We Evaluated Banks’ In-App Messaging On COVID-19: Five Brands Stood Out

Forrester IT

What do consumers expect from their banks in response to the COVID-19 pandemic? We interviewed 40 customers of 14 banks to find out. We also asked them what they think of how their banks are handling the crisis so far.

Open Banking Implementation Issues Give Rise To A New Breed Of Intermediaries

Forrester IT

For banks, open banking implementation is not straightforward – differing standards, specifications, and deployments result in the need to resolve complexity across interfaces.

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Forrester 2018 Mobile Banking Industry Wave™: BBVA Offers World-Class Mobile Banking Services

Forrester IT

Digital banks are not eating the incumbent banks’ lunch (yet!) banking benchmarks digital business digital money management mobile apps mobile services user experience Banking Digital Banking Industry Wave Mobile Banking

Competition Heats Up In Banking Transformation Services

Forrester IT

After a few quiet years, Thought Machine, the fintech behind a new core banking platform called Vault, is stealing the limelight, first with its announcement of a strategic partnership with Lloyds Banking Group, then with a similar partnership with the digital bank Atom.

Small Business Banking Has Been Disrupted (And There’s No Going Back)

Forrester IT

Bankers around the world are rightly worried about the threats posed by digital disruptors getting in between them and their retail banking customers.

Open Banking in Australia: Where Are We Now?

Forrester IT

As Australian banking leaders roll out initiatives to help consumers and small business owners cope with the fallout from the coronavirus, they also face an impending deadline: to make consumer data available by July this year. Quite a lot has happened since 2020 started.

Japanese Banks? Digital Awakening Is On The Way

Forrester IT

As Japanese leading banks roll out initiatives to help consumers and SMEs cope with the fallout from the COVID-19 pandemic, they also face an urgent need for digital transformation to serve […]. Age of the Customer banking digital business digital transformation

Chase Closes Finn: Lessons For Other Digital Banks

Forrester IT

On June 6, JPMorgan Chase announced it would be closing its digital-only bank Finn, a little under a year after it was launched. Digital banking is a tough business, and we’ve seen far more examples of failures than successes over the past two decades.

European Banks Are Redoubling Their Mobile Banking Efforts in 2019 – Just Not All At The Same Speed

Forrester IT

Banks across Europe are all working hard to build the killer mobile banking app. They aim to keep pace with their customers’ needs and rising expectations as consumers’ appetite for banking on the go shows no signs of abating. Incumbent banks like […].

DBS Bank followed four design principles when building their enterprise data platform

Forrester IT

I recently had the pleasure to talk with Siew Choo So, Group Head Consumer Banking Technology and Big Data/AI at DBS, on how the bank has set up their enterprise data platform to enable a data driven organization. Asia Pacific banking business technology (BT) CIO insights

The Good, The Bad, & The Ugly Of US Mobile Banking Experiences In 2019

Forrester IT

[Note: This is about the findings from our US mobile banking reviews and research, if you want to read about what we saw in Canada go here] Mobile apps have become the touchpoint of choice for millions of people to manage their finances. To find out how effectively banks are meeting customers’ expectations, Forrester regularly […].

Virtual banks in Hong Kong set to rekindle the retail banking experience

Forrester IT

(Co-authored with Nancy Lin, Senior Associate) The Hong Kong Monetary Authority (HKMA) recently announced 8 new virtual banking licenses in the market and their operators will all launch new digital-only banks there before or in early 2020. age of the customer banking

Citizens Challenge 2019: Driving Innovation In Banking

Forrester IT

The Citizens Challenge, held by Citizens Bank […]. age of the customer APIs & API management banking customer centricity financial services fintechHackathons can be an excellent way for financial services firms to round out their innovation portfolios.

Amazon Flirts With Banks And Their Customers: Here’s What You Should Do

Forrester IT

Okay, that’s not exactly what’s happening here, but it sure felt like that to many bank executives who heard the […].

Apple’s Partnership With Goldman Sachs Will Drive Seismic Shifts In The Banking Industry

Forrester IT

The bigger concern for digital banks, traditional banks, […]. Apple and Goldman Sachs are partnering to deliver a new credit card. The industry seems to be quick to dismiss the partnership, especially the rewards program – but we think they’re missing the bigger picture. There’s an awful lot more at stake here than credit card rewards.

Many Digital Banks Will Struggle Amid The COVID-19 Induced Slowdown, But A Handful Will Innovate And Thrive

Forrester IT

Age of the Customer banking customer experience digital business Europe financial services fintech Innovation Customer Experience (CX) Digital Banking Financial Services financial well being Mobile Banking

Customers Don’t Think Bank Experiences Are Improving

Forrester IT

So how well do banks earn loyalty with the quality of their customer experience? We’ve just released Forrester’s US Banking Customer Experience Index for 2019. Customer experience leaders grow revenue faster than CX laggards, drive higher brand preference and loyalty, and can charge more for their products. Based on a survey of more than 101,000 […].

Engage Millennials with Better Banking

Perficient - Digital Transformation

Exploring what’s essential to consumers is a primary step to gaining, retaining, and cross-selling in the banking industry. Nonetheless, most financial institutions can agree on one thing: all generations expect more from their banks.

How Banks Still Make It Too Hard For People To Open An Account

Forrester IT

Here’s what real-world bank prospects told us about trying to open a checking account: “The website did not fully answer my question. ” “There were so many descriptive words that I had a hard time trying to decide. ” “The checking account page was sort of confusing. […].

Is Your Bank’s Mobile App A Fonzie Or A Potsie?

Forrester IT

application development & delivery banking digital business financial services mobile appsIf you’re a fan of the old TV show “Happy Days,” you know Fonzie and Potsie.

First Apple, Now Amazon: Goldman Sachs’ move to help big tech into banking

Forrester IT

What does it mean, and should traditional banks be worried? age of the customer banking digital business digital disruption fintech Innovation amazon Apple Digital Banking Financial Services innovationGoldman Sachs has already partnered with Apple on its credit card, and we now hear that the firm is close to striking a deal with Amazon on small business lending. Watch the video below to hear my take on why this matters.

Banks Have A Variety Of Islamic Banking Platforms To Choose From

Forrester IT

The World Bank explains Islamic finance as "equity-based, asset-backed, ethical, sustainable, environmentally and socially responsible finance." Islamic banking. banking. banking platform transformation. banking platforms.

Predictions 2020: Old Rivalries And New Entrants Will Preoccupy Bank Execs

Forrester IT

Incumbent banks will be challenged on multiple fronts in 2020. age of the customer banking fintech prediction promotedRead our predictions.

Predictions 2020: Old Rivalries And New Entrants Will Preoccupy Bank Execs

Forrester IT

Incumbent banks will be challenged on multiple fronts in 2020. age of the customer banking fintech prediction promotedRead our predictions.

Tech Leadership Churn in Australian Banks – Correcting The False Promise Of Bi-Modal IT

Forrester IT

age of the customer banking chief information officer (CIO) customer experience customer experience index (CX Index) digital transformation financial services Australia

The Layman’s Guide to Banking as a Service

Datacponomy

Banking as a Service (BaaS) is the democratisation of financial capabilities that have fiercely been protected, isolated and hidden in silos for hundreds of years by banks. The post The Layman’s Guide to Banking as a Service appeared first on Dataconomy.

T-Mobile MONEY’s Checking Account: Game Changer?

Forrester IT

This is not the first time we’ve seen a telecommunications firm enter the banking space – it’s already been happening for years in Europe and Asia, with large telcos such as Orange and KDDI. And this isn’t T-mobile’s first foray into banking either. So should banks be worried?

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Banking Up For Grab In Singapore

Forrester IT

Following in Hong Kong’s footsteps, Singapore’s regulator – Monetary Authority of Singapore (MAS) – has confirmed that it is currently studying the possibility of issuing digital-only banking licenses to organizations with a “non-bank” parentage, which was first reported on May 7th, 2019 by various news outlets.

Open Banking and PSD2 – the first 100 days. A slow, fragmented start.

Forrester IT

TLDR: A slow, fragmented start to open banking, but the pace will accelerate. Banks need to become outside-in fast to thrive with open banking, building operating model competence for an externally oriented business. Few Banks Place Open Banking At […]. banking digital business digital disruption financial services Innovation open data APIs Digital Banking fintech open banking PSD2

How USAA Differentiates In Mobile Banking

Forrester IT

Take another not-so-random walk with me, this time as my colleague Peter Wannemacher and I explore what makes USAA a standout performer in our Mobile Banking Benchmark assessment. age of the customer banking mobile apps mobile marketingAs we did before when exploring The Home Depot’s success in our “The Forrester Retail Wave: US Mobile Web, Q4 2017” report, we invited executives from USAA […].

Banks Have Neglected SMEs. They Will Come To Regret It

Forrester IT

Forrester just published new research outlining the future of small and midsize business banking (also called SME banking to refer to SMEs, or small- and medium-sized enterprises). If you’re an executive at a traditional bank, it contains some grim and gloomy predictions.

The UK’s Digital Banks Are Giving Established Banks A Run For Their Money

Forrester IT

Digital banks have disrupted the status quo. Retail banking in the UK has more competition from digital banks than almost any other market, with small business banking a close second.

Singapore central bank tests blockchain for bank-to-bank payments

Computer Weekly

Singapore's central bank is overseeing a project that could lead to a single blockchain system being used for banks to transact with each other

Financial Service Firms Need To Stop Thinking Like Retailers On Personalization

Forrester IT

Many financial services firms say that they are already delivering on personalization and view improving their personalization capabilities and technology further as a top priority.

BBVA Tops Forrester’s 2019 Global Mobile Banking App Reviews

Forrester IT

Spain’s BBVA has come top in Forrester’s global mobile banking app reviews for the third year in succession. Over the past few months, a team of Forrester analysts and other researchers has reviewed the functionality and user experience of 54 leading mobile banking apps from around the world.

How AI is Revolutionizing the Banking Sector

CTOvision

Read Oliver Smith explain how artificial intelligence is revolutionizing the banking sector on Infosec Magazine : Artificial Intelligence (AI) is becoming ubiquitous in recent years and its uses are seen in every industry from health, to travel, to banking, to hospitality and finance. According to the IHS Markit’s “Artificial Intelligence in Banking” report, the global […].

Blockchain Set to Revolutionize Banking Sector

CTOvision

Read Pratip Biswas explain how blockchain technology can revolutionize the banking sector by using the Hyperledger on Dzone Blog : The banking sector forms the backbone of any economy. With the technology innovations making way into the arena, the banking sector has been moving away from traditional methods.

Credential phishing attack impersonates Bank of America

Tech Republic Security

The phishing email leads recipients to a phony BOA landing page in an attempt to steal their banking credentials, according to Armorblox

Kicking Off Our New Research On Autonomous Finance: FORR/3 Video

Forrester IT

Forrester has recently kicked off some new research focusing on services and companies that make financial decisions and take action on behalf of consumers. You can take a very short survey on this topic here. I’m psyched to present here our first FORR/3 video episode on this topic (see below)!

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Tesco Bank halts online banking after weekend hacker fraud

Computer Weekly

Tesco Bank halts online banking after thousands of current account customers were hit by fraudulent transactions by hackers at the weekend

Commercial Bank of Dubai to launch digital-only bank

Computer Weekly

Dubai bank is set to launch a digital-only bank that will be based on mobile phones

FBI warns about cybercriminals exploiting mobile banking apps

Tech Republic Security

With increased use, phony apps and banking trojans will try to steal account credentials, according to the FBI

Google Makes Moves Into Banking: Should Banks Be Worried?

Forrester IT

Principal Analyst Alyson Clarke explains what the move means for banks. Google may offer consumers checking accounts as soon as next year.