- “’The past two years of the pandemic have fast-tracked digital behaviours and redefined how customers engage with their banks,’ says Forrester senior analyst, Aurelie L’Hostis. ‘Still, the ‘death of cash’ has once again been exaggerated. One thing for sure is that digital channels now dominate.’
- According to Forrester analytics data, in 2021, 76% of Spanish banking customers used their mobile banking app at least monthly, and 34% of UK online adults who applied for a loan in the past 12 months did their research on a smartphone. While digital (online and mobile) is now the top channel for US borrowers to purchase home loans.
- According to the Financial Conduct Authority, 8% of current personal accounts are now held with a digital ‘challenger’ bank, up from just 1% in 2018.
- In 2021, Nubank, one of the world’s largest digital banks, which targets the underbanked in Latin America, grew its customer base by 62%, taking the total to 48 million in Brazil, Mexico, and Colombia.
- Forrester found that technology strategies and lack of resources impede banks’ efforts, with 25% of decision-makers at banks saying their company’s technology strategy is among the most significant challenges to executing digital transformation.”
“This is about capturing the next great pool of wealth in technology,” says Craig Le Clair, an analyst at Forrester Research, the tech analytics firm. He compares A.I. to electricity in its potential impact. Sundar Pichai, [Microsoft CEO Satya] Nadella’s rival CEO at Alphabet, has gone further, calling A.I. the most important project humanity would ever work on, “more profound than fire.”
“In 2019, smart companies started investing in bot technology because it was clear that despite reservations, consumers were slowly coming around, and having the infrastructure in place now would help businesses prepare for the next step in customer service technology.”
“Gartner expects that by 2021, early adopter brands that redesign their websites to support visual and voice search will growtheir digital commerce revenue by 30 percent.
Shopping cart abandonment is an industry-wide scourge. It’s estimated that upwards of 70 percent of online shopping carts are abandoned before customers complete their purchases.
there’s a correlation between the lack of enthusiasm CMOs feel for their digital performance and the fact that only 36 percent of global marketing decision makers telling Forrester they use AI.
Yet only 7 percent of Chief Marketing Officers (CMOs) surveyed recently by IBM said that their digital transformation initiatives were exceeding their expectations.
The US Census Bureau pegs Q2 e-commerce sales at $127.3 billion, an estimated 9.6 percent of all US retail sales in the second quarter of this year. Online sales, number of orders and overall traffic to e-commerce sites are all up. On average, consumers spend $114.19 per online order”
“The primary encumbrance to this ensuring that AI systems have a quality data set to draw from. The report points to the importance of a mature and well-developed information architecture in order to effectively create and leverage AI in the enterprise.
Naturally, developing an information architecture and the AI systems to leverage it will require human expertise. Forrester cites a talent shortage in this field, indicating that “Two-thirds of AI decision makers struggle with finding and acquiring AI talent, and 83% struggle with retention,” adding that the shortages extend beyond hard technology and science fields, as ‘firms need industry, social, legal, customer experience, and operational expertise to train, manage, and trust AI systems.'”