July 26, 2016
Despite being geographically far away from the rest of the world, Australia's financial services sector has found its place on the world stage. Australian banks are some of the most innovative in the world. As our 2016 Global Mobile Banking Functionality Benchmark has shown, some Australian banks have overtaken their global counterparts, with Westpac taking the coveted top spot.
The question that I often get asked from Australian digital banking teams is, "so what's next in financial services?"
And I think that's a great question. As uncertain economic conditions, wavering markets, and tight budgets continue to increase the pressure on Australian digital teams to deliver better experiences and increased sales through digital touchpoints, we believe that digital business executives have to drive digital transformation. And this means far more than simply developing a "digital strategy".
Digital banking executives must make mobile the hub of customer interactions, and not treat mobile as if it were just another channel. They should develop mobile banking as a platform to engage customers. To continue to win and retain mindshare and increase wallet share, the next step digital banking teams must focus on are ways to create new sources of value for their customers, not just meeting their basic needs.
Our inaugural invitation-only FSI summit in Sydney on Thursday, August 4 will bring together an intimate group of senior executives from banks, insurance companies, and fintech firms to share Forrester's latest financial services digital business research and facilitate discussion with industry leaders. I will be sharing insights from my research, "2016 Australian Mobile Banking Functionality Benchmark", looking at how Australian banks have fared compared to their global counterparts, and more importantly, how eBusiness executives can deliver great—not just good—mobile banking experiences for their customers.
Sharing the stage with me will be some of Forrester's esteemed financial services analysts:
- Michael Barnes (Vice President and Research Director serving CMOs—Sydney): Accelerating Digital Business In Financial Services
- Alyson Clarke (Principal Analyst serving eBusiness and channel strategy professionals—New York City): From Perfect To Fast: How To Inject Discipline Into Your Innovation Process
- Ryan Hart (Principal Analyst serving customer experience professionals—Singapore): Design Thinking For Financial Services
There is limited availability for this event, but if you are a senior decision-maker for a leading financial services or fintech firm and would like to take part, plese contact Sarah Herman. One-on-one meetings can also be arranged with us for executives who'd like a more in-depth discussion on specific topics.
Like my colleagues, I am excited to see you there at the summit on August 4!