The Forrester Wave: Digital Banking Engagement Platforms Q3 2017

As the banking landscape continues to evolve with the advent of digital technology, financial institutions are increasingly leaning towards enhanced customer engagement to stay competitive. In Q3 2017, Forrester Research released its highly anticipated Forrester Wave report on digital banking engagement platforms, offering a detailed analysis of vendors that are shaping the future of banking interactions. This article explores the key findings from the report, outlines the leading providers, and discusses the broader implications for banks and their customers.

Understanding Digital Banking Engagement Platforms

Digital banking engagement platforms are designed to facilitate a seamless interaction between financial institutions and their customers across digital channels. They serve as a critical bridge, incorporating features such as personalized messaging, mobile app functionalities, and customer relationship management (CRM) tools. Such platforms enable banks to design tailored experiences that meet the unique needs of each customer.

Key Trends in Digital Banking Engagement

In the Q3 2017 report, Forrester identified several trends that are influencing the growth of digital banking engagement platforms:

Personalization: Financial institutions are investing heavily in technologies that allow for tailored customer experiences. This includes leveraging data analytics to predict customer behavior and preferences.
Omni-channel presence: Customers today expect a consistent experience across various channels—be it online banking, mobile apps, or in-branch services. Leading platforms are enabling seamless transitions between these channels.
AI and Chatbots: The integration of artificial intelligence has revolutionized customer support in banking, with chatbots providing immediate assistance to customers and reducing operational costs.
Regulatory Compliance: With the advent of regulations such as GDPR, banking engagement platforms are also focusing on robust compliance features to safeguard customer data.

The Forrester Wave Leaders

According to the report, the following providers emerged as leaders in the digital banking engagement space:

1. Salesforce

Salesforce’s platform is renowned for its comprehensive CRM capabilities, allowing banks to manage customer interactions effectively. With features targeting customer insights and engagement metrics, Salesforce remains dedicated to helping banks streamline their customer journey.

2. Temenos

Temenos offers an innovative solution with a robust banking core that integrates seamlessly with its engagement tools. Their platform emphasizes scalability and flexibility, catering to a wide range of banking needs—from retail to corporate banking.

3. FIS

FIS is recognized for its extensive product suite that spans core banking, payments, and risk management. Their digital engagement features are particularly strong in enhancing both mobile and web banking experiences.

The Importance of Customer Experience

At the heart of every digital banking engagement platform is the customer experience. Banks must focus on delivering exceptional service to foster loyalty and retention. The Forrester Wave report highlights that those institutions that prioritize customer experience through effective engagement strategies see significant improvements in user satisfaction and overall banking relationships.

Future of Digital Banking Engagement

As technology continues to advance, the digital banking engagement platforms of the future will likely incorporate even more sophisticated tools to enhance customer interaction:

Predictive Analytics: By harnessing big data, banks can forecast customer needs and offer relevant products proactively.
Voice Banking: With the rise of smart speakers and voice recognition technology, banks are beginning to explore how voice banking can provide a more intuitive experience for consumers.
Blockchain Technology: As financial services embrace blockchain, its applications for security and transparency in customer transactions could redefine trust and reliability in the banking sector.

Embracing Change

For banks, adapting to this rapidly changing digital environment requires a shift in thinking. Financial institutions must prioritize agility and innovation, investing in their engagement platforms to keep pace with customer expectations. Learning from the insights presented in the Forrester Wave report, institutions can identify gaps in their service offerings and address them strategically.

Final Thoughts

As the Forrester Wave report for Q3 2017 has revealed, digital banking engagement platforms are critical tools for modern banks looking to enhance their customer engagement strategies. By understanding the market landscape and aligning with leading providers, banks can navigate the future of digital interactions effectively. As we continue to embrace technological advancements, the ultimate goal remains unchanged: to create meaningful, satisfying experiences for every customer.

About Our Company

Bamboo Digital Technologies

Bamboo Digital Technologies (BDT), the international arm of Robust & Rapid System in China, is a Hong Kong-registered software development company delivering secure, scalable and compliant fintech software solutions—from custom eWallet and digital banking platforms to payment systems—empowering financial institutions and enterprises worldwide to innovate with confidence.

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