Forrester Research, Inc. (Nasdaq: FORR) today announced findings from its Finance & Technology Forum “New Realities In Online Financial Services.” The Forum, which focused on how eBusiness networks will transform financial services, began on June 25 at the Sheraton New York Hotel & Towers in New York City and closed yesterday afternoon.
The Forum explored the emergence of a new market structure — eBusiness networks — which Forrester defines as resilient structures of interdependent players linked in real time over the Net. To thrive in this new market structure, financial institutions must specialize to deliver best-of-breed results and must be able to partner easily with other specialists.
“I believe that the advantage in creating the new world lies very much with those who come from the new world,” said guest speaker John S. Reed, retired chairman of Citigroup. “It is possible that some of the existing suppliers of financial services are going to be able to get there, but it is much more likely that it will be people coming from the tech side.”
“Partnerships, partnerships, partnerships — that’s the story,” said Timothy Koogle, chairman and CEO of Yahoo! and another guest speaker at the event. “Yahoo! has been about alliances since the beginning because we believe that best-of-breed partnerships enable companies to satisfy consumer demand for choice.”
Forrester analysts at the event revealed the three new realities that will accelerate the move to eBusiness networks: young consumers, mobility, and globalization.
“Today’s young consumers — 16- to 22-year-olds — relate to the Net in a whole new way,” said Bill Doyle, group director at Forrester Research. “Mobility will demand continuous financial analysis and advice. And the globalization of financial services is itself accelerated by the move to eBusiness networks.”
Featured speakers included John S. Reed, retired chairman, Citigroup; Timothy Koogle, chairman and CEO, Yahoo!; J. Joe Ricketts, chairman and co-CEO, Ameritrade Holding Corporation; Edward M. Liddy, chairman, president, and CEO, Allstate Corporation and Allstate Insurance; Dr. Stephen J. Emmott, director, The Knowledge Lab, NCR Corp.; and William R. Hambrecht, founder, chairman, and CEO, WR Hambrecht + Co.
In addition to Doyle, featured Forrester speakers included George F. Colony, chairman of the board and chief executive officer; Jaime Punishill, senior analyst; Michael E. Gazala, group director; Maribel Lopez, senior analyst; Ron Shevlin, research director; and Dr. Therese Torris, director, Forrester Research, B.V. The Forrester Finance Forum is the fourth in a series of eleven Forrester Forums taking place in 2000. Forrester Forums are designed to provide unique opportunities for senior executives to informally share ideas, discover the latest technology tools and vendors, and develop successful business strategies.