for certain transaction types or in certain places. Gives customers control and peace of mind

#6: Leaders enable seamless channel transitions from mobile Mobile device Branch or ATM Social media Phone Video Chat

BMO lets customers schedule appointments entirely in-app Image source: Bank of Montreal iPhone app

Chase in the US makes it easy to reach human help when researching complex products like mortgages Image source: Chase iPhone app

Bank Pekao in Poland lets customers get in touch with their advisor in-app Image source: Bank Pekao iPhone app

#7: Leaders support customers across the discover, explore, and buy phases of the customer life cycle in mobile Source: August 8, 2014, “Best Practices In Mobile Financial Sales” Forrester report

Commonwealth Bank of Australia provides a dedicated page of tailored offers Image source: Commonwealth Bank of Australia iPhone app

Garanti Bank presents contextual offers based on customer behavior Image source: Garanti Bank iPhone app

Santander offers a mortgage selector tool with embedded product comparisons in its mobile app Image source: Santander iPhone app

mBank lets customers open a savings deposit account with only two steps New investment Image source: mBank app Further Validate

Agenda Forrester’s benchmarking methodology How leaders set themselves apart and what holds the laggards back Where should you go from here? How can we help?

Prioritize functionality based on estimated impact and feasibility High Quick balance display No Maybe Add payees In-app search Yes Click-to- callback XX X Estimated impact POS decision support In-app chat Cardless ATM withdrawal Voice control Iris recognition Balance shake Remote check deposit Photo bill pay Branch appointment Low Easy Estimated feasibility* Hard *Feasibility = cost, technical complexity, integration requirements, and time-to-launch

Adopt a disruptor’s mindset Focus on unmet customer needs. Experiment with new business models. Choose speed over perfection. Think like an ecosystems player. Disruptor’s mindset

Differentiate by focusing on convenience and context The sum total of what your customer has told you and is experiencing at this moment of engagement. A customer’s context consists of her situation, preferences, and attitudes. Source: May 1, 2012, “The Future Of Mobile eBusiness Is Context” Forrester report

Agenda Forrester’s benchmarking methodology How leaders set themselves apart and what holds the laggards back Where should you go from here? How can we help?

Forrester’s research-based consulting Primary research Proprietary global data Client engagements Vendor interactions Expert consultants partner with analysts to apply our deep body of research, data-driven insights, and best practices to your specific business challenge. Research-based consulting delivered with speed, depth, and objectivity

We set up our clients to succeed in mobile Structuring to win — defining the target Determining the path Assessing your current mobile experience The mobile mind shift is rewriting the rules for how companies need to engage their customers and support their employees.

Assessing your current mobile experience Mobile Mind Shift Index Maturity Assessment Functionality Benchmark How ready are your customers and employees to engage with your company on their mobile devices? How equipped is your company to engage its customers or employees in their mobile moments? Who are my competitors, and what are they doing?

Other ways we can help Visioning Maturity assessments Business cases Strategic road maps Organizational design Vendor selection

Related research July 25, 2014, “2014 Australian Mobile Banking Functionality Benchmark” July 17, 2014, “2014 Global Mobile Banking Functionality Benchmark” June 23, 2014, “2014 European Mobile Banking Functionality Benchmark” June 23, 2014, “2014 UK Mobile Banking Functionality Benchmark” May 27, 2014, “2014 US Mobile Banking Functionality Benchmark” May 27, 2014, “2014 Canadian Mobile Banking Functionality Benchmark”

Stephen Walker swalker@forrester.com Tushar Dani tdani@forrester.com

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