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• Google Analytics Privacy Issues : Is It Really That Bad ?

  2 juin 2022, par Erin

  If you find yourself asking : “What’s the deal with Google Analytics privacy ?”, you probably have some second thoughts. 

  Your hunch is right. Google Analytics (GA) is a popular web analytics tool, but it’s far from being perfect when it comes to respecting users’ privacy. 

  This post helps you understand tremendous Google Analytics privacy concerns users, consumers and regulators expressed over the years.

  In this blog, we’ll cover :

  What Does Google Analytics Collect About Users ? 

  To understand Google Analytics privacy issues, you need to know how Google treats web users’ data. 

  By default, Google Analytics collects the following information : 

  • Session statistics — duration, page(s) viewed, etc. 
  • Referring website details — a link you came through or keyword used. 
  • Approximate geolocation — country, city. 
  • Browser and device information — mobile vs desktop, OS usage, etc. 

  Google obtains web analytics data about users via two means : an on-site Google Analytics tracking code and cookies.

  A cookie is a unique identifier (ID) assigned to each user visiting a web property. Each cookie stores two data items : unique user ID and website name. 

  With the help of cookies, web analytics solutions can recognise returning visitors and track their actions across the website(s).

  

  • First party cookies are generated by one website and collect user behaviour data from said website only. 
  • Third-party cookies are generated by a third-party website object (for example, an ad) and can track user behaviour data across multiple websites. 

  As it’s easy to imagine, third-party cookies are a goldmine for companies selling online ads. Essentially, they allow ad platforms to continue watching how the user navigates the web after clicking a certain link. 

  Yet, people have little clue as to which data they are sharing and how it is being used. Also, user consent to tracking across websites is only marginally guaranteed by existing Google Analytics controls. 

  Why Third-Party Cookie Data Collection By GA Is Problematic 

  Cookies can transmit personally identifiable information (PII) such as name, log in details, IP address, saved payment method and so on. Some of these details can end up with advertisers without consumers’ direct knowledge or consent.

  Regulatory frameworks such as General Data Protection Regulation (GDPR) in Europe and California Consumer Privacy Act (CCPA) emerged as a response to uncontrolled user behaviour tracking.

  Under regulatory pressure, Big Tech companies had to adapt their data collection process.

  Apple was the first to implement by-default third-party blocking in the Safari browser. Then added a tracking consent mechanism for iPhone users starting from iOS 15.2 and later. 

  Google, too, said it would drop third-party cookie usage after The European Commission and UK’s Competition and Markets Authority (CMA) launched antitrust investigations into its activity. 

  To shake off the data watchdogs, Google released a Privacy Sandbox — a set of progressive tech, operational and compliance changes for ensuring greater consumer privacy. 

  Google’s biggest promise : deprecate third-party cookies usage for all web and mobile products. 

  Originally, Google promised to drop third-party cookies by 2022, but that didn’t happen. Instead, Google delayed cookie tracking depreciation for Chrome until the second half of 2023. 

  Why did they push back on this despite hefty fines from regulators ?

  Because online ads make Google a lot of money.

  In 2021, Alphabet Inc (parent company of Google), made $256.7 billion in revenue, of which $209.49 billion came from selling advertising. 

  Lax Google Analytics privacy enforcement — and its wide usage by website owners — help Google make those billions from collecting and selling user data. 

  How Google Uses Collected Google Analytics Data for Advertising 

  Over 28 million websites (or roughly 85% of the Internet) have Google Analytics tracking codes installed. 

  Even if one day we get a Google Analytics version without cookies, it still won’t address all the privacy concerns regulators and consumers have. 

  Over the years, Google has accumulated an extensive collection of user data. The company’s engineers used it to build state-of-the-art deep learning models, now employed to build advanced user profiles. 

  Deep learning is the process of training a machine to recognise data patterns. Then this “knowledge” is used to produce highly-accurate predictive insights. The more data you have for model training — the better its future accuracy will be. 

  Google has amassed huge deposits of data from its collection of products — GA, YouTube, Gmail, Google Docs and Google Maps among others. Now they are using this data to build a third-party cookies-less alternative mechanism for modelling people’s preferences, habits, lifestyles, etc. 

  Their latest model is called Google Topics. 

  This comes only after Google’s failed attempt to replace cookie-based training with Federated Learning of Cohorts (FLoC) model. But the solution wasn’t offering enough user transparency and user controls among other issues.

  

  Google Topics promises to limit the granularity of data advertisers get about users. 

  But it’s still a web user surveillance method. With Google Topics, the company will continue collecting user data via Chrome (and likely other Google products) — and share it with advertisers. 

  Because as we said before : Google is in the business of profiting off consumers’ data. 

  Two Major Ways Google Takes Advantage of Customer Data

  Every bit of data Google collects across its ecosystem of products can be used in two ways :

  • For ad targeting and personalisation 
  • To improve Google’s products 

  The latter also helps the former. 

  Advanced Ad Personalisation and Targeting

  GA provides the company with ample data on users’ 

  • Recent and frequent searches 
  • Location history
  • Visited websites
  • Used apps 
  • Videos and ads viewed 
  • Personal data like age or gender 

  The company’s privacy policy explicitly states that :
  

  

  Google also admits to using collected data to “measure the effectiveness of advertising” and “personalise content and ads you see on Google.” 

  But there are no further elaborations on how exactly customers’ data is used — and what you can do to prevent it from being shared with third parties. 

  In some cases, Google also “forgets” to inform users about its in-product tracking.

  Journalists from CNBC and The New York Times independently concluded that Google monitors users’ Gmail activity. In particular, the company scans your inbox for recent purchases, trips, flights and bills notifications. 

  While Google says that this information isn’t sold to advertisers (directly), they still may use the “saved information about your orders in other Google services”. 

  Once again, this means you have little control or knowledge of subsequent data usage. 

  Improving Product Usability 

  Google has many “arms” to collect different data points — from user’s search history to frequently-travelled physical routes. 

  They also reserve the right to use these insights for improving existing products. 

  Here’s what it means : by combining different types of data points obtained from various products, Google can pierce a detailed picture of a person’s life. Even if such user profile data is anonymised, it is still alarmingly accurate. 

  Douglas Schmidt, a computer science researcher at Vanderbilt University, well summarised the matter : 

  “[Google’s] business model is to collect as much data about you as possible and cross-correlate it so they can try to link your online persona with your offline persona. This tracking is just absolutely essential to their business. ‘Surveillance capitalism’ is a perfect phrase for it.”

  Google Data Collection Obsession Is Backed Into Its Business Model 

  OK, but Google offers some privacy controls to users ? Yes. Google only sees and uses the information you voluntarily enter or permit them to access. 

  But as the Washington Post correspondent points out :

  “[Big Tech] companies get to set all the rules, as long as they run those rules by consumers in convoluted terms of service that even those capable of decoding the legalistic language rarely bother to read. Other mechanisms for notice and consent, such as opt-outs and opt-ins, create similar problems. Control for the consumer is mostly an illusion.”

  Google openly claims to be “one of many ad networks that personalise ads based on your activity online”. 

  The wrinkle is that they have more data than all other advertising networks (arguably combined). This helps Google sell high-precision targeting and contextually personalised ads for billions of dollars annually.

  Given that Google has stakes in so many products — it’s really hard to de-Google your business and minimise tracking and data collection from the company.
  

  They are also creating a monopoly on data collection and ownership. This fact makes regulators concerned. The 2021 antitrust lawsuit from the European Commission says : 

  “The formal investigation will notably examine whether Google is distorting competition by restricting access by third parties to user data for advertising purposes on websites and apps while reserving such data for its own use.”

  In other words : By using consumer data to its unfair advantage, Google allegedly shuts off competition.

  But that’s not the only matter worrying regulators and consumers alike. Over the years, Google also received numerous other lawsuits for breaching people’s privacy, over and over again. 

  Here’s a timeline : 

  • 2019 : UK citizens issued a class action suit against Google for imposing cookies to override users’ privacy settings in the Safari browser. 
  • 2020 : US citizens pushed for a $5 billion class-action suit for tracking their activity through browsers set in “private” mode.
  • 2022 : Another class-action lawsuit in the US for deceptive privacy controls and unconsented location data tracking by Google mobile apps. 
  • 2022 : Google reached a $100 million class-action settlement for breaching Illinois biometrics privacy laws in Google Photos. 

  Separately, Google has a very complex history with GDPR compliance. 

  How Google Analytics Contributes to the Web Privacy Problem 

  Google Analytics is the key puzzle piece that supports Google’s data-driven business model. 

  If Google was to release a privacy-focused Google Analytics alternative, it’d lose access to valuable web users’ data and a big portion of digital ad revenues. 

  Remember : Google collects more data than it shares with web analytics users and advertisers. But they keep a lot of it for personal usage — and keep looking for ways to share this intel with advertisers (in a way that keeps regulators off their tail).

  For Google Analytics to become truly ethical and privacy-focused, Google would need to change their entire revenue model — which is something they are unlikely to do.

  Where does this leave Google Analytics users ? 

  In a slippery territory. By proxy, companies using GA are complicit with Google’s shady data collection and usage practice. They become part of the problem.

  In fact, Google Analytics usage opens a business to two types of risks : 

  • Reputational. 77% of global consumers say that transparency around how data is collected and used is important to them when interacting with different brands. That’s why data breaches and data misuse by brands lead to major public outrages on social media and boycotts in some cases. 
  • Legal. EU regulators are on a continuous crusade against Google Analytics 4 (GA4) as it is in breach of GDPR. French and Austrian watchdogs ruled the “service” illegal. Since Google Analytics is not GDPR compliant, it opens any business using it to lawsuits (which is already happening).

  But there’s a way out.

  Choose a Privacy-Friendly Google Analytics Alternative 

  Google Analytics is a popular web analytics service, but not the only one available. You have alternatives such as Matomo. 

  Our guiding principle is : respecting privacy.

  Unlike Google Analytics, we leave data ownership 100% in users’ hands. Matomo lets you implement privacy-centred controls for user data collection.

  Plus, you can self-host Matomo On-Premise or choose Matomo Cloud with data securely stored in the EU and in compliance with GDPR.

  The best part ? You can try our ethical alternative to Google Analytics for free. No credit card required ! Start your free 21-day trial now. 

  21 day free trial. No credit card required.

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• 7 Fintech Marketing Strategies to Maximise Profits in 2024

  24 juillet 2024, par Erin

  Fintech investment skyrocketed in 2021, but funding tanked in the following two years. A -63% decline in fintech investment in 2023 saw the worst year in funding since 2017. Luckily, the correction quickly floored, and the fintech industry will recover in 2024, but companies will have to work much harder to secure funds.

  F-Prime’s The 2024 State of Fintech Report called 2023 the year of “regulation on, risk off” amid market pressures and regulatory scrutiny. Funding is rising again, but investors want regulatory compliance and stronger growth performance from fintech ventures.

  Here are seven fintech marketing strategies to generate the growth investors seek in 2024.

  Top fintech marketing challenges in 2024

  Following the worst global investment run since 2017 in 2023, fintech marketers need to readjust their goals to adapt to the current market challenges. The fintech honeymoon is over for Wall Street with regulator scrutiny, closures, and a distinct lack of profitability giving investors cold feet.

  Here are the biggest challenges fintech marketers face in 2024 :

  • Market correction : With fewer rounds and longer times between them, securing funds is a major challenge for fintech businesses. F-Prime’s The 2024 State of Fintech Report warns of “a high probability of significant shutdowns in 2024 and 2025,” highlighting the importance of allocating resources and budgets effectively.
  • Contraction : Aside from VC funding decreasing by 64% in 2023, the payments category now attracts a large majority of fintech investment, meaning there’s a smaller share from a smaller pot to go around for everyone else.
  • Competition : The biggest names in finance have navigated heavy disruption from startups and, for the most part, emerged stronger than ever. Meanwhile, fintech is no longer Wall Street’s hottest commodity as investors turn their attention to AI.
  • Regulations : Regulatory scrutiny of fintech intensified in 2023 – particularly in the US – contributing to the “regulation on, risk off” summary of F-Prime’s report.
  • Investor scrutiny : With market and industry challenges intensifying, investors are putting their money behind “safer” ventures that demonstrate real, sustainable profitability, not short-term growth.
  • Customer loyalty : Even in traditional baking and finance, switching is surging as customers seek providers who better meet their needs. To achieve the sustainable growth investors are looking for, fintech startups need to know their ideal customer profile (ICP), tailor their products/services and fintech marketing campaigns to them, and retain them throughout the customer lifecycle.

  

  The good news for fintech marketers is that the market correction is leveling out in 2024. In The 2024 State of Fintech Report, F-Prime says that “heading into 2024, we see the fintech market amid a rebound,” while McKinsey expects fintech revenue to grow “almost three times faster than those in the traditional banking sector between 2023 and 2028.”

  Winning back investor confidence won’t be easy, though. F-Prime acknowledges that investors are prioritising high-performance fintech ventures, particularly those with high gross margins. Fintech marketers need to abandon the growth-at-all-costs mindset and switch to a data-driven optimisation, growth and revenue system.

  7 fintech marketing strategies

  Given the current state of the fintech industry and relatively low levels of investor confidence, fintech marketers’ priority is building a new culture of sustainable profit. This starts with rethinking priorities and switching up the marketing goals to reflect longer-term ambitions.

  So, here are the fintech marketing strategies that matter most in 2024.

  1. Optimise for profitability over growth at all costs

  To progress from the growth-at-all-cost mindset, fintech marketers need to optimise for different KPIs. Instead of flexing metrics like customer growth rate, fintech companies need to take a more balanced approach to measuring sustainable profitability.

  This means holding on to existing customers – and maximising their value – while they acquire new customers. It also means that, instead of trying to make everyone a target customer, you concentrate on targeting the most valuable prospects, even if it results in a smaller overall user base.

  Optimising for profitability starts with putting vanity metrics in their place and pinpointing the KPIs that represent valuable business growth :

  • Gross profit margin
  • Revenue growth rate
  • Cash flow
  • Monthly active user growth (qualify “active” as completing a transaction)
  • Customer acquisition cost
  • Customer retention rate
  • Customer lifetime value
  • Avg. revenue per user
  • Avg. transactions per month
  • Avg. transaction value

  With a more focused acquisition strategy, you can feed these insights into every company level. For example, you can prioritise customer engagement, revenue, retention, and customer service in product development and customer experience (CX).

  To ensure all marketing efforts are pulling towards these KPIs, you need an attribution system that accurately measures the contribution of each channel.

  Marketing attribution (aka multi-touch attribution) should be used to measure every touchpoint in the customer journey and accurately credit them for driving revenue. This helps you allocate the correct budget to the channels and campaigns, adding real value to the business (e.g., social media marketing vs content marketing).

  Example : Mastercard helps a digital bank acquire 10 million high-value customers

  For example, Mastercard helped a digital bank in Latin America achieve sustainable growth beyond customer acquisition. The fintech company wanted to increase revenue through targeted acquisition and profitable engagement metrics.

  Strategies included :

  • A more targeted acquisition strategy for high-value customers
  • Increasing avg. spend per customer
  • Reducing acquisition cost
  • Customer retention

  As a result, Mastercard’s advisors helped this fintech company acquire 10 million new customers in two years. More importantly, they increased customer spending by 28% while reducing acquisition costs by 13%, creating a more sustainable and profitable growth model.

  2. Use web and app analytics to remotivate users before they disengage

  Engagement is the key to customer retention and lifetime value. To prevent valuable customers from disengaging, you need to intervene when they show early signs of losing interest, but they’re still receptive to your incentivisation tactics (promotions, rewards, milestones, etc.).

  By integrating web and app analytics, you can identify churn patterns and pinpoint the sequences of actions that lead to disengaging. For example, you might determine that customers who only log in once a month, engage with one dashboard, or drop below a certain transaction rate are at high risk for churn.

  Using a tool like Matomo for web and app analytics, you can detect these early signs of disengagement. Once you identify your churn risks, you can create triggers to automatically fire re-engagement campaigns. You can also use CRM and session data to personalize campaigns to directly address the cause of disengagement, e.g., valuable content or incentives to increase transaction rates.

  Example : Dynamic Yield fintech re-engagement case study

  In this Dynamic Yield case study, one leading fintech company uses customer spending patterns to identify those most likely to disengage. The company set up automated campaigns with personalised in-app messaging, offering time-bound incentives to increase transaction rates.

  

  With fully automated re-engagement campaigns, this fintech company increased customer retention through valuable engagement and revenue-driving actions.

  3. Identify the path your most valuable customers take

  Why optimise web experiences for everyone when you can tailor the online journey for your most valuable customers ? Use customer segmentation to identify the shared interests and habits of your most valuable customers. You can learn a lot about customers based on where the pages they visit and the content they engage with before taking action.

  Use these insights to optimise funnels that motivate prospects displaying the same customer behaviours as your most valuable customers.

  Get 20-40% more data with Matomo

  One of the biggest issues with Google Analytics and many similar tools is that they produce inaccurate data due to data sampling. Once you collect a certain amount of data, Google reports estimates instead of giving you complete, accurate insights.

  This means you could be basing important business decisions on inaccurate data. Furthermore, when investors are nervous about the uncertainty surrounding fintech, the last thing they want is inaccurate data.

  Matomo is the reliable, accurate alternative to Google Analytics that uses no data sampling whatsoever. You get 100% access to your web analytics data, so you can base every decision on reliable insights. With Matomo, you can access between 20% and 40% more data compared to Google Analytics.

  

  With Matomo, you can confidently unlock the full picture of your marketing efforts and give potential investors insights they can trust.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

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  4. Reduce onboarding dropouts with marketing automation

  Onboarding dropouts kill your chance of getting any return on your customer acquisition cost. You also miss out on developing a long-term relationship with users who fail to complete the onboarding process – a hit on immediate ROI and, potentially, long-term profits.

  The onboarding process also defines the first impression for customers and sets a precedent for their ongoing experience.

  An engaging onboarding experience converts more potential customers into active users and sets them up for repeat engagement and valuable actions.

  Example : Maxio reduces onboarding time by 30% with GUIDEcx

  Onboarding optimisation specialists, GUIDEcx helped Maxio cut six weeks off their onboarding times – a 30% reduction.

  

  With a shorter onboarding schedule, more customers are committing to close the deal during kick-off calls. Meanwhile, by increasing automated tasks by 20%, the company has unlocked a 40% increase in capacity, allowing it to handle more customers at any given time and multiplying its capacity to generate revenue.

  5. Increase the value in TTFV with personalisation

  Time to first value (TTFV) is a key metric for onboarding optimisation, but some actions are more valuable than others. By personalising the experience for new users, you can increase the value of their first action, increasing motivation to continue using your fintech product/service.

  The onboarding process is an opportunity to learn more about new customers and deliver the most rewarding user experience for their particular needs.

  Example : Betterment helps users put their money to work right away

  Betterment has implemented a quick, personalised onboarding system instead of the typical email signup process. The app wants to help new customers put their money to work right away, optimising for the first transaction during onboarding itself.

  

  It personalises the experience by prompting new users to choose their goals, set up the right account for them, and select the best portfolio to achieve their goals. They can complete their first investment within a matter of minutes and professional financial advice is only ever a click away.

  Optimise account signups with Matomo

  If you want to create and optimise a signup process like Betterment, you need an analytics system with a complete conversion rate optimisation (CRO) toolkit. 

  

  Matomo includes all the CRO features you need to optimise user experience and increase signups. With heatmaps, session recordings, form analytics, and A/B testing, you can make data-driven decisions with confidence.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

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  6. Use gamification to drive product engagement

  Gamification can create a more engaging experience and increase motivation for customers to continue using a product. The key is to reward valuable actions, engagement time, goal completions, and the small objectives that build up to bigger achievements.

  Gamification is most effective when used to help individuals achieve goals they’ve set for themselves, rather than the goals of others (e.g., an employer). This helps explain why it’s so valuable to fintech experience and how to implement effective gamification into products and services.

  Example : Credit Karma gamifies personal finance

  Credit Karma helps users improve their credit and build their net worth, subtly gamifying the entire experience.

  

  Users can set their financial goals and link all of their accounts to keep track of their assets in one place. The app helps users “see your wealth grow” with assets, debts, and investments all contributing to their next wealth as one easy-to-track figure.

  

  7. Personalise loyalty programs for retention and CLV

  Loyalty programs tap into similar psychology as gamification to motivate and reward engagement. Typically, the key difference is that – rather than earning rewards for themselves – you directly reward customers for their long-term loyalty.

  That being said, you can implement elements of gamification and personalisation into loyalty programs, too. 

  Example : Bank of America’s Preferred Rewards

  Bank of America’s Preferred Rewards program implements a tiered rewards system that rewards customers for their combined spending, saving, and borrowing activity.

  

  The program incentivises all customer activity with the bank and amplifies the rewards for its most active customers. Customers can also set personal finance goals (e.g., saving for retirement) to see which rewards benefit them the most.

  Conclusion

  Fintech marketing needs to catch up with the new priorities of investors in 2024. The pre-pandemic buzz is over, and investors remain cautious as regulatory scrutiny intensifies, security breaches mount up, and the market limps back into recovery.

  To win investor and consumer trust, fintech companies need to drop the growth-at-all-costs mindset and switch to a marketing philosophy of long-term profitability. This is what investors want in an unstable market, and it’s certainly what customers want from a company that handles their money.

  Unlock the full picture of your marketing efforts with Matomo’s robust features and accurate reporting. Trusted by over 1 million websites, Matomo is chosen for its compliance, accuracy, and powerful features that drive actionable insights and improve decision-making.

   Start your free 21-day trial now. No credit card required.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

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