Media Center

You have questions; we have answers. The Media Center is the place to gain insight into our latest research, data, and analysis and connect with Forrester's PR team.

< View All Media Resources

Digital Wallets Threaten To Come Between Banks And Their Customers
April 14, 2016


Twenty-one percent of consumers in the US and 17% of consumers in Europe would be interested in, or already use, digital wallets. Three wallets — PayPal, WeChat, and Alipay — already have dozens of millions of users. Should banks be worried? Yes, very, according Forrester's latest research on the state of digital wallets.

Delivering contextually relevant services to customers' fingertips, digital wallets will change how customers shop. However, digital wallets are, first and foremost, engagement platforms, relegating payments in the value chain. Banks run the risk of disintermediation and should not simply cede the customer relationship to mobile wallet providers.

"Banks are already losing insight into their customers as spending migrates to platforms like Amazon, eBay, and iTunes," Forrester Senior Analyst Jacob Morgan writes. "If customers adopt digital wallets offered by a third party, banks, credit-card issuers, and other payment firms risk becoming less relevant to their customers and losing their existing insight into and influence over customers' spending decisions."

How quickly today's digital wallets become a serious threat and which wallets are most successful depends on how established firms respond and how well each digital wallet operator tackles the various challenges outlined in the report and related to simplicity, ability to address unmet needs, new value creation, business model, and survivability.

See the eBusiness & Channel professionals blog for more information, and contact press@forrester.com if you would like to receive a media review copy of the report.


About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We work with business and technology leaders to develop customer-obsessed strategies that drive growth. Forrester’s unique insights are grounded in annual surveys of more than 500,000 consumers and business leaders worldwide, rigorous and objective methodologies, and the shared wisdom of our most innovative clients. Through proprietary research, data, custom consulting, exclusive executive peer groups, and events, the Forrester experience is about a singular and powerful purpose: to challenge the thinking of our clients to help them lead change in their organizations.


Contacts

Belinda Simmelink
Corp Communications Director
Forrester Research, Inc.

Tel. +31-020-305-4371
bsimmelink@forrester.com


CONTACT FORRESTER PR

CONNECT WITH FORRESTER

Twitter Face Book LinkedIn Youtube