eight ways the digital financial services market will shift in 2016
TRANSCRIPT
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Today’s Presenters
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Peter Wannemacher Forrester Research
Brian Pagano Apigee
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We work with business and technology leaders to develop customer-obsessed strategies that drive growth.
Prediction one: APIs will take center stage.
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Four types of APIs
Internal Product B2B Open
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PayPal is uses internal APIs
Source: Craft Conference 2015: Evolution of the PayPal API: Platform & Culture
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Xignite sells APIs to FIs and other firms
Source: Xignite
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BBVA and Mondo both use open APIs
Sources: Forrester Case Study: BBVA; Mondo
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E*TRADE is looking to productize APIs
Source: E*TRADE
Prediction two: The mobile mind shift will continue to reshape customers’ behaviors and expectations.
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How we define the mobile mind shift
The expectation that I can get what I want in my immediate context and moments of need.
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Context will drive success in 2016
Context is everything you know about a customer or prospect at the point of engagement.
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Deconstructing the mobile mind shift
Source: Forrester’s “The Mobile Mind Shift,” Groundswell Press, 2014
Companies
Platforms
People
Processes
Mind Devices Applications
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Discover focused on a key mobile moment
Source: Discover iPhone app
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Yet customers remain wary of mobile
Source: Discover iPhone app
Prediction three: Cross-channel banking experiences (and expectations) will surge.
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How we define cross-channel
Any instance in which a customer or prospect moves from one touchpoint to another when completing an objective.
Prediction four: Banks and disruptors will push into the shared finances market.
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How we define shared finances
Any situation in which a person acts as an observer of, partner in, or proxy for another person’s finances.
Prediction five: Executives will move resources to back-end initiatives.
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Financial firms will re-engineer in 2016
Source: Forrester’s Mobile Banking Strategy playbook
Prediction six: Real-time will go prime time
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BBVA partnered with Dwolla using an API
Source: Forbes
Prediction seven: Customers will demand personalization… without realizing it.
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Personalization has been limited…
Source: Chase secure website
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…though that is starting to change
Source: USAA Savings Coach app
Prediction eight: Bank executives will make better use of analytics
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Key takeaways and what it means 1. Execs at financial providers will spend more on
(and expect more of) APIs • APIs are a means, not an end
2. Mobile will play a central role in strategy • Apps & sites will act as catalysts & connective tissue
3. Firms will take iterative approaches to digital • Test & learn will matter more than any one strategy
Have questions for the presenters or need to reach an Apigee representative? Email us at [email protected]
31 ©2015 Apigee. All Rights Reserved.