1. 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, Call in at 10:55 a.m. Eastern time

2. 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?

3. 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?

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

5. 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

6. 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

7. 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, Source: June 23, 2014, “2014 European Mobile Banking Functionality Benchmark” Forrester report

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

9. 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?

10. #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

11. 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

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

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

14. #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

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

16. Swedbank lets customers “shake” their device to bypass login
Image source: Swedbank (

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

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

19. #3: Leaders make it easy to manage money e.g. all accounts on one page
Image source: Nationwide iPhone app and Santander iPhone app

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

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

22. 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

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

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

25. #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

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

27. 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

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

29. #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

30. 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.

31. 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

32. #6: Leaders enable seamless channel transitions from mobile
Mobile device
Branch or ATM
Social media
Phone
Video
Chat

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

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

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

36. #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

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

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

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

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

41. 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?

42. 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

43. 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

44. 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

45. 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?

46. 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

47. 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.

48. 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?

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

50. 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”

51. Stephen Walker
Tushar Dani

52. Forrester’s Forum For eBusiness & Channel Strategy Professionals MAP YOUR PATH TO DIGITAL MASTERY October 28-29, 2014 · Sheraton Chicago · Chicago, IL
As an eBusiness professional, it’s your job to master dynamic new digital ecosystems of value in order to win, serve, and retain customers.
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