For eBusiness & Channel Strategy Professionals

How Dutch Consumers Use The Net To Research And Buy Financial Products

The Web's Role As A Sales Channel Is Growing Fast In The Netherlands

by Alexander Hesse, November 20, 2009

The Internet's role as a distribution channel for financial products is growing fast in the Netherlands. Nearly half of Dutch Net users researched at least one financial product online in the past year, compared with 40% in 2007, and one in five bought . . .

For eBusiness & Channel Strategy Professionals

Why Americans Research Financial Products Online But Buy Through Other Channels

Channel Switching Is Driven Largely By Security And Support Issues

by Edward Kountz, Peter Wannemacher, September 22, 2009

Many US customers use multiple channels when buying financial services products, crossing channels during their path to purchase. Among online adults, 41% of financial product applicants research online but buy offline. Security and a need for hand-holding . . .

For eBusiness & Channel Strategy Professionals

Case Study: Sovereign Bank Improves Multichannel Selling With Online Advice Tool

by Chad Mitchell, August 10, 2009

Sovereign Bank knew that more small business customers were going online, but its Web site had only static content with no online application. New accounts could only be opened in branches. Many of the leads Sovereign did get online were unqualified, . . .

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

Driving Sales On Banks' Secure Sites — Global Best Practices

by Vanessa Niemeyer, Ph.D., July 20, 2009

Many retail banking eBusiness executives have realized that the secure online banking Web site is a good place to sell products to existing customers. To do so, eBusiness managers have to overcome a series of organizational and technical obstacles. Executives . . .

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

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

Application Prefill Increases Sales Conversion

by Chad Mitchell, November 24, 2008

eBusiness and channel managers across every industry must convert new buyers through the Web, point-of-sale, and call center. Application prefill helps insurance companies like GEICO, Allstate Insurance, and Progressive Casualty Insurance improve sales . . .

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 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

Dutch Savings Buyers Want Simplicity And Speed

The Credit Crisis Increases Competition In The Dutch Savings Market

by Alexander Hesse, Vanessa Niemeyer, Ph.D., October 27, 2008

Almost nine out of 10 Dutch consumers have a savings or deposit account — the highest penetration in Europe. Dutch savings account buyers mainly use the Net to research and buy savings products: More than half of them have either used financial companies' . . .

For eBusiness & Channel Strategy Professionals

How To Win Retail Deposits In The Credit Crisis

Fourteen Quick Things To Do To Sell More Savings Products Online

by Alexander Hesse, Benjamin Ensor, October 16, 2008

The acute worsening of the financial crisis following the collapse of Lehman Brothers on September 15, 2008, has left many banks desperate for retail funding. As the business owners of a major communication channel and a primary distribution channel, . . .

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

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

Building Better Transfers: Best Practices For Account-To-Account Transfers

by Emmett Higdon, March 21, 2008

The ability for online banking customers to quickly and easily move funds into and out of their accounts has dramatically altered how users manage their funds. The availability of account-to-account (A2A) transfers has also reshaped the account opening . . .

For Customer Experience Professionals

Capital One's Card Lab Sets The Standard For Financial Product Selection Tools

by Tim van Tongeren, January 2, 2008

Online financial services interactions have a reputation for being dull, complex, and misleading. But Capital One's new credit card selection tool, Card Lab, is chipping away at that image. The rich Internet application (RIA) gives users full control . . .

For eBusiness & Channel Strategy Professionals

Why Financial Shoppers Abandon Online Product Applications

by Brad Strothkamp, August 22, 2007

Online application abandonment is one of the major challenges facing today's eBusiness executives. And as the number of consumers who shop online for financial products continues to grow, so does the importance of the issue. What can financial firms do? . . .

For eBusiness & Channel Strategy Professionals

The Sources Of ING Direct's Success

How ING Direct Won 17 Million Customers While Still Making A Profit

by Benjamin Ensor, April 5, 2007

ING Direct first opened for business in Canada 10 years ago. In the decade since, the company has become the most successful direct bank in the world with more than 17 million customers in nine countries. ING Direct's strategy of simple products, aggressive . . .

For eBusiness & Channel Strategy Professionals

How BB&T Built A Superior Online Application

Rethinking Processes And Practices Results In A Best-Practice Sales Process

by Brad Strothkamp, February 12, 2007

In late 2005, the BB&T eBusiness group assembled a team to rebuild and rethink the online checking account application and associated processes. The team, which involved key members of the organization, rethought and redesigned long-standing processes . . .

For eBusiness & Channel Strategy Professionals

Credit Card Acquisition

Maximizing Online Applications via Multichannel Visibility

by Edward Kountz, January 29, 2007

Despite investment by credit card companies in electronic marketing, mail solicitations are still the dominant factor influencing online credit card applications. Banks must synthesize consumers' on- and off-line habits to maximize online acquisition . . .

Does The Web Have A Role In Selling Checking Accounts?

by Brad Strothkamp, November 27, 2006

Banks are very branch-centric when it comes to selling checking accounts. Consumers in a recent Forrester survey back up this assertion, as the vast majority applied in a branch when purchasing a new account. But the Web has a role to play — the role . . .

Financial Institutions: Fix Account Opening

Firms Need A Universal Product Enrollment Process

by Mary Pilecki, October 4, 2006

The time it takes to enroll new and multiple accounts at financial institutions (FIs) is a barrier to effective and efficient cross-selling — and ultimately a key inhibitor of organic growth. Several financial services firms like E*TRADE FINANCIAL and . . .

Who Researches And Buys Current Accounts Online?

by Benjamin Ensor, March 21, 2006

Current accounts are the most widely held financial product in all European markets. This should mean that large numbers of consumers research and buy current accounts online — but few do. The low switching frequency of current-account customers and the . . .

Online Research And Bank Product Application: The Online Tenure Effect

by Ron Shevlin, May 26, 2005

As a consumer's online tenure increases, so does the likelihood that he or she will research and apply for financial products online. And as online tenure increases, consumers are more apt to research exclusively online. But long-tenured online consumers . . .

Researching And Applying For Financial Activities Online: Benchmark North America

by August 1, 2001

These spreadsheets contain crosstabs about researching and applying for loans, insurance, and credit cards - online, offline, and in the future.