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According to Forrester’s Marketing Survey, 2023, financialservices marketers in Asia Pacific (APAC) find improving marketing’s ROI or effectiveness more difficult than their peers in other regions and industries.
US financialservices brands are struggling to earn high levels of customer trust. Forrester’s FinancialServices Customer Trust Index (FS Trust Index) revealed that customer trust in US financialservices firms in 2023 was relatively weak and largely unchanged from 2022.
In the decade since the global financial crisis, much of the financialservices industry has made a strong recovery. While many governments are still nursing large debts, most banks, investment management firms, and insurance companies have long since returned to good health.
Many financialservices firms say that they are already delivering on personalization and view improving their personalization capabilities and technology further as a top priority. But financialservices companies’ current personalization efforts are nowhere near the level necessary to engage increasingly demanding customers.
Business leaders in the financialservices (FS) industry are used to tracking success with measures that reflect shareholder, investor and market regulator values like return on equity, net profit, assets under management and capital adequacy ratio. This is the ‘money story’.
An important part of Forrester’s research process is gathering input from financialservices companies, so we can advise our clients on the latest trends in the market. We’ve kicked off some new research, and we need your help.
Indian financialservice customers are changing! Forrester surveyed 3,000 online adults in India on their financial attitude, expectations, and preferences and found that more than half of customers accessing the internet are constantly online. ” As digital […].
While it’s still early days, the shift toward autonomous services is already happening in financialservices thanks to evolving customer expectations, advances in AI and other […].
2020 has been a challenging year for financialservices. First, COVID-19 hit insurers with business interruption and travel insurance claims. Then, banks’ profits took a hit as banks set aside billions for loan loss provisions.
And with so many assets in transition and the broad interest in customer experience in financialservices, it’s tempting to think that banks, insurers, and wealth managers recognize a great opportunity […].
And it’s increasingly clear that brands that embrace financialservices within the customer journey are scoring highly on engagement scores. The only problem is, for many retailers, the idea of becoming involved in the financial transaction part of the journey is a leap too far.
I’ve been working with a long list of financialservices companies from various subsectors on their cloud strategies. It’s been a long road for financialservices and cloud. Financialservices have […] Here’s a little bit of history.
Financialservices (FS) firms are no strangers to innovation. With high regulatory pressure, FS firms innovate within boundaries, create digital services protected behind corporate firewalls, abide by tenancy isolation rules, and ensure […] Still, this process is not unfettered.
We are living in uncertain and extraordinary times, and extraordinary feats are being delivered daily by committed workforces for which speed translates into jobs, businesses — and lives — saved.
We have launched the European FinancialServices Customer Trust Index, 2022. Sadly, customers in France, Germany, Italy, and the UK generally rate their trust toward their banks as weak or — at best — moderate.
At Forrester, we see financialservices firms […] Our data at Forrester backs this up: Industry solutions grow at a compounded annual growth rate of 13.9%, a rate faster than horizontal customer experience tech.
Financialservices (FS) firms are actively participating in it, increasingly commercializing their data to create new revenue streams and expand business opportunities. The growth of the data economy in China is accelerating.
Putting financial well-being at the core of their strategy is critical to financialservices firms’ ability to win, serve, and retain customers. To develop their financial well-being program, financialservices providers are evaluating and adopting a range of contributing technologies.
How successful have financialservices firms been in garnering the trust of their customers amidst inflation and market volatility? Not very successful, it seems.
How well did US financialservices firms rank in terms of customers’ trust in 2022? Our new research reveals the scores and rankings of 54 US brands across auto and home insurance, banking, credit card issuers, and investment firms, analyzed as part of Forrester’s US FinancialServices Trust Index, 2022.
Many financialservices executives buy into the concept of customer obsession, but too few take actions that build a customer-obsessed culture. That is the top-level finding from our just-published “The State Of Customer Obsession In FinancialServices, 2022” research report.
Sustainability – with its focus on environmental, social, and governance (ESG) principles – is beginning to dominate political and business agendas worldwide. Even before COVID-19, initiatives such as the Paris Agreement or the European Green Deal aimed to mitigate climate change.
In response, leading financialservices firms across banking, investment and insurance have launched an array […]. In fact, Forrester believes we’re in the early stages of The Green Market Revolution – a historic business opportunity, on par with the first and second industrial revolutions.
Adapters (many financialservices firms or utilities) have seen severe disruption, but parts of their business may only see minor disruption or even an […].
A new crop of challenger brands, such as Alibaba, Amazon, Apple, Google, Starbucks, T-Mobile, Tencent, and Walmart, are on the prowl in the financialservices category. And that should have traditional financial brands worried — very worried.
Earning and defending customers’ trust, considering the current volatility in financial markets, the infamous downfall of Credit Suisse, the collapse of First Republic Bank, and the ongoing banking scandal in China, requires a special commitment, not lip service.
Impact-Oriented Investors Are Waiting For A Reason To Take The Plunge Data from Forrester’s FinancialServices Benchmark Recontact Survey, 2022, found that 15% of US online adult investors own sustainable investment products — a group we call “sustainable investors.” But wealth managers should also […]
I’ve spent the past three weeks interviewing global financial institutions, fintech startups, and technology vendors to gain a broader perspective on how financial experiences will evolve in the coming years.
This is steadily changing distribution patterns within the industry towards embedded finance – a world of connectivity, financialservices meeting the needs of customers in the moment, in cars, in virtual agents, in shopping apps, in online marketplaces. Open finance is driven not by regulators, but by technologies like open APIs.
I looked at the Budget 2023 that India’s Finance Minister presented on Feb 1st 2023. On that day, India’s Prime Minister tweeted, “This year’s Budget infuses new energy to India’s development trajectory”. I find that he was not far off the mark.
In certain industries such as financialservices, IT has an outsized contribution to overall corporate scope 1, scope 2 and scope 3 emissions. The demand […]
Capital One’s plan to acquire Discover will change the shape of the financialservices landscape (though not the fundamental forces that drive growth and success – but more on that later).
Financialservices firms have a large role to play in […]. Tariq Fancy – BlackRock’s former Chief Investment Officer of Sustainable Investing – caused an uproar recently when he denounced sustainable investing as just “marketing hype” and “PR spin.”
Open banking intermediaries are forming a new technology segment within financialservices, to meet this need and simplify compliance, offering integration and aggregation layers between banks and third-party providers. VCs poured over […].
We analyzed the 2022 data to assess data breaches across seven primary industries: manufacturing; retail and wholesale; business services and construction; utilities and telecommunications; financialservices and insurance; public sector and healthcare; and […]
To help financialservices firms understand where UK consumers stand on the financial well-being spectrum, Forrester surveyed 2,519 online adults in 2020.
Temenos has announced that it has acquired Logical Glue, a small vendor of financial-services-specific AI software covering use cases like credit scoring and underwriting.
In early March we held our 5th Annual FinancialServices Summit 2020 in both Sydney and Melbourne, where I presented on how customer-obsessed CIOs are driving business success by: Accepting that the firm’s ultimate customer is also IT’s customer; Engaging across a wide, business-focused field while taking responsibility for revenue generating initiatives; (..)
Singapore’s FSI Customers Rate Their Experiences As Just “OK” In 2024 Forrester has been evaluating the quality of customer experience at leading financialservice providers in Singapore since 2018.
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