13 April 2006
Forrester evaluated the secure Web sites of the seven largest Canadian banks using our Competitive Site Assessment (CSA) methodology. The analysis used 24 criteria to grade the online banking and bill pay areas of the Web sites. The highest-ranking bank site, TD Canada Trust, scored 74 out of a possible 100 points on our assessment. TD Canada Trust also came out on top in our evaluation of the public portion of Canadian banks' Web sites.
Insurers' IT Spending Plans
IT spending in the insurance industry will increase by more than 6% this year. Insurers are spending on updating processes and systems, institutionalizing compliance, and selectively outsourcing back-office applications. Underpinning these changes is a significant move to service-oriented architecture (SOA).
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Bank Branches Need A Process-Centric Makeover
As banks refocus on improving their branches, they should eschew traditional renovation efforts in favor of what Forrester calls a process-centric makeover: a method that focuses on key processes in the branch that cut across products and channels. Some key processes to start with include account opening, lead and referral management, problem resolution, teller queue management, and branch merchandising.
Elements Of A Bank Branch Process-Centric Makeover
Don't Miss Forrester's Finance Forum 2006 |
We also divided the customer bases of large investment firms into these nine segments -- to see where firms have particular success. We found that:
From the nine distinct segments in our new investor segmentation, one particularly attractive target emerges: Mass-Affluent Validators. What makes this group so attractive? One in five of today's investors is a Mass-Affluent Validator. They have sizable investable assets, and no brokerage firm has captured a disproportionate share of these investors. And with an average age of 51, they still have a number of earning years ahead of them. Traditional brokerages are not equipped to serve the Mass-Affluent Validators. Discount firms like Ameritrade that have done without branches or advice can't provide the required level of human advice. And full-service firms like Smith Barney can't make enough money when a high-price advisor services a $250,000 portfolio. Both types of firms will need to flex their business models to accommodate Mass-Affluent Validators. Let Us Know If We Can Help Here are some areas in which we've helped financial services firms:
Don't forget to reserve your spot at Forrester's Finance Forum 2006: "What's Next: The New Realities In Retail Financial Services" on May 22 and 23 at the Grand Hyatt in New York. Best regards, Bruce D. Temkin Vice President & Practice Director Financial Services P.S. Drop me a line at brucetemkin@forrester.com if you have any comments. EMAIL: Email this issue to a colleague.
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