The Forrester Wave: Digital Banking Engagement Platforms Q3 2019

In the fast-evolving realm of digital finance, customer engagement has emerged as a critical factor. As institutions seek to differentiate themselves and retain clients, understanding the offerings of prominent digital banking engagement platforms is essential. Forrester Research, a leading market research company, periodically evaluates and compares these tools in its Forrester Wave reports. In the Q3 2019 edition, several platforms were recognized for their innovative capabilities and robust functionalities that cater to the needs of modern banking customers.

Understanding Digital Banking Engagement Platforms

Digital banking engagement platforms enable financial institutions to enhance customer experiences by providing comprehensive solutions that incorporate personalized communication, product promotions, and streamlined services. Given that customers increasingly rely on digital channels to manage their finances, these platforms are pivotal for delivering seamless and tailored banking interactions.

The Importance of Engagement

As competition intensifies, the focus on customer engagement deepens. Research reveals that 70% of customers view engagement as a critical consideration in their banking choices. Banking customers seek personalized experiences that resonate with their preferences and behaviors. The Forrester Wave helps businesses identify which platforms excel in meeting these demands.

Criteria Used in the Forrester Wave Evaluation

Forrester’s evaluation of digital banking engagement platforms is based on several criteria. These include:

Current Offering: The functionality of the platform, including usability and integrations.
Strategy: The roadmap for innovation and how well it aligns with market needs.
Market Presence: The market reach and customer base of the platform.
Customer Feedback: Insights from existing users regarding satisfaction levels.

Key Players in Q3 2019

The Q3 2019 Forrester Wave report identified several standout players in the digital banking engagement landscape:

1. Salesforce

Salesforce continues to be a dominant force, offering an advanced suite of tools that facilitate customer relationship management (CRM). With its AI-powered analytics and extensive customization options, Salesforce caters to diverse customer segments, grasping engagement metrics that matter.

2. FIS

FIS has carved out a niche with its full-suite solutions that span core banking, payment processing, and risk management. The platform stands out for its omnichannel capabilities that empower banks to deliver cohesive customer interactions across all touchpoints.

3. Temenos

Temenos specializes in providing core banking software and has augmented its offerings with cutting-edge engagement tools. This platform leverages APIs to foster innovation and enhance the banking experience, facilitating quick integrations with third-party services.

4. Backbase

Backbase has gained recognition for its customer engagement platform that seamlessly integrates with existing systems. Its focus on enhancing user experience through intuitive design makes it a favorite among banks targeting younger demographics.

Trends Influencing Digital Banking Engagement Platforms

Several trends emerged in the digital banking sector that significantly influenced platform offerings:

1. Personalization at Scale

With advancements in data analytics and machine learning, banks increasingly leverage customer data to create tailored experiences. Platforms that facilitate these capabilities are at the forefront of enhancing customer satisfaction.

2. Emphasis on Omnichannel Experience

Customers demand coherence in their banking experiences, whether they engage via mobile, web, or in-branch settings. Solutions that provide consistent messaging and services across these channels are critical.

3. Integration with Financial Technologies

The rise of fintech companies has introduced new challenges and opportunities. Successful platforms integrate seamlessly with these financial technologies to offer enhanced services and user experiences.

How Banks Can Leverage Insights from the Forrester Wave

For banks looking to enhance their digital engagement strategies, the insights from the Forrester Wave provide a roadmap for success. Here are some actionable strategies:

1. Assessing Existing Tools

Before investing in new platforms, banks should thoroughly assess their existing tools to identify gaps and opportunities. Understanding the current ecosystem will aid in making informed decisions.

2. Listening to Customer Feedback

Engagement platforms that prioritize customer feedback often perform better. Gathering insights directly from customers can help banks fine-tune their strategies.

3. Focus on Scalability

As banks grow, the chosen platform must be capable of evolving with their needs. Ensuring scalability is essential for long-term success.

Looking Ahead: The Future of Digital Banking Engagement

As technological advancements continue to reshape the financial sector, the future of digital banking engagement platforms looks promising. Innovations in artificial intelligence, blockchain, and big data are expected to play pivotal roles in enhancing customer experiences. Banks must remain agile, adapting to new trends and consumer needs while leveraging insights from resources like the Forrester Wave to inform their strategies.

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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