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HeadquartersForrester Research, Inc., 60 Acorn Park Drive, Cambridge, MA, 02140 USATel: +1 617.613.6000 • Fax: +1 617.613.5000 • www.forrester.comFor eBusiness & Channel Strategy ProfessionalsWhy Read This ReportMobile banking is the most important strategic change in retail banking in more than a decade. Yet toomany banks have taken a haphazard approach to mobile strategy, rolling out apps and features without arigorous assessment of where customers’ expectations and business objectives align. The mobile bankingstrategy playbook provides insights for all banking eBusiness and channel strategy professionals — fromthose just beginning their mobile banking journey to experienced leaders who are looking to optimizetheir already successful strategy. Our research identifies the steps that digital banking teams must followto plan and then implement a successful mobile banking strategy that complements other channels,including planning and strategy creation, organization and governance, technology selection, bestpractices in execution, measuring success, and continuous improvement.Building A World-Class Mobile Banking StrategyExecutive Overview: The Mobile Banking Strategy Playbookby Peter Wannemacher and Benjamin Ensorwith Carrie Johnson, Tiffani Montez, Myriam Da Costa, and Douglas RobergeMarch 19, 2013WHY MOBILE BANKING MATTERSMobile banking is the most important strategic opportunity in retail banking in at least a decade.1Toomany banks have taken a haphazard approach to mobile banking strategy in the rush to meet customers’rising expectations and keep up with competitors. Digital banking leaders and retail banking boardmembers need to take a more disciplined approach to mobile banking strategy because mobile banking isfundamental to the very future of retail banking businesses. Mobile banking will increasingly define thecustomer experience for millions of customers because:■ Mobile Internet use is exploding, driving high customer expectations. With more than 1 billionsmartphones in consumers’ pockets at the beginning of 2013, mobile is driving a second Internetrevolution that’s even more profound than the first one.2The longer customers spend using mobiledevices, the higher their mobile expectations become. The rate of technological change — and thedigital disruption it causes — is outpacing many banks’ ability to keep up with traditional planningand development processes.3■ Mobile banking is displacing online banking. Technologies like apps let customers perform simplebanking tasks more quickly and easily on a mobile or a tablet than on a PC. As a result, banking onsmartphones and tablets is already displacing banking on PCs for routine interactions.4Growingnumbers of users are mobile-only customers who have either stopped using or significantly reducedtheir use of other channels. Over the coming decade, smartphones, tablets, and other portable deviceswill become the dashboard through which many customers, both rich and poor, manage their money.In the US alone, we expect the number of mobile banking users to more than double over the next fiveyears to reach 108 million by 2017.5Other countries will see similar growth.
For EBusiness & Channel Strategy ProfessionalsBuilding A World-Class Mobile Banking Strategy 2© 2013, Forrester Research, Inc. Reproduction Prohibited March 19, 2013■ Mobile banking enables smarter contextual interactions. While comparisons with PC-based online banking are natural, they are dangerous because they disguise the fundamentaldifferences of ubiquitous, always-on mobile devices and the disruptive impact those deviceswill have on retail banking and payments. Mobile is not just another channel. It offers newopportunities based on context: the sum total of what your customer has told you and isexperiencing at his moment of engagement.6Digital banking teams will use contextualinformation about customers such as location, time of day, recent interactions, and pastbehavior to anticipate what customers want, minimizing steps and manual entries for customers.■ Mobile technologies are poised to disrupt retail banking and payments. Over the next fewyears, Forrester believes that a variety of new mobile payment systems will disrupt establishedretail payment patterns.7To compete, banks will need to help customers make a wide varietyof different payments — from payments at in-store points of sale to payments to friends onFacebook — through their mobile devices.A Sound Mobile Banking Strategy Will Create A Durable Competitive AdvantageMost banks already offer some mobile banking functionality. The challenge now is to develop andexecute a strategy that creates value for customers and makes a difference to a retail bank’s cost/income ratio. Mobile banking will affect every aspect of retail banking business models, fromcustomer acquisition and retention through costs and revenues to long-term brand identity. Thecosts of building a world-class mobile banking infrastructure are substantial, but the rewards ofgetting it right will be greater still.8The digital banking leaders who persuade their firms to dedicatesufficient resources to mobile banking and execute their strategies superbly will:1. Increase customer acquisition through differentiation. Banks are already using mobilebanking to differentiate their brands, for example by incorporating mobile banking into TVadvertising. In the US, Chase and USAA attracted attention with their early-to-market mobileremote deposit capture services.9Mobile banking creates a new opportunity to win customers.For example, roughly one in eight online Canadians say they would consider switching banks if“another firm offered better mobile banking services.”102. Improve customer service efficiency by diverting interactions from other channels. Manybanks have already achieved and reported substantial cost savings from serving customersthrough mobile devices, rather than in more costly branches and contact centers. When weasked US mobile banking users how mobile banking had changed their use of other channels,43% said they had made phone calls to their bank’s call center less often since adopting mobilebanking.11One large Canadian bank reported a 12% drop in in-branch transfers after launchingits mobile app. Many US banks and credit unions have cut the cost of taking deposits byintroducing mobile remote deposit capture.12
For EBusiness & Channel Strategy ProfessionalsBuilding A World-Class Mobile Banking Strategy 3© 2013, Forrester Research, Inc. Reproduction Prohibited March 19, 20133. Increase retention by staying relevant to digitally savvy customers. Mobile banking will helpbanks to stay relevant to customers, particularly the younger and wealthier ones who are mostlikely to use mobile banking. By helping customers manage their finances on the go, banksdo what’s best for their customers, not just what’s best for their bottom line — a trait Forrestercalls customer advocacy.13For example, a customer who receives an SMS alert that lets herinstantly pay a bill and avoid a late fee experiences a positive moment of truth that boosts herloyalty to her bank. A customer who sets up multiple payees via an app and pays each one whilecommuting to work is less likely to switch banks — given the effort required to set up all of hisbills at a new bank.4. Earn revenue through cross- and upselling. Mobile banking offers traditional revenueopportunities, such as cross- and upselling products to existing customers, and new revenueopportunities, such as delivering merchant-funded rewards through mobile digital wallets.For example, Spain’s Bankinter uses SMS to upsell services to its customers when they make atransaction with their debit or credit card.The MOBILE BANKING STRATEGY PLAYBOOK IS A FRAMEWORK fOR SUCCESSDigital banking leaders face a series of barriers that they must overcome to execute mobile strategiessuccessfully, including the rapid pace of technology change, determining how to integrate mobilebanking into a wider multichannel strategy, internal organizational challenges, the complexityof building scalable mobile platforms, and the technical problems presented by diverse mobileplatforms and devices. Forrester’s mobile banking strategy playbook will help you take a disciplinedapproach to deliver on this business imperative successfully — from identifying the trends throughdefining your strategy to executing and then optimizing your mobile banking offerings. Our mobilebanking strategy research is composed of four distinct phases, each consisting of three parts (seeFigure 1). To deliver a world-class mobile banking strategy, we believe that you should:1. Discover the importance of mobile banking to the future of retail banking. We expect 108million customers will be using mobile banking in the US alone by 2017, with another 85million in seven Western European countries.14Digital banking leaders need to help theirfirms use mobile banking to meet customers’ expectations and respond to the threat of digitaldisruption to their banking and payments businesses.15Our research will help you understandthe current mobile banking landscape, develop a vision for your own firm, and build thebusiness case to justify further investment.2. Plan your strategy to deliver a world-class mobile banking experience. Forrester hasdeveloped a maturity model to help you make an honest assessment of your current mobilematurity and identify gaps in your strategy, governance, and execution. Our research will helpyou develop an appropriate strategic plan by assessing your customer’s mobile needs, outliningyour objectives, developing your strategy to achieve those objectives, and identifying thetechnologies needed to execute the strategy.16
For EBusiness & Channel Strategy ProfessionalsBuilding A World-Class Mobile Banking Strategy 4© 2013, Forrester Research, Inc. Reproduction Prohibited March 19, 20133. Act to deliver mobile banking efficiently. Driving change across large and complexorganizations tests even the smartest executives. Developing for mobile is taxing the skills andresources of many digital teams. Our mobile banking strategy playbook will help you organizethe right team. We describe the best practices that have encouraged customers to use mobilebanking at other banks.17We also help you evaluate mobile banking platforms.184. Optimize to maintain your competitive edge. As mobile technologies evolve and expectationsrise, you will need to increase your mobile sophistication to deliver contextual mobileexperiences that meet your customers’ needs. You must fine-tune your mobile banking servicesand continue to innovate to maintain your competitive edge.19Our research shows digitalbanking teams how to develop appropriate metrics to measure mobile banking performance,provides a detailed benchmark of leading mobile banking offerings, and shows how to optimizemobile banking to stay ahead of customers’ needs.Figure 1 The Mobile Banking Strategy PlaybookSource: Forrester Research, Inc.75141DISCOVER PLAN ACT OPTIMIZEAssessmentStrategic PlanRoad MapOrganizationProcessesTools AndTechnologyPerformanceManagementBenchmarksContinuousImprovementVisionLandscapeBusiness CaseEndnotes1 Mobile banking is the biggest innovation, or cluster of innovations, in retail banking in years, arguablyin a century. In developing economies that lack a dense infrastructure of branches, ATMs, and fixed-linetelecoms, mobile banking is bringing millions of people into the formal banking system for the first time.In developed economies, the impact is lesser but still profound because we believe mobile banking willbecome the primary way many, perhaps most, customers interact with their banks. See the August 13, 2012,“The State Of Mobile Banking 2012” report.
For EBusiness & Channel Strategy ProfessionalsBuilding A World-Class Mobile Banking Strategy 5© 2013, Forrester Research, Inc. Reproduction Prohibited March 19, 20132 With more than 1 billion smartphones in consumers’ pockets at the beginning of 2013, mobile is drivinga second Internet revolution that’s even more profound than the first one. Mobile creates new value forconsumers and businesses, alters cost structures, and disrupts ecosystems. See the February 13, 2013, “2013Mobile Trends For eBusiness Professionals” report.3 Thanks to digital platforms, your customers live in a world of heightened expectations and abundantoptions; they can get more of what they want, in more places, at more times, than ever before. Seizing thisopportunity, digital disruptors threaten to make you irrelevant by delivering a more compelling productand service experience than you can and at a lower cost, often without even knowing that they’re upendingyou. See the October 27, 2011, “The Disruptor’s Handbook” report.4 Many leading banks have told us that they have already seen the number of mobile banking interactions(not the number of users) overtake the number of online banking interactions. Although far fewercustomers use mobile banking, customers who use mobile banking interact with their bank much moreoften, both because mobile banking encourages interaction and because the most active customers have themost incentive to adopt mobile banking.5 After many years of high expectations, mobile banking is finally achieving rapid growth in the developedmarkets of North America, Europe, and Australia. Banks have rolled out support broad enough to enablecustomers with nearly any mobile device to access basic banking functionality. See the August 13, 2012,“The State Of Mobile Banking 2012” report.6 Consumers will adopt and use convenient services and products. In mobile, this translates to servicesthat offer immediacy and simplicity through a highly contextual experience. The ability to deliver highlycontextual experiences will increase in sophistication with the technologies embedded in mobile phones.eBusiness and channel strategy professionals must use context to deliver the right information at the righttime to the right place to increase conversions. See the May 1, 2012, “The Future Of Mobile eBusiness IsContext” report.7 Mobile digital wallets will combine product discovery (such as coupons and offers) with enhanced productinformation (such as bar-code scanning), mobile payments, digital receipts, and loyalty rewards. This marksthe start of a major disruption in retail payments. See the August 2, 2012, “Why The Digital Wallet WarsMatter” report.8 Implementing the complex technology to make the most of mobile opportunities requires not just a newvision of how to interact with customers but also significant cultural and competency changes — as wellas investment in infrastructure, staffing, governance, and organization. See the February 13, 2013, “2013Mobile Trends For eBusiness Professionals” report.9 In 2009, USAA pioneered mobile remote deposit of a check by taking a photograph of both sides with aphone from within USAA’s mobile application. The mobile deposit service has seen large-scale adoptionand has moved deposits away from the more costly mail. See the November 3, 2011, “Case Study: USAAMakes Mobile Remote Deposit A Core Mobile Offering” report.10 Source: North American Technographics® Finance And Customer Experience Online Survey, Q4 2011 (Canada).
For EBusiness & Channel Strategy ProfessionalsBuilding A World-Class Mobile Banking Strategy 6Forrester Research, Inc. (Nasdaq: FORR) is an independent research company that provides pragmatic and forward-thinking advice to global leaders in business and technology.Forrester works with professionals in 17 key roles at major companies providing proprietary research, customer insight, consulting, events, and peer-to-peer executive programs.For more than 29 years, Forrester has been making IT, marketing, and technology industry leaders successful every day. For more information, visit www.forrester.com.© 2013 Forrester Research, Inc. All rights reserved. Forrester, Forrester Wave, RoleView, Technographics, TechRankings, and Total Economic Impact are trademarks of ForresterResearch, Inc. All other trademarks are the property of their respective owners. Reproduction or sharing of this content in any form without prior written permission is strictlyprohibited. To purchase reprints of this document, please email email@example.com. For additional reproduction and usage information, see Forrester’s Citation Policylocated at www.forrester.com. Information is based on best available resources. Opinions reflect judgment at the time and are subject to change. 7514111 We asked US online adults who use mobile banking the following question: “Since you started usingmobile banking, have you made phone calls to your bank less often, about as often, or more often?” Of therespondents, 43% said they had made phone calls less often, while 7% said they made calls more often. Source:North American Technographics Financial Services Online Benchmark Recontact Survey, Q2 2010 (US).12 Redstone Federal Credit Union put the right metrics in place to prove the cost-to-serve reductions thatcame from moving deposits out of a costly human-assisted channel like the branch to a lower-cost self-service channel like mobile. The credit union found a big change in branch deposit behavior. See theFebruary 15, 2013, “Case Study: Redstone Federal Credit Union Right-Channels Deposits To The MobileChannel” report.13 Our research shows that a key driver of deeper customer relationships among financial services consumersis a trait we call “customer advocacy” — the perception on the part of customers that a firm does what’s bestfor them, not just what’s best for the firm’s own bottom line. When customers feel that a financial servicesfirm acts in their best interest, they are willing to invest more, borrow more, and buy more products fromthe firm. See the April 30, 2012, “Customer Advocacy 2012: How Customers Rate US Banks, InvestmentFirms, And Insurers” report.14 We expect 105 million people to be using mobile banking in the US by 2017. Source: Forrester ResearchMobile Banking Forecast, 2012 To 2017 (US).We expect 85 million people to be using mobile banking in the seven Western European countries of France,Germany, Italy, the Netherlands, Spain, Sweden, and the UK by 2017. Source: Forrester Research MobileBanking Forecast, 2012 To 2017 (EU-7).15 A recent report outlines Forrester’s vision of how digital banking teams in developed economies can seizethe opportunities arising from engagement with customers and prospects through mobile touchpoints. Seethe November 12, 2012, “The Mobile Banking Imperative” report.16 Mobile strategies fail when firms approach them as purely technology solutions or marketing initiativeswithout clear business objectives and stakeholder support. Having a documented strategic plan that allstakeholders — marketing, eBusiness and channel strategy, and IT — agree on can make the difference. Seethe March 4, 2013, “Getting Mobile Banking Strategy Right” report.17 Digital banking teams can drive mobile banking use by listening to their customers’ needs, helpingcustomers achieve their goals, integrating mobile banking into wider multichannel strategy, and loweringthe barriers to adoption with tactics like education and security guarantees. See the January 28, 2013, “BestPractices In Mobile Banking” report.18 A recent report outlines the tools and technologies digital banking teams need to execute their mobile bankingstrategy. It is designed to provide guidance on how to build and optimize existing mobile technologies toincrease customer value. See the January 2, 2013, “Building Next-Generation Mobile Banking” report.19 Digital banking teams must change gear from running mobile banking like a pilot to operating as a maturepractice that focuses on optimizing the mobile banking experience and delivering against key performanceindicators. See the September 10, 2012, “Optimize Your Mobile Banking Strategy” report.