Forrester Research, Inc. · NASDAQ:FORR
Forrester Research — Forrester Financial Services Forum Singapore 2016
123 slides from Forrester Research's conference presentation, Apr 15, 2016
Slide 1: Forrester: Challenge Thinking. Lead Change.
FORRESTER’ CHALLENGE THINKING. LEAD CHANGE.
Slide 2: Accelerate Digital Business and Innovation In Financial Services
Accelerate Digital Business and Innovation In Financial Services 15 April 2015
Slide 3: Accelerating Digital Business Transformation In Financial Services
Accelerating Digital Business Transformation In Financial Services Frederic Giron, VP & Research Director April 15, 2016
Slide 4: Agenda
Agenda › How are digital technologies changing financial services? › How are digital businesses different? › How can you accelerate change throughout your firm? © 2015 Forrester Research, Inc. Reproduction Prohibited 4
Slide 5: Agenda
Agenda › How are digital technologies changing financial services? › How are digital businesses different? › How can you accelerate change throughout your firm? © 2015 Forrester Research, Inc. Reproduction Prohibited 5
Slide 6: Empowered customers have given rise to a new era
Empowered customers have given rise to a new era Source: Forrester Research. April 6, 2015, “Winning In The Age Of The Customer” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 6
Slide 7: We have entered the age of the customer
We have entered the age of the customer © 2015 Forrester Research, Inc. Reproduction Prohibited 7
Slide 8: We have entered the age of the customer
We have entered the age of the customer • Allianz • Bank One • Dean Witter • NationsBank • MetLife • Prudential • Smith Barney • Wells Fargo © 2015 Forrester Research, Inc. Reproduction Prohibited 8
Slide 9: We have entered the age of the customer
We have entered the age of the customer • Allianz • Capital One • Bank One • Charles Schwab • Dean Witter • Direct Line • NationsBank • Fidelity Investments • MetLife • ING Direct • Prudential • Nordea • Smith Barney • Santander • Wells Fargo • Skandiabanken • Visa © 2015 Forrester Research, Inc. Re
Slide 10: We have entered the age of the customer
We have entered the age of the customer • Allianz • Capital One • Credit unions • Bank One • Charles Schwab • Handelsbanken • Dean Witter • Direct Line • ING DiBa • NationsBank • Fidelity Investments • mBank • MetLife • ING Direct • Nationwide • Prudential • Nordea Building Society • Smith Barney •
Slide 11: Technology barriers have fallen
Technology barriers have fallen Accessible software Higher programming bandwidths tools Rentable, Internet- based infrastructure More connected systems © 2015 Forrester Research, Inc. Reproduction Prohibited 11
Slide 12: Hundreds of new entrants are seeking new ways to deliver value
Hundreds of new entrants are seeking new ways to deliver value to customers Investing Small Banking Crowd- business funding funding Social Digital lending lenders Digital investment Digital managers Digital Digital Social financial money banks investing Digital advice retirement managers Comparison
Slide 13: Digital Disruptors have a different mindset
Digital Disruptors have a different mindset Digital disruptors: › Obsess about delighting customers. › Seek the next most immediate thing their customers want › Engage customers in product and service development. › Rely on low-cost referral marketing. › Use software to automate end-to-end processes
Slide 14: Jamie Dimon quote on startups and banking
“There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking.” Jamie Dimon, CEO JP Morgan Chase Image source: Mario Tama/Getty Images © 2015 Forrester Research, Inc. Reproduction Prohibited 14
Slide 15: BBVA will be a software company in the future
“BBVA will be a software company in the future.” Francisco González, Chairman, BBVA Image source: BBVA © 2015 Forrester Research, Inc. Reproduction Prohibited 15
Slide 16: Piyush Gupta quote on banks that will die
“Within the next decade, there will be banks that will make the transition and banks that will die – and frankly, a decade, I’m giving myself too much time.” Piyush Gupta, DBS CEO © 2015 Forrester Research, Inc. Reproduction Prohibited 16
Slide 17: Digital disruption is death by a thousand digital cuts
Digital Disruption is not a single event, it is “death by a thousand digital cuts” ›A thousand new competitors will wipe you out with digital innovations. Or ›Your big competitors will make a thousand digital improvements. © 2015 Forrester Research, Inc. Reproduction Prohibited 17
Slide 18: Agenda
Agenda › How are digital technologies changing financial services? › How are digital businesses different? › How can you accelerate change throughout your firm? © 2015 Forrester Research, Inc. Reproduction Prohibited 18
Slide 19: Some brands are born digital
Some brands are born digital. Image source: 1MD © 2015 Forrester Research, Inc. Reproduction Prohibited 19
Slide 20: Some achieve digital mastery
Some achieve digital mastery. Image source: Desktop Magazine © 2015 Forrester Research, Inc. Reproduction Prohibited 20
Slide 21: While others have had digital thrust upon them
While others have had digital thrust upon them.
Slide 22: What makes a business digital?
What makes a business digital?
Slide 23: Digital business is different
Digital business is different; traditional thinking hinders transformation to a digital business Source: Forrester Research. March 10, 2014, “The Future Of Business Is Digital” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 23
Slide 24: Digital businesses continuously exploit digital technologies
Digital businesses continuously exploit digital technologies both to create new sources of value for customers and to increase operational agility in service of customers.
Slide 25: Executives must deliver digital customer experience and operational excellence
Executives must deliver digital customer experience and digital operational excellence Digital customer experience Create trusted Digitize end-to-end Digitize products and machines to customer services. automate value experiences. Customer creation. Source enhanced Drive rapid customer- Digitize for
Slide 26: OCBC account opening on mobile
OCBC account opening on mobile © 2015 Forrester Research, Inc. Reproduction Prohibited 26
Slide 27: OCBC let customers scan and pay bills on smartphone
OCBC let customers scan and pay their bills on their smartphone Source: OCBC © 2015 Forrester Research, Inc. Reproduction Prohibited 27
Slide 28: Commonwealth Bank uses transaction data to give businesses insight
Commonwealth Bank uses its transaction data to give businesses insight into their customers Source: Commonwealth Bank of Australia © 2015 Forrester Research, Inc. Reproduction Prohibited 28
Slide 29: CommBank includes merchants in its digital ecosystem
CommBank includes merchants as part of its digital business ecosystem © 2015 Forrester Research, Inc. Reproduction Prohibited 29
Slide 30: DBS optimizes ATM service with analytics
DBS optimizes ATM service with analytics.
Slide 31: Suncorp moves 2,000 applications to the cloud
Suncorp moves 2,000 applications to the cloud.
Slide 32: Agenda
Agenda › How are digital technologies changing financial services? › How are digital businesses different? › How can you accelerate change throughout your firm? © 2015 Forrester Research, Inc. Reproduction Prohibited 32
Slide 33: Fixed five-year plans are not the answer
Soviet-style five-year plans are not the answer Fixed five-year plans are not the answer. © 2015 Forrester Research, Inc. Reproduction Prohibited 33
Slide 34: Strategy must drive action
Strategy must drive action Strategy Digital Business strategy Vision Capability map Business case Source: Forrester Research. “Write A Digital Business Strategic Plan That People Actually Read” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 34
Slide 35: Strategy must drive action
Strategy must drive action Strategy Execution Digital Business strategy Vision Capability map Business case Source: Forrester Research. “Write A Digital Business Strategic Plan That People Actually Read” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 35
Slide 36: Strategy must drive action
Strategy must drive action Strategy Execution Digital Culture Business strategy Vision Organization Capability map Technology Business case Insights Source: Forrester Research. “Write A Digital Business Strategic Plan That People Actually Read” report. © 2015 Forrester Research, Inc. Reproduction Pr
Slide 37: The building blocks of digital execution
The building blocks of digital execution Empower employees to foster a culture of Culture customer-centric digital innovation Source: Forrester Research. “Enhance Your Digital Capabilities With The Digital Maturity Model” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 37
Slide 38: Embrace the concept of Design Thinking
Embrace the concept of Design Thinking Source: University of St. Gallen (http://dthsg.com/what-is-design-thinking/) © 2015 Forrester Research, Inc. Reproduction Prohibited 38
Slide 39: Implement using minimum viable proposition
Implement using minimum viable proposition Unlike traditional product development cycles that presuppose knowledge of customers' problems and needs, healthy Agile development eliminates wasted time and resources by developing the product iteratively and incrementally, with regular customer feedback.
Slide 40: DBS fosters a customer-obsessed innovation culture
DBS fosters a customer obsessed innovation culture DBS fosters a customer-obsessed innovation culture © 2015 Forrester Research, Inc. Reproduction Prohibited 40
Slide 41: Culture eats strategy for breakfast
“Culture eats strategy for breakfast” Peter Drucker
Slide 42: The building blocks of digital execution
The building blocks of digital execution Empower employees to foster a culture of Culture customer-centric digital innovation Collaborate across functions to deliver Organization digitally enhanced customer experiences Source: Forrester Research. “Enhance Your Digital Capabilities With The Digital M
Slide 43: Migrate towards a customer-centric organization
Migrate towards a customer-centric organization Source: Forrester Research. October 30, 2014, “Write A Digital Business Strategic Plan That People Actually Read” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 43
Slide 44: Aviva uses cross-functional teams to map customer journeys
Aviva uses cross-functional teams to map customer journeys Image source: Aviva © 2015 Forrester Research, Inc. Reproduction Prohibited 44
Slide 45: The building blocks of digital execution
The building blocks of digital execution Empower employees to foster a culture of Culture customer-centric digital innovation Collaborate across functions to deliver Organization digitally enhanced customer experiences Systematically embrace technology at all Technology levels Source: Forrester Rese
Slide 46: Change the way you design, develop and deliver new technology
Change the way you design, develop and deliver new technology Source: Forrester Research. “Accelerate Digital Business With A BT Agenda” report. © 2015 Forrester Research, Inc. Reproduction Prohibited 46
Slide 47: The false promise of bimodal / 2-speed IT
The false promise of bimodal / 2-speed IT Agility - More complexity - Separate cultures Fast IT - Not customer-led - Lack of business involvement Slow IT Digital Rookie Digital Progress Digital Master © 2015 Forrester Research, Inc. Reproduction Prohibited 47
Slide 48: BBVA has rebuilt its IT platforms
BBVA has rebuilt its IT platforms so that it can respond more quickly to customers’ needs Source: BBVA © 2015 Forrester Research, Inc. Reproduction Prohibited 48
Slide 49: BBVA's open platform makes it easier to integrate with partners
BBVA’s open platform makes it easier to integrate with partners Source: BBVA © 2015 Forrester Research, Inc. Reproduction Prohibited 49
Slide 50: The building blocks of digital execution
The building blocks of digital execution Empower employees to foster a culture of Culture customer-centric digital innovation Collaborate across functions to deliver Organization digitally enhanced customer experiences Systematically embrace technology at all Technology levels Underpin decisions wit
Slide 51: Charles Schwab measures the moments that matter most
Charles Schwab measures the moments that matter most to customers. Image source: Charles Schwab © 2015 Forrester Research, Inc. Reproduction Prohibited 51
Slide 52: Schwab has driven up its client experience scores
Schwab has steadily driven up its client experience scores Source: Schwab Interim Business Update 4-23-15 © 2015 Forrester Research, Inc. Reproduction Prohibited 52
Slide 53: That drives referrals and grows Schwab's client base
That drives referrals and grows Schwab’s client base Source: Schwab Interim Business Update 4-23-15 © 2015 Forrester Research, Inc. Reproduction Prohibited 53
Slide 54: Summary: digital business transformation is a journey
Summary: digital business transformation is a journey not a destination › Foster a culture of customer-centric digital innovation. • Empower employees with mobile and social tools. • Educate them on the importance of digital technologies. › Organizing around delivering customer value. • Collaborate
Slide 55: Related Forrester Research
Related Forrester Research › April 5, 2016, “Case Study: DBS Bank Fosters A Customer-Led Innovation Culture” (http://www.forrester.com/go?docid=129145). › June 17, 2015, “Accelerate Digital Business With A BT Agenda” report (http://www.forrester.com/go?docid=115759). › April 21, 2015, “How To Create
Slide 56: Thank you - Frederic Giron
Thank you Frederic Giron +65 9236 4566 fgiron@forrester.com forrester.com
Slide 57: How To Organise For Digital Financial Innovation
How To Organise For Digital Financial Innovation Oliwia Berdak, Senior Analyst April 15, 2016
Slide 58: Disruptors are flooding financial services
Disruptors are flooding financial services Investing Banking Small Crowd- Social business Digital funding lending funding lenders Digital investment Digital managers financial Digital Social Digital banks advice investing money managers Digital Comparison Digital retirement engines wallets plan advi
Slide 59: Incumbents aren't standing still either
Incumbents aren’t standing still either Crypto currencies Robo-advice Video banking Remote account opening Crowd & P2P finance Digital/mobile bank Note: Selected firms only © 2016 Forrester Research, Inc. Reproduction Prohibited 59
Slide 60: Digital teams want to change touchpoints faster
Digital teams want to make changes to digital touchpoints faster… Image source: Bank of America
Slide 61: ... and experiment with emerging technologies
… and experiment with emerging technologies Image source: CaixaBank
Slide 62: Digital teams want to explore new products and business models
Digital teams want to explore new digital products and business models Image source: Charles Schwab
Slide 63: But many obstacles hamper innovation
But many obstacles hamper innovation Structural Cultural Procedural Siloed organizational Formal, rigid hiring Internal or siloed structures. procedures. performance metrics. Senior executives who Aversion to risk. Rigid budget processes are reluctant to change. and ROI expectations. Middle manageme
Slide 64: 41% of banks deliver software quarterly or less
41% of banks and insurance companies deliver software quarterly or even less frequently Source: Forrester's Business Technographics Global Developer Survey, 2015 © 2016 Forrester Research, Inc. Reproduction Prohibited 64
Slide 65: Many firms are setting up digital labs and innovation centres
Many firms are setting up digital labs and innovation centres Image source: BBVA
Slide 66: Digital labs promise greater agility
Digital labs promise greater agility Scope Functionality, apps, product application process, identity verification Fast digital labs (Agile) 2-4 weeks Process Idea generation Validation Design Development iterations Cross-functional teams Mix of roles like designer, developer, UX expert, business an
Slide 67: But there's only so much they can do
But there’s only so much they can do… © 2016 Forrester Research, Inc. Reproduction Prohibited 67
Slide 68: Before they hit old processes and barriers
Before they hit old processes & barriers Big batches of functionality, siloed applications, end to end business Scope processes Requirements/ 3-6 months Process Analysis Design Development Testing release cycles Slow IT (Waterfall) Siloed functional teams Separate functional teams mostly from IT, bu
Slide 69: What does this mean for innovation?
What does this mean for innovation? › A limit to what can be done › Difficulties connecting to the systems of record › Wasted prototypes › Delivery process challenges › End to further innovation › Proliferation of point solutions © 2016 Forrester Research, Inc. Reproduction Prohibited 69
Slide 70: Digital business is different
Digital business is different Traditional business Digital business Digital Digitally integrated Bolt on touchpoints products and services Organizational Functional efficiency Cross-functional agility alignment Technology Safety and cost Speed and innovation attitude reduction Source: Forrester Rese
Slide 71: Agility requires a new organisation
Agility requires a new organisation Generate Iterate ideas Product owner from business (e.g. lending expert), designer, Select Integrate developer, UX expert, ideas business analyst, back- end developer, tester, compliance & legal, marketing, call center – as required for each initiative Discuss fea
Slide 72: And new tools and allies
And new tools and allies With cognitive technology, we discovered that this will probably require a new legal framework – a new paradigm for dealing with customer data and traceability. We invited our head of compliance to a workshop, after which she wanted to talk more. She didn’t want to block inn
Slide 73: Becoming an innovator takes time
Becoming an innovator takes time
Slide 74: BBVA's Innovation Team has evolved
BBVA’s Innovation Team has evolved IT Business 2007 Part of IT. Focus on disruptive innovation, including smart cities, health, education, work Part of Global Banking Unit. Focus on bank priorities: payments and multi-channel banking 2011 Part of Digital Banking Unit. Focus on digital products, 2015
Slide 75: BBVA promoted its head of digital to CEO
BBVA promoted its head of digital to CEO Source: BBVA © 2016 Forrester Research, Inc. Reproduction Prohibited 75
Slide 76: Migrate towards a customer-centric organisation
Migrate towards a customer-centric organisation Cross-functional project teams Customer journey ownership Customer-centric organisation Source: Forrester Research “Write A Digital Business Strategic Plan That People Actually Read” report. © 2016 Forrester Research, Inc. Reproduction Prohibited 76
Slide 77: Scotiabank has moved from a lab to its Digital Factory
Scotiabank has moved from a lab to its Digital Factory Neighbours Friends Family Source: Scotiabank © 2016 Forrester Research, Inc. Reproduction Prohibited 77
Slide 78: Recommendations
Recommendations 1. Use the lab to build bridges across the organisation. 2. Make the most of the prototypes. 3. Aim to change the culture of the overall organisation. 4. Transition towards cross-functional, agile teams to develop a sustainable digital innovation process. © 2016 Forrester Research, I
Slide 79: Thank you - Oliwia Berdak
Thank you Oliwia Berdak oberdak@forrester.com @OliwiaBerdak forrester.com
Slide 80: APIs Take Center Stage In Financial Services
APIs Take Center Stage In Financial Services Randy Heffner, VP and Principal Analyst April 15, 2016
Slide 81: Fidor Bank curates an ecosystem of start-up services
Fidor Bank curates an ecosystem of start-up services Crowd- Virtual and funding crypto currencies Social lending Payments Social investing Precious metals Source: Fidor Bank © 2015 Forrester Research, Inc. Reproduction Prohibited 84
Slide 82: Saxo Bank's APIs are critical to disruption
Saxo Bank’s APIs are critical to disruption “If we don’t disrupt our own business, then someone else will — out of the blue.” Institutional customers — Ashley Latham, CIO, Saxo Bank White Custom The shift The questions The strategy label UX UX • Core business • What is the • Loosely- capability bank
Slide 83: ING Vysya Bank's APIs change basis of competition
ING Vysya Bank’s APIs change basis of competition ING Vysya Bank › Extended to broad base of Distribution Bank teller Current open APIs firm‘s accounts customer Payment function 3 system › New wins based Status API on CIO-to-CIO 1 2 conversations, 4 not banking rates Web app / Payment Order API call
Slide 84: Crédit Agricole's APIs speed up digital innovation
Crédit Agricole’s APIs speed up digital innovation External developers created 21 new apps within 6 months Crédit Agricole takes 2 years to develop apps on their own. © 2015 Forrester Research, Inc. Reproduction Prohibited 87
Slide 85: With APIs, John Deere's value proposition expands
With APIs, John Deere’s value proposition expands Equipment Equipment Farm optimization sales/service optimization Tractors Tractors Sensors MyJohnDeere.com (soil, satellite, etc.) IoT APIs APIs Parts Parts Tractors IoT APIs Data shared across: Dealer Dealer • John Deere Operations Parts network net
Slide 86: Open business: APIs reframe business strategy
Open business: APIs reframe business strategy Traditional business Open business Business Competencies Which ecosystems? Customers Ecosystems • Yours • Your customers’ • New, adjacent ones Where design Channels for external Relationships integration begins Partners Connections Efficiency Leverage So
Slide 87: Strategy for each capability, integrated for go-to-market
Strategy for each capability, integrated for go-to-market Open market add- Flexible ons GTM timing Proactive 3rd party added-value unbundling GTM Test market Add new 3rd party added-value separate Proactive capability GTM disintermed- Taxing GTM iation Substitute Shipping GTM leading Customers capab
Slide 88: Build strategy for all four of Forrester's API categories
Build strategy for all four of Forrester’s API categories Wide-open to innovation Optimized business Build product ecosystems Tech-savvy Web site Enterprise Enterprise Tech-savvy consumers developers customers customers consumers Value-add Digital Distribution Product Suppliers innovators disruptors
Slide 89: Three ways to monetize APIs
Think broadly: Three ways to monetize APIs 1 2 3 Monetize Charge directly Charge for value delivered indirectly by $¥€£ by counting API driving calls through APIs business opportunity • Open new markets • Reach new customers What customer What customer • Reduce time-to-market does with the API $¥€£
Slide 90: Establish cross-functional, collaborative teams
Establish cross-functional, collaborative teams Business strategy & business design Business and Business Business Architecture Strategy technology model and API capabilities, product API opportunities, ownership strategy and strategy eBusiness & API Enterprise design Architecture CX design for omni
Slide 91: API strategy evolves coherent business API portfolios
API strategy evolves coherent business API portfolios Outside-in Identify customer Ecosystem business process + analysis opportunitie analysis s Manage Digital Business API disrupters B2B API identification customers B2B portfolios partners API portfolio management Candidate business APIs API user D
Slide 92: With layered design, API portfolios serve many needs
With layered design, API portfolios serve many needs Mobile Web Kiosks Partners and suppliers Public developers apps apps Solution architect Touchpoint-specific APIs Open web APIs ====================== ================== Technical adaptations B2B APIs Caching and security ================== Domain
Slide 93: A mature API platform has five major parts
A mature API platform has five major parts Runtime service API management management centers on relationships between ensures top-quality IT API users and API providers. API user operations operations and rapid API break-fix. API product Service testing APIs Security manager provides repeatable Serv
Slide 94: Seed money underpins APIs and digital transformation
Seed money underpins APIs and digital transformation Business Business Business Business change #1 change #2 change #3 change #4 API strategy, platform, and portfolio API leadership API planning API management API governance Strategic seed money $$ © 2015 Forrester Research, Inc. Reproduction Prohib
Slide 95: Thank you - Randy Heffner
Thank you Randy Heffner @BizTech21 rheffner@forrester.com forrester.com
Slide 96: Who Does Mobile Banking Well In Asia Pacific?
Who Does Mobile Banking Well In Asia Pacific? Zhi Ying Ng, Researcher, eBusiness & Channel Strategy 15 April 2016
Slide 97: 2015 Global Mobile Banking Functionality Benchmark
2015 Global Mobile Banking Functionality Benchmark © 2016 Forrester Research, Inc. Reproduction Prohibited 100
Slide 98: We Evaluated How Well Mobile Banking Apps Serve Customer Needs
We Evaluated How Well Mobile Banking Apps Serve The Most Common Customer Needs © 2016 Forrester Research, Inc. Reproduction Prohibited 101
Slide 99: We Reviewed 47 Banks Globally From 14 Countries
We Reviewed 47 Banks Globally From 14 Countries Against Over 40 Criteria © 2016 Forrester Research, Inc. Reproduction Prohibited 102
Slide 100: Australia Leads In Global Mobile Banking Functionality Benchmark
Australia Leads In Forrester’s Global Mobile Banking Functionality Benchmark Australia 68 US 66 Europe 64 China 55 Singapore 51 India 46 Global 61 * Shows average scores across countries/regions Source: 2015 Global Mobile Banking Functionality Benchmark © 2016 Forrester Research, Inc. Reproduction P
Slide 101: Agenda: Steps To Elevate Mobile Banking
Agenda: 3 Steps To Elevate Mobile Banking 1. Map Customer Journeys To Identify Mobile Moments And Context 2. Leverage Ecosystems To Deliver Valuable Mobile Moments 3. Benchmark Yourself Beyond Your Own Backyard © 2016 Forrester Research, Inc. Reproduction Prohibited 104
Slide 102: Agenda: Steps To Elevate Mobile Banking
Agenda: 3 Steps To Elevate Mobile Banking 1. Map Customer Journeys To Identify Mobile Moments And Context 2. Leverage Ecosystems To Deliver Valuable Mobile Moments 3. Benchmark Yourself Beyond Your Own Backyard © 2016 Forrester Research, Inc. Reproduction Prohibited 105
Slide 103: Banks need to support customers at each life cycle stage
Banks need to support customers with the right content and functionality at each stage in the customer life cycle Source: Forrester Research © 2016 Forrester Research, Inc. Reproduction Prohibited 106
Slide 104: Digital technologies can improve customer experience across life cycle
Digital technologies can improve the customer experience throughout the customer life cycle Behavioural targeting Pre-approved offers Chat Tools & calculators Social networks Microblogs Online video Campaign mgmt Instant Messaging Ratings & reviews Predictive analytics Secure messaging Guided sellin
Slide 105: Leading Banks Address Customer Needs With Digital
Leading Banks Address Customer Needs With Digital
Slide 106: CommBank, Westpac, NAB & DBS Let Customers Check Balances Quickly
CommBank, Westpac, NAB & DBS Bank Let Customers Check Their Balances Quickly Source: CommBank, Westpac, NAB & DBS Bank mobile banking apps © 2016 Forrester Research, Inc. Reproduction Prohibited 109
Slide 107: CommBank Tailors Products; Application Pre-Filled and Pre-Approved
CommBank Tailors Products To Customer; Application Is Pre-Filled And Pre-Approved Source: CommBank mobile banking app © 2016 Forrester Research, Inc. Reproduction Prohibited 110
Slide 108: OCBC Bank Provides Money Management & Savings Tools
OCBC Bank Provides Useful Money Management & Savings Tools Source: OCBC Bank mobile app © 2016 Forrester Research, Inc. Reproduction Prohibited 111
Slide 109: Agenda
Agenda 1. Map Customer Journeys To Identify Mobile Moments And Context 2. Leverage Ecosystems To Deliver Valuable Mobile Moments 3. Benchmark Yourself Beyond Your Own Backyard © 2016 Forrester Research, Inc. Reproduction Prohibited 112
Slide 110: Financial Institutions Cannot Manufacture Enough Mobile Moments
Financial Institutions Just Cannot Manufacture Enough Mobile Moments © 2016 Forrester Research, Inc. Reproduction Prohibited 113
Slide 111: Customers Turn To A Range Of Suppliers
Customers Turn To A Range Of Suppliers To Meet Their Underlying Needs Source: How Ecosystems Fuel Digital Business © 2016 Forrester Research, Inc. Reproduction Prohibited 114
Slide 112: Borrow Mobile Moments To Engage With Your Customers
“Borrow” Mobile Moments To Engage With Your Customers Let your customers interact with you where they already are © 2016 Forrester Research, Inc. Reproduction Prohibited 115
Slide 113: Leading Banks 'Borrow' Mobile Moments
Leading Banks ‘Borrow’ Mobile Moments
Slide 114: Chinese Banks Offer Services On WeChat Public Accounts
Some Chinese Banks Offer Advanced Banking Services On Their WeChat Public Accounts Source: 2015 China Mobile Banking Functionality Benchmark © 2016 Forrester Research, Inc. Reproduction Prohibited 117
Slide 115: DBS Integrates Paylah! Into Qoo10's Payment Options
DBS Integrates Paylah! Into Qoo10’s Payment Options Source: http://dp.image-gmkt.com/SG/GMKT.IMG/CSCenter/2015/06/24/15/a59e84c9-0b18-4454-bca7-5b84be304da0.jpg © 2016 Forrester Research, Inc. Reproduction Prohibited 118
Slide 116: Westpac Repositions Itself In Homebuyers' Ecosystems
Westpac Repositions Itself In Homebuyers’ Ecosystems To Add Value © 2016 Forrester Research, Inc. Reproduction Prohibited 119
Slide 117: Fidor Bank Orchestrates Customer Experiences Via Partner Ecosystem
Fidor Bank Orchestrates New Customer Experiences Via An Ecosystem Of Partners © 2016 Forrester Research, Inc. Reproduction Prohibited 120
Slide 118: Agenda
Agenda › Map Customer Journeys To Identify Mobile Moments And Context › Leverage Ecosystems To Deliver Valuable Mobile Moments › Benchmark Yourself Beyond Your Own Backyard © 2016 Forrester Research, Inc. Reproduction Prohibited 121
Slide 119: Look To Global Leaders For Ways To Innovate
Look To Global Leaders For Ways To Innovate Source: Case Study: Digital Innovation Is Seeded Throughout CaixaBank © 2016 Forrester Research, Inc. Reproduction Prohibited 122
Slide 120: Look To Fintech Disruptors For Ways To Innovate
Look To Fintech Disruptors For Ways To Innovate Source: http://technode.com/2015/07/10/alipay-9-0-update/ © 2016 Forrester Research, Inc. Reproduction Prohibited 123
Slide 121: Recommendations
Recommendations 1. Identify customers’ mobile moments and contexts • Use customer journey maps • Enrich journey maps with design thinking 2. Leverage ecosystems • APIs are critical to innovate at speed 3. Optimize to stay ahead • Benchmark your firm’s performance against global peers, fintech compet
Slide 122: Upcoming research
Upcoming research Q2 2016 Q3 2016 › 2016 Australian Mobile › Innovators That Do Banking Functionality Mobile Banking Well Benchmark › Trends 2017: Digital › 2016 Singapore Mobile Banking In Asia Pacific Banking Functionality Q4 2016 Benchmark › Understanding Online › 2016 Malaysian Mobile Payment Pr
Slide 123: Thank you - Zhi Ying Ng
Thank you Zhi Ying Ng +65 6426 7018 zng@forrester.com forrester.com
Forrester Research — Forrester Financial Services Forum Singapore 2016 on 6ix