5 Must-have Analytics for Digital Banking

When it comes to measuring the performance of your mobile banking app, analytics are crucial. Not only should the data show how many members are using your digital banking platform but it should also indicate how they are using it. Obtaining the right data will empower financial institutions to market more effectively to their target audience. It will also sift out the problem areas in the mobile banking user experience and shed light on which features or services are being used and which are not. Here are 5 must have data analytics for your digital banking platform:

1. Geo Location. Some analytics platforms will provide a thermal map showing darker colors where members sign into online banking and have the ability to drill down on specific areas or cities. They might also show you key performance indicators by the city such as, total sessions, new sessions, how many pages visited per session and session duration.

2. Devices. With various channels to access internet banking, financial institutions want to know how members are accessing their online banking features. Mobile banking analytics platforms should break down visitor information into desktop, mobile and tablet. This will tell you how your members are accessing their accounts. Some demographics might prefer the full desktop experience due to a larger screen size and full functionality while others will utilize the mobile app for convenience on the go.

3. Behavior Flow. Tracking member behavior and habits will narrate how members use your digital banking services. What pages and features do they navigate to first and what pages follow? Are they reviewing their share balances before they make a transfer or payment? You can gain insights on where you have heavy drop-off rates or are losing interest. Also, take note of common user experience patterns and what pages or features have the highest traffic.

4. Mobile Devices. With a large part of the world using iPhones and another large part using android based phones most financial institutions will likely have mobile banking apps in both the iTunes app store and android’s Google Play Store. Knowing how many members are using iPhones and how many are using other devices will help financial institutions to prioritize development and enhancements as well as marketing efforts.

5. Demographics. Depending on your financial institution’s privacy policy, analytics platforms should have the capability to collect information such as age and gender. It seems common knowledge that millennials and younger generations use internet banking more than baby boomers. However, you might be surprised with how many “over 50’s” are using mobile banking services. Knowing the demographics of your mobile and desktop users can be extremely valuable in educating members and marketing to their needs.