FOR EBUSINESS & ChANNEL STRATEGy PROFESSIONALS
Eleven Mobile Features That More Banks Should
Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty Features
That Most Banks Don’t Yet Offer
by Peter Wannemacher
September 21, 2016
Why Read This Report
Key Takeaways
Most large banks in the developed world now
offer the mobile “basics” that customers value.
But what about those next-generation features
that people will come to expect in coming years
but few banks currently provide? Mobile banking
should offer timely, relevant, context-based
information that enables a customer to take
action in her mobile moments. This report uses
data from Forrester’s 2016 Global Mobile Banking
Functionality Benchmark, along with additional
research, to identify nifty mobile features that
more digital banking leaders should put on their
road maps.
Most Large Banks Have The Mobile Banking
Basics Covered
Four-fifths of the banks Forrester reviewed in
its 2016 Global Mobile Banking Functionality
Benchmark earned an overall score of 50 or
higher out of 100. This indicates that most large
banking providers are meeting their customers’
basic needs and expectations.
Yet Many Handy Mobile Banking Features
Remain Undervalued
Too few banks offer mobile services such as
app-wide natural language search, mobile photo
bill pay, and in-app video content. Digital teams
should invest in these features to better win,
serve, and retain mobile banking customers.
Invest In Mobile Messaging And Alerts
Digital teams should introduce secure mobile
messaging, alongside in-app alerts, to offer timely,
relevant, contextual information that enables the
customer to take action in her mobile moments.
FORRESTER.COM
For eBusiness & Channel Strategy Professionals
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty Features
That Most Banks Don’t Yet Offer
by Peter Wannemacher
with Benjamin Ensor, Aurelie L’Hostis, Rachel Roizen, and Michael Chirokas
September 21, 2016
Table Of Contents
2 Most Banks Have The Mobile Banking
Basics Covered
2 Eleven Mobile Features That Should Be On
Your Bank’s Road Map
What It Means
5 Mobile Banking Basics Are The Floor, Not
The Ceiling
Notes & Resources
This report uses data and insights from
Forrester’s 2016 Global Mobile Banking
Functionality Benchmark. As part of that
research, Forrester interviewed executives at
more than 30 banks around the world. For this
report, Forrester also interviewed nine vendor and
user companies, including Ally Bank, FIS, Garanti
Bank, Lloyds Bank, MX Technologies, U.S. Bank,
USAA, and two other companies.
6 Supplemental Material
Related Research Documents
2016 Global Mobile Banking Functionality
Benchmark
Case Study: Scotiabank Boosts Sales With
Targeted Mobile Cross-Selling
What Drives Mobile Banking Usage
Forrester Research, Inc., 60 Acorn Park Drive, Cambridge, MA 02140 USA
+1 617-613-6000 | Fax: +1 617-613-5000 | forrester.com
© 2016 Forrester Research, Inc. Opinions reflect judgment at the time and are subject to change. Forrester®,
Technographics®, Forrester Wave, RoleView, TechRadar, and Total Economic Impact are trademarks of Forrester
Research, Inc. All other trademarks are the property of their respective companies. Unauthorized copying or
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FOR EBUSINESS & ChANNEL STRATEGy PROFESSIONALS
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t yet Offer
Most Banks have The Mobile Banking Basics Covered
Forrester’s ongoing research, including our recent 2016 Global Mobile Banking Functionality
Benchmark, shows that most large banks have put in place the mobile banking features necessary to
meet customers’ baseline needs and expectations. Our research shows that:
› The majority of large banking providers offer a wide range of mobile features. More than 80%
of the banks in Forrester’s 2016 Global Mobile Banking Functionality Benchmark — or 38 out of
46 — earned an overall score of 50 or higher out of 100.1 This is one indication that large banks
are meeting, and sometimes exceeding,
customers’ everyday mobile banking
needs and expectations by providing the
“We want to get ahead of the
most widely used features and services.
market, but it’s hard to know
› Digital teams are looking at next-gen
which [services] customers
mobile banking services. With the “lowdon’t know they need yet.”
hanging fruit” of mobile banking largely
taken care of, digital business leaders and
their teams are exploring what the next
generation of mobile must-haves might be. Some innovative features, such as biometric logins or
mobile remote deposit capture, have quickly gone from leading-edge to relatively commonplace.
With the pace of mobile banking evolution quickening, digital teams have a big job ahead of them.
As one head of mobile puts it: “We want to get ahead of the market, but it’s hard to know which
[services] customers don’t know they need yet.”
Eleven Mobile Features That Should Be On your Bank’s Road Map
Forrester has compiled a list of mobile banking features that fewer than half of the banks we reviewed
offer. Based on this list, we identified 11 handy, yet undervalued, mobile features that digital teams
should consider putting on their road maps:
1. In-app video content. Fewer than one in four banks that Forrester benchmarks offer video content
in their apps or clear guidance to helpful video content on youTube or other third-party apps.2
This is a missed opportunity for digital banking teams, since digital video has become a popular
way for individuals to get information.3 Companies in other industries, including many US retailers,
have recognized and acted on the vast potential of mobile video content.4 Banks should follow
suit, taking a cue from leaders like Westpac in Australia, which offers mobile “how to” and financial
education videos.
2. Advice and “nudges” to enrich money management. The vast majority of large banks offer little
to no digital money management functionality via mobile.5 While some activities, such as in-depth
financial or retirement planning, remain better suited to PC-based websites or tablets, digital teams
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For EBusiness & Channel Strategy Professionals
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
should introduce mobile features that let customers assess and act on digital money management
in their mobile moments.6 HSBC in the UK, for example, is testing a new app called HSBC Nudge
to see whether “nudge theory” can help customers make better decisions.7 French bank BNP
Paribas, meanwhile, embeds money management visualizations within its iPhone and Android
apps.8 More firms should put digital money management tools on their mobile banking road maps.
3. Consolidated views of all upcoming transactions, including predicted future actions.
Ideally, banks should give customers a single-screen view of all upcoming transactions, including
predicted transactions that customers have not actually scheduled but the bank anticipates they
will or should initiate in the future. Most banks don’t do this.9 This feature will also enable digital
money management within apps, helping customers understand what they have and how they’re
doing, as well as acting as a catalyst for advice and action.10 Few banks today offer convenient
single-screen views of all transactions, although Bank Millennium in Poland and Société Générale
in France do incorporate pending transactions in the main transaction history.11
4. Travel notifications for cards and accounts. More than 80% of the banks we reviewed do
not let customers set up or manage travel notifications within their apps.12 This is an example
of a powerful mobile moment for a bank customer: Onboard a plane sitting on the tarmac, the
customer suddenly realizes she failed to turn on any travel settings for her cards and accounts, so
she reaches for her mobile device, hoping to complete this objective.13 Bank of America enables
this activity, offering convenient, four-click travel notification setup within its app. According to an
executive at a bank that does offer travel notifications, “Clients love that feature, and they’ve told
us over Twitter, app stores, and call center conversations.”
5. App-wide natural-language search. In the early days of mobile banking, apps contained
relatively few features. Digital teams rightly saw little need to offer app-wide search. But as mobile
has become the hub of clients’ interactions with banks, digital teams have added more mobile
functionality, more screens, and more content — all of which make it more difficult for customers
to find what they’re looking for. Great navigation design is essential, but customers accustomed to
Googling their every wish will also expect convenient natural-language search options.14 More than
80% of the banks we reviewed do not have universal natural-language search — via typing, voice,
or any other user interface — in their smartphone apps.15 USAA is one of the few financial services
firms to offer this, enabling voice-based search across its mobile apps.
6. Mobile photo bill pay. Mobile photo bill pay lets mobile banking customers add a new payee and/
or pay a bill simply by taking a picture of a paper bill or statement. More digital banking teams
should put it on their road maps, especially since it is a win-win, boosting customer satisfaction
while increasing customer stickiness. U.S. Bank has seen increased digital banking engagement
and “very happy customers” since launching its own mobile photo bill pay offering in 2013.16 Yet
few banks have recognized the value of this feature: Just eight banks out the 46 we reviewed offer
mobile photo bill pay to their customers.17
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For EBusiness & Channel Strategy Professionals
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
7. In-app messaging aligned with alerts and notifications. Fewer than 10% of banks in our
benchmark offer in-app secure messaging, and a minority offer in-app alerts.18 But mobile
messaging more widely has enjoyed sharp growth recently, revealing consumers’ taste for
messaging in general.19 Forrester’s analysis of US customers’ mobile banking use shows that
alerts drive increased use of banks’ apps.20 Alerts and messaging are not the same, but they
play complementary roles, aligning to offer mobile banking customers timely, relevant, contextual
information that enables them to take action in their mobile moments.21 For example, Scotiabank’s
mobile messaging and alerts help users and enable cross-selling.22
8. Branch appointment or video banking scheduling tools. Nearly four-fifths of the banks we
reviewed provide neither branch appointment scheduling tools nor the ability to videoconference
with a banker.23 Yet most financial product applicants already cross channels when shopping
for financial products.24 Forrester predicts that cross-touchpoint banking journeys will be crucial
to sales growth, and mobile will routinely act as the jumping-off point for cross-touchpoint
interactions. Digital teams should ensure that cross-touchpoint guidance is prominent within
mobile banking and that features such as branch appointment scheduling tools and two-way video
banking are on their road maps.25
9. One-click fraud reporting. Just six of the 46 banks Forrester benchmarked offer one-click fraud
reporting within their mobile banking apps.26 This feature will be especially important to younger,
instinctually digital bank customers, many of whom recoil at the idea of needing to call a bank on
the phone and think of email as a communication channel for “old” people. But one-click fraud
reporting within mobile banking also aligns with a wider shift: As mobile becomes the hub of
customers’ financial lives, convenient in-app options — or similar services woven into mobile sites
and other digital touchpoints — will increasingly be seen as essential to the customer experience.
10.Personalized product recommendation tools. Mobile marketing and sales is a weakness at
many banks.27 To ensure that mobile marketing is relevant to each individual customer, banks
must connect mobile services to CRM systems.28 Digital teams should put in place context-driven
recommendations engines and guided selling tools that market the firm’s own financial products
and other third-party or merchant-funded offers. Commonwealth Bank of Australia, for example,
embeds personalized offers within account information, such as automatically approved credit-limit
increases and conditionally approved overdrafts.29
11.Digital vaults. Fewer than 10% of large banks Forrester reviewed offer digital vaults via their
mobile apps or sites. But digital business leaders and their teams should consider adding digital
vaults to their road maps before competitors — both banks and non-banks — move in to own
what will be a valuable space. Barclays was first to market in the UK with a digital vault in which
customers can access eStatements, upload other documents by taking a photo, and manage their
digital documentation.30 Digital vaults may well provide a useful platform for future interactions like
financial planning or collaborative advice.31
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For EBusiness & Channel Strategy Professionals
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
What It Means
Mobile Banking Basics Are The Floor, Not The Ceiling
At most banks, digital business leaders and their mobile teams have done an excellent job of ensuring
that customers’ everyday needs are met. This has helped to push mobile banking forward and prod
peers and competitors to strengthen their own mobile banking offerings. In fact, these efforts have
helped to stave off some — though not all — of the disruption seen by other industries. But although
building mobile apps and sites that meet consumers’ basic needs and expectations is necessary for
sustained growth, it is not sufficient. Forrester predicts that:
›› Innovation will drive differentiation. While it is generally a good thing that most banks have
shored up their everyday mobile banking offerings, this can also make differentiation tough for each
individual bank: As one digital banking executive put it, “Our competitor set all has the table stakes,
so it’s hard to position ourselves based on those offerings.” Digital teams at leading banks will use
inventive, undervalued mobile services — including many itemized in this report — to differentiate
their banks.
›› Rare but important mobile moments will be a prized currency for banks. Most people don’t
routinely travel overseas, but banks that have rolled out easy-to-use mobile travel notifications have
received praise from grateful and delighted customers. Likewise, digital vaults are unlikely to be
a daily destination for most consumers, yet they will be of substantial value for rare but important
tasks like finding a document when filing taxes. Successful digital banking teams will zero in on
these types of mobile moments to win, serve, and retain customers.32
›› Early movers will gain more than bragging rights. For digital banking teams that act fast
on underrated mobile features, the lessons and insights they gain from early rollouts will be as
important as the next-generation features themselves. Digital business leaders at USAA were
ahead of the pack on mobile remote deposit capture, enabling them to better engage users, but
also to gain deeper insights into mobile’s evolving role as the hub of many customers’ financial
lives. And once a bank rolls out a new mobile service, the digital team can begin iterating and
improving the feature and the customer experience.
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September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
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Supplemental Material
Companies Interviewed For This Report
We would like to thank the many individuals from the following companies who generously gave their
time during the research for this report.
Ally Bank
MX Technologies
FIS
U.S. Bank
Garanti Bank
USAA
Lloyds Bank
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September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
Endnotes
The average score among all reviewed banks is 65 out of 100. For more information, see the “2016 Global Mobile
Banking Functionality Benchmark” Forrester report.
1
Our mobile banking benchmark reveals that Bank Millennium, BBVA, Garanti, Intesa Sanpaolo, Santander, Société
Générale, and Westpac offer some type of mobile video content, while CommBank and NAB provide in-app guidance
to outside video content such as YouTube videos on financial guidance and more. For more information, see the “2016
Global Mobile Banking Functionality Benchmark” Forrester report.
2
Online video has become a main channel for individuals to research products and consume content. The relatively
small number of financial firms that have recognized video’s potential value are using online video to drive brand
awareness and adoption of digital services as well as increase sales conversion rates. For more information, see the
“Q&A: Why Online Video Matters For Digital Financial Services” Forrester report.
3
One way digital teams at banks can create ever-better digital experiences for customers and prospects is by looking
at the strategies and tactics that digital teams in other industries use to succeed. To help, Forrester has compiled a
list of lessons and insights that digital banking teams can adapt from retailers’ websites and digital efforts. For more
information, see the “What Banks Can Learn From Retailers’ Websites” Forrester report.
4
Forrester scores criteria in the Mobile Banking Functionality Benchmark on a scale of -2 to 2. Just nine of the large
banks we reviewed in the 2016 benchmark earned a positive score across these criteria. For more information, see the
“2016 Global Mobile Banking Functionality Benchmark” Forrester report.
5
Forrester defines digital money management as a set of integrated online and mobile tools for money management,
typically including, but not limited to, account aggregation, automatic spending categorization, budgeting, and goal
setting. Online adults who use money management are most likely to do so using a desktop or laptop PC. However,
using money management on a mobile phone or a tablet is popular and growing, particularly in the US. Many money
management users are already using it on more than one type of device. For more information, see the “The State Of
Digital Money Management, 2015” Forrester report.
6
HSBC started this effort by rolling the app out to 500 customers. The app uses real-time customer analytics to identify
trends in customers’ spending and then sends alerts to inform people about patterns in their spending and “nudge”
them toward better decisions. These messages are designed to encourage customers and help them achieve their
longer-term financial goals. There are currently 38 types of nudges in the trial, including notifications about the amount
of money spent on groceries in a week and updates on how much customers are spending or saving compared with
others in the same income bracket. The app was built in six weeks following an HSBC-commissioned report by the
London School of Economics, which suggested that using technology such as automated messages to “nudge”
people could encourage better spending habits. Source: “News and media,” HSBC (http://www.about.hsbc.co.uk/
news-and-media).
7
BNP Paribas is the only European bank in Forrester’s benchmark to offer a fully integrated money management
dashboard in mobile banking. The firm also offers extensive money management tools and automatically categorizes
spending. For more information, see the “2016 European Mobile Banking Functionality Benchmark” Forrester report.
8
The majority of banks in Forrester’s 2016 Global Mobile Banking Functionality Benchmark do not offer customers
a single view of all upcoming transactions on a mobile device. See the “2016 Global Mobile Banking Functionality
Benchmark” Forrester report.
9
Forrester believes that successful digital money management offers customers financial coaching and helps them
to take action to improve their financial situation. There are four key components to digital money management that
answer the three most important questions about a customer’s finances and then help the customer take action.
Specifically, our research shows that customers are looking for: “What do I have?” “How am I doing?” “What should
I do?” and “Do it!” For more information, see the “Use Digital Money Management To Deliver Personalized Financial
Coaching” Forrester report.
10
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For EBusiness & Channel Strategy Professionals
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
In addition, other European banks such as ABN Amro, Bank Zachodni WBK, BNP Paribas, and Garanti let customers
see their pending and scheduled transactions in a separate tab. See the “2016 European Mobile Banking Functionality
Benchmark” Forrester report.
11
Just eight banks we benchmark — Bank of America, BMO, Scotiabank, ABN Amro, Lloyds Bank, Westpac, DBS, and
Digibank — offer in-app travel notifications as a feature via mobile. For more information, see the “2016 Global Mobile
Banking Functionality Benchmark” Forrester report.
12
Some banks have not prioritized this mobile feature because it has less effect on their customers: Many European
banking providers ensure that their cardholders are not affected by false positives (i.e., they do not have legitimate
card transactions blocked). But for virtually all US and Canadian banks — and some firms in other markets — this
feature is quickly becoming a must-have option on mobile apps.
13
Forrester has similarly argued that more banks should offer search within their secure websites. Our research reveals
an opportunity to improve the digital banking experience by introducing search on banks’ secure websites and mobile
platforms. For more information, see the “Why More Banks Should Put Search On Their Secure Websites” Forrester report.
14
In this case, only nine banks in our global mobile banking benchmark — Scotiabank, BBVA, Garanti, CommBank,
Westpac, Digibank, ICICI, AliPay, and China Merchants Bank — offer app-wide search as a mobile banking feature.
For more information, see the “2016 Global Mobile Banking Functionality Benchmark” Forrester report.
15
Soon after U.S. Bank launched its mobile photo bill pay service, Forrester argued that it was a smart choice and one
that is likely to help U.S. Bank better serve and retain customers. Source: Peter Wannemacher, “U.S. Bank Tackles
Cross-Channel Banking With Innovative Mobile Photo Bill Pay,” Peter Wannemacher’s Blog, April 23, 2013 (http://
blogs.forrester.com/peter_wannemacher/13-04-23-us_bank_tackles_cross_channel_banking_with_innovative_mobile_
photo_bill_pay).
16
Source: Interview with digital business leaders at U.S. Bank, 2015.
In our benchmark, U.S. Bank, Wells Fargo, Bank Zachodni WBK, BBVA, CaixaBank, Barclays, NAB, and Westpac
offer this type of mobile banking feature. For more information, see the “2016 Global Mobile Banking Functionality
Benchmark” Forrester report.
17
Our research shows that six large banks in developed markets — ABN Amro, BNP Paribas, CaixaBank, Intesa
Sanpaolo, Scotiabank, and UniCredit — offer some type of in-app messaging or secure email within their apps. For
more information, see the “2016 Global Mobile Banking Functionality Benchmark” Forrester report.
18
The combination of mobile apps and smartphones seemed destined to make simple text messages obsolete. But
while traditional SMS text messaging has plateaued in many markets, an overall decline in messaging simply has
not happened. Instead, mobile messaging players have continued to innovate and, as a result, find new customers
and increasing demand among existing users. For more information, see the “Mobile Messaging: Catalyst And Core
Channel For Commerce” Forrester report.
19
Forrester built a driver analysis model to evaluate how different factors influence mobile banking engagement (days
accessed and time spent per session). Our data model and analysis look at a range of potential drivers, isolating a
half-dozen behaviors and perceptions that increase mobile banking usage. For more information, see the “What Drives
Mobile Banking Usage” Forrester report.
20
Mobile offers an opportunity to transform customers’ perceptions of your brand by identifying crucial instants in which
your customer needs service, information, a transaction, or just about anything else. Forrester calls these opportunities
“mobile moments.” For more information, see the “Build The Mobile Banking Road Map You Need” Forrester report.
21
Scotiabank has seen great results from its two-pronged approach to mobile communications: The combination of
alerts and in-app messaging has seen mobile cross-selling — as measured by year-over-year growth in unit sales via
mobile banking — more than double, up 165%. For more information, see the “Case Study: Scotiabank Boosts Sales
With Targeted Mobile Cross-Selling” Forrester report.
22
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For EBusiness & Channel Strategy Professionals
September 21, 2016
Eleven Mobile Features That More Banks Should Offer
Forrester Mines Its Global Mobile Banking Functionality Benchmark To Identify Nifty
Features That Most Banks Don’t Yet Offer
Our benchmark research shows that Bank of America, Wells Fargo, BMO, Intessa SanPaolo, CaixaBank, Lloyds Bank,
DBS Bank, China Construction Bank, China Merchants Bank, and the Industrial and Commercial Bank of China offer
either branch appointment scheduling tools or the ability to schedule a videoconference with a bank representative.
For more information, see the “2016 Global Mobile Banking Functionality Benchmark” Forrester report.
23
Forrester defines cross-channel behavior as any instance in which a customer or prospect moves from one touchpoint
to another when completing an objective. Our research shows that among US online adults who researched and
applied for a financial product in the past 12 months, 58% moved from one touchpoint to another during the shopping
and purchase journey. This cross-touchpoint behavior is evident across developed markets. For more information, see
the “Design Better Cross-Channel Banking Journeys” Forrester report.
24
Digital banking teams should consider weaving human advisors and digital technologies together with video banking.
Success will require more than just a simple video call: Teams need to ensure that video banking capabilities let
prospects collaborate effectively with an expert when and where they choose and that experts are supported by the
right processes, tools, and training. For more information, see the “Implement Video Banking To Drive Digital Sales”
Forrester report.
25
This feature can vary a bit, since some firms enable fraud reporting within their smartphone apps, but not as a oneclick option. According to our research, Bank of America, Société Générale, CommBank, Westpac, Digibank, and
China Merchants Bank are the only firms in our benchmark that offer a single-click fraud reporting feature within
mobile banking. For more information, see the “2016 Global Mobile Banking Functionality Benchmark” Forrester
report.
26
27
Roughly 90% of banks in Forrester’s global mobile banking benchmark do not offer personalized product
recommendations within their apps. Our research shows that Bank of Montreal (BMO) and UniCredit offer robust
product recommendations within the mobile banking experience, while Bank of America, CommBank, National
Australia Bank (NAB), Scotiabank, Société Générale, Westpac, and CaixaBank offer recommended or personalized
product offers. For more information, see the “2016 Global Mobile Banking Functionality Benchmark” Forrester report.
28
Banks should consider offering customers with good credit records who are temporarily out of money a preapproved
short-term credit line or an overdraft increase instantly at the point of sale. Garanti makes relevant product offers and
merchant-based offers based on a customer’s profile, spending patterns, and location. In Canada, Scotiabank shows
customers preapproved offers for credit cards and credit limit increases and lets them accept these offers through its
mobile app. For more information, see the “Best Practices In Mobile Financial Sales” Forrester report.
29
Australian banks have made strides in mobile marketing. Westpac, CommBank, and NAB, for example, make it
easy to apply for products, enabling existing customers to apply for products entirely on their mobile phones and
prefilling the related application forms. For more information, see the “2016 Australian Mobile Banking Functionality
Benchmark” Forrester report.
30
In recent years, Barclays has embraced digital innovation. As a result, the bank moved to the top spot among UK
providers in Forrester’s 2014 mobile banking review and received the second-highest overall score in the 2015 version.
For more information, see the “2014 UK Mobile Banking Functionality Benchmark” Forrester report.
31
In advisory and consulting work with bank clients, Forrester has looked at how safe deposit boxes — long the domain
of banks — have in many ways given way to private cloud services in the digital age. On its own, this evolution may
not raise alarm among financial services executives, but private clouds or digital vaults could play an important role in
the emerging world of digital financial advice. For more information about digital financial advice, see the “Disrupting
Finance: Digital Financial Advice” Forrester report.
Forrester defines a mobile moment as a point in time and space when someone pulls out a mobile device to get what
they want in their immediate context. Discover, for example, developed its innovative “Freeze” tool — which lets you
put a hold on your credit card without the frustration of reporting possible fraud and waiting around for a new card — by
identifying key mobile moments for cardholders. For more information, see the “Embed Innovation To Sustain Mobile
Banking Excellence” Forrester report.
32
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