For eBusiness & Channel Strategy Professionals

Online-Influenced Sales Exceed Direct Sales In Financial Services

How The Internet Influences Sales In Other Channels

by Brad Strothkamp, November 20, 2009

In 2008, the majority of US online adults who researched a financial product did so online, and the majority of those online researchers applied in a channel other than the Web. These cross-channel shoppers illustrate the importance of online-influenced . . .

For eBusiness & Channel Strategy Professionals

Case Study: Royal Bank Of Canada Provides A Blueprint For A Next-Generation Sales Site

A Major Web Site Overhaul Drives Sales And Reduces Abandonment

by Brad Strothkamp, September 29, 2009

Royal Bank of Canada (RBC) topped Forrester's Canadian bank public Web site rankings in 2009. Key to RBC's success in this year's ranking was a stronger focus on online sales delivered through a revamped credit card and accounts Web site. The work took . . .

For eBusiness & Channel Strategy Professionals

The Web Channel Has A Key Role In Cross-Selling Financial Products

by Brad Strothkamp, September 29, 2009

Forrester has published a report to help financial service product executives understand and exploit opportunities to cross-sell existing customers into broader relationships. This report is also critical for eBusiness and channel strategy professionals. . . .

For Consumer Product Strategy Professionals

Solving The Cross-Sell Imperative In Financial Services

Moving Beyond Desire To Actually Get Customers To Buy More

by Brad Strothkamp, September 25, 2009

The goal of cross-selling additional products to consumers is the mantra of every business executive, regardless of industry. But in financial services, it has been mostly an elusive goal: A good portion of consumers are open to buying multiple products . . .

For eBusiness & Channel Strategy Professionals

US Teen Millennials Underscore The Vital Nature Of The Online Channel To Financial Services

Profiling The Financial Attitudes And Behavior Of US Online Teenagers

by Brad Strothkamp, Peter Wannemacher, August 13, 2009

There are roughly 20 million Teen Millennials — individuals between 13 and 17 years old — in the US. As consumers, Teen Millennials tend to be loyal to brands but mistrustful of financial providers. Forrester's data shows that despite educational efforts . . .

For eBusiness & Channel Strategy Professionals

Solving Online Application Abandonment

Ten Proven Tactics To Maximize Completion Rates For Financial Products

by Brad Strothkamp, August 7, 2009

The increasing importance of the Web in the acquisition process makes solving application abandonment a vital part of an eBusiness strategy. Most firms lack the resources or proper analytics to adequately attack the problem. This document uncovers successful . . .

For eBusiness & Channel Strategy Professionals

The State Of US Small Business Banking

Nearly Two-Thirds Of Small Businesses Use The Web For Financial Transactions

by Brad Strothkamp, Peter Wannemacher, July 21, 2009

There are more than 25 million small businesses — firms with fewer than 500 employees — in the US, and more than one in 10 US online consumers is a small business owner. The recession has had a profound effect on these firms, yet small business owners . . .

For eBusiness & Channel Strategy Professionals

Case Study: Citibank Perfects Online Account Opening

A Four-Year Effort Results In Significant Cost Savings And Revenue Generation

by Brad Strothkamp, May 21, 2009

Citibank has topped Forrester's US bank public Web site rankings for the past two years. Citibank's success is due in part to an online checking account opening process that is an industry best practice. The account opening process took four years to . . .

For eBusiness & Channel Strategy Professionals

What Makes Credit Union Customers Different?

Greater Loyalty, More Trust, And Higher Interest In Product Purchase

by Brad Strothkamp, Peter Wannemacher, May 13, 2009

US credit unions currently serve more than 90 million members and control 18% of the US checking account market. Credit union customers tend to own more financial products and are more likely to bank, view statements, and pay bills online than customers . . .

For eBusiness & Channel Strategy Professionals

2009 Canadian Bank Public Web Site Rankings

Royal Bank Of Canada Blazes A Path Others Will Follow

by Brad Strothkamp, May 4, 2009

For the fourth year in a row, Forrester evaluated the Web sites of the seven largest Canadian banks and credit unions — Bank of Montreal, CIBC, Desjardins, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Canada Trust — using our Competitive . . .

For eBusiness & Channel Strategy Professionals

North American Online Deposit Sales Forecast, 2008 To 2013

Online Deposit Sales Will Grow On A Steady Trajectory Through 2013

by Brad Strothkamp, Peter Wannemacher, March 6, 2009

Over the next five years, online acquisition will become more mainstream in North America, leading to a large portion of overall sales moving online for both checking and savings accounts. For example, by 2013, 37% of US online consumers who apply for . . .

For eBusiness & Channel Strategy Professionals

Trends 2009: North American Retail Banking eBusiness And Channel Strategy

Ten Areas Of Focus For The Next 12 Months

by Brad Strothkamp, February 19, 2009

2008 was tumultuous for financial services. Banks and lenders closed their doors, merged, saw their stock prices plummet, and slowed lending to all but the best consumers. So what should eBusiness executives expect for 2009? Forrester believes that eBusiness . . .

For eBusiness & Channel Strategy Professionals

Three Ways Online Security Affects North Americans' Financial Behavior

How Secure Consumers Feel Online Affects What They're Willing To Do

by Brad Strothkamp, Peter Wannemacher, February 3, 2009

For the past five years, Forrester has tracked the degree of security consumers feel when using financial information on the Internet. By analyzing these trends and our most recent survey data, we found that security is a key factor in consumers' willingness . . .

For eBusiness & Channel Strategy Professionals

2008 US Bank Public Web Site Rankings

Forrester's Competitive Site Assessment Ranks Five Top US Banks

by Brad Strothkamp, December 2, 2008

Forrester evaluated five of the largest US bank Web sites — Bank of America, Citibank, JPMorgan Chase, Wachovia, and Wells Fargo — using our Competitive Site Assessment (CSA) methodology. Citibank topped this year's rankings for the second year in a row . . .

For eBusiness & Channel Strategy Professionals

Building A Better Bank Web Site By Understanding How Consumers Choose A Bank

by Brad Strothkamp, November 18, 2008

Forrester has published a report to help financial service marketing leaders understand how consumers choose a checking and savings account provider. This report is also critical for eBusiness and channel strategy professionals. The basis for building . . .

For eBusiness & Channel Strategy Professionals

Ten Ways Financial eBusiness Executives Can Weather The Recession

How To Evolve Your eBusiness Strategy To Deal With The Financial Crisis

by Bill Doyle, Brad Strothkamp, November 10, 2008

The sharp worsening of the financial crisis in the past two months and the recession in most Western markets mean that eBusiness executives need to rethink their priorities — and fast. As the business owners of a primary communication and distribution . . .

For eBusiness & Channel Strategy Professionals

Case Study: E-LOAN Finds Success In Targeting Application Abandoners

Communication Timeliness Is The Key To Success In Converting Abandoners

by Brad Strothkamp, November 5, 2008

E-LOAN is one of the few financial firms to take application abandonment seriously. Consumers who abandon applications receive two follow-up emails encouraging them to complete the process. The result has been a 28% increase in completed applications.

For Consumer Product Strategy Professionals

How US Consumers Choose A Bank In A Crisis

Low Minimums And Convenient Locations Dominate Choice

by Brad Strothkamp, November 5, 2008

To better understand the current credit crisis and whether it affects deposit account sales, Forrester surveyed US online consumers who had recently opened a checking or savings account. Results show that traditional measures like low account minimums, . . .

For eBusiness & Channel Strategy Professionals

Building An Effective Lending Web Site Starts With Understanding Borrowers

by Brad Strothkamp, October 22, 2008

Forrester just published a report to help financial service marketing leaders understand how consumers choose a mortgage and home equity lender. The report highlights the affect the current lending crisis has had on that choice. This report is also critical . . .

For Consumer Product Strategy Professionals

How The Credit Crisis Affects Lender Choice

Market Turmoil Changes Process Expectations More Than Provider Choice

by Brad Strothkamp, October 17, 2008

It's no secret that the market for loans in the US is in turmoil. But how is that turmoil affecting consumers shopping for loans and the lenders they ultimately choose? Forrester surveyed US online consumers who had recently gotten a mortgage or home . . .

For eBusiness & Channel Strategy Professionals

Getting More Financial Services Shoppers To Apply Online

Many North Americans Have Not Applied Online But Would Consider Doing So

by Brad Strothkamp, Peter Wannemacher, September 30, 2008

eBusiness professionals at financial firms must understand not only who is already buying financial products on the Web but also who is the most likely to do so in the future. Forrester identified three segments of online financial consumers: Online Applicants, . . .

For eBusiness & Channel Strategy Professionals

Mastering Web Sales By Focusing On Shoppers' Expectations

Few Financial Services Firms Understand What Web Shoppers Want

by Brad Strothkamp, September 29, 2008

Contrary to popular belief, sales success in selling financial products in offline channels like the branch or phone does not necessarily translate into sales success in the online channel. The Web comes with a set of inherent customer expectations and . . .

For eBusiness & Channel Strategy Professionals

Consumers Show Little Interest In Person-To-Person Lending

An Increasingly Crowded Field Divvies Up A Small Market

by Brad Strothkamp, September 26, 2008

Person-to-person lending has seen a flurry of media attention and new entrants over the past two years. Forrester surveyed US online consumers on their interest in the concept. They showed little interest, mainly because they are skeptical of the benefits, . . .

For eBusiness & Channel Strategy Professionals

US Trends In Researching And Applying For Financial Products Online: Benchmark 2008

Online Applicants Were Up Marginally In 2007 Versus 2006

by Brad Strothkamp, September 10, 2008

Forrester surveyed more than 47,000 US consumers to determine the Web's sales impact in 2007. Researching and applying for financial products online are increasing, as is the importance of online sales among eBusiness groups. Credit cards and brokerage . . .

For eBusiness & Channel Strategy Professionals

Financial Services Firms Open Up About Customer Acquisition Costs

Results From Our Q1 2008 eBusiness And Channel Management Survey

by Brad Strothkamp, Elizabeth Davis, July 1, 2008

To find out overall costs and customer acquisition costs of various banking products across channels, Forrester recently surveyed 24 members of our eBusiness, Channel And Product Management Research Panel from financial services firms. Results from our . . .