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• Strategies for Reducing Bank Customer Acquisition Cost [2024]

  24 septembre 2024, par Daniel Crough — Banking and Financial Services

  Acquiring new customers is no small feat — regardless of the size of your team. The expenses of various marketing efforts tend to pile up fast, even more so when your business operates in a highly competitive industry like banking. At the same time, marketing budgets continue to decrease — dropping from an average of 9.1% of total company revenue in 2023 down to 7.7% in 2024 — prompting businesses in the financial services industry to figure out how they can do more with less.

  That brings us to bank customer acquisition cost (CAC) — a key business metric that can reveal quite a bit about your bank’s long-term profitability and potential for achieving sustainable growth. 

  This article will cover the ins and outs of bank customer acquisition costs and share actionable tips and strategies you can implement to reduce CAC.

  What is customer acquisition cost in banking ? 

  

  The global market volume of neobanks — fintech companies and digital banking platforms, often referred to as “challenger banks” — was estimated at $4.96 trillion in 2023. It’s expected to continue growing at a compound annual growth rate (CAGR) of 13.15% in the coming years, potentially reaching $10.44 trillion by 2028.

  That’s enough of an indicator that the financial services industry is now a highly competitive landscape where companies are often competing for the attention of a relatively limited audience. 

  Plus, several app-only banks based in Europe have made significant progress in attracting new customers to their financial products : 

  

  Unsurprisingly, this flurry of competition is putting upward pressure on customer acquisition and retention costs across the banking sector.

  Customer acquisition cost (CAC) — the sum of all costs and resources related to acquiring an additional customer — is one of the key business metrics to keep an eye on when trying to maximise your return on investment (ROI) and profitability, especially if your company operates in the banking industry.

  Here’s the basic formula you can use to calculate the cost of acquisition in banking : 

  Customer Acquisition Cost (CAC) = Total Amount Spent (TS) / Total New Customers Acquired (TNC)

  In essence, it requires you to divide the total cost of acquiring consumers — including sales and marketing expenses — by the total number of new customers your company has gained within a specific timeframe.

  There’s one thing you need to keep in mind : 

  The customer acquisition process involves more than just your marketing and sales departments. 

  While marketing and sales channels play a crucial role in this process, the list of expenses that may contribute to customer acquisition costs in banking goes well beyond that. 

  Here’s a quick breakdown of the customer acquisition cost formula to show you which costs make up the total amount spent : 

  • All advertising and marketing costs, including traditional (direct mail, billboards, TV and print advertising) and digital channels (email, Google ads, social media and influencer marketing)
  • Cost of outsourced marketing services, including any independent contractors involved in the process 
  • Salaries and commissions for the marketing team and sales representatives
  • Software subscriptions, including marketing software and web analytics tools 
  • Other overhead and operational costs 

  And until you’ve taken all these expenses into account, you won’t be able to accurately estimate how much it actually costs you to attract potential customers.

  Another thing to keep in mind is that there’s no universal definition of “good CAC.” 

  The average customer acquisition cost varies across different industries and business models. That said, you can generally expect a higher-than-average CAC in highly competitive sectors — namely, the financial, manufacturing and real estate industries. 

  Importance of tracking customer acquisition cost in banking 

  

  Customer acquisition costs are an important indicator of a banking business’s potential growth and profitability. Monitoring this fundamental business metric can provide data-driven insights about your current bank customer acquisition strategy — and offers a few notable benefits : 

  • Measuring the performance and effectiveness of different channels and campaigns and making data-driven decisions regarding future marketing efforts
  • Improving return on investment (ROI) by determining the most effective strategies for acquiring new customers 
  • Improving profitability by assessing the value per customer and improving profit margins 
  • Benchmarking against industry competitors to see where your business’s CAC stands compared to the banking industry average

  At the risk of stating the obvious, acquiring new customers isn’t always easy. That’s true for many highly competitive industries — especially the banking sector, which is currently witnessing the rapid rise of digital disruptors. 

  Case in point, the fintech market alone is currently valued at $312.98 billion and is expected to reach $556.70 billion by 2030, following a CAGR of 14%.

  

  However, strong competition is only one of the challenges banks face throughout the process of attracting potential customers. 

  Here are a few other things to keep in mind : 

  • Ethical business practices and strict compliance requirements when it comes to the privacy and security of customer data, including meeting data protection standards and ensuring regulatory compliance
  • Lack of personalisation throughout the customer journey, which today’s customers view as a lack of understanding of — and even interest in — their needs and preferences 
  • Limited mobile banking capabilities, which further points to a failure to innovate and adapt — one of the leading risks that financial services may face 

  7 strategies for reducing bank customer acquisition costs 

  

  When working on optimising your banking customer acquisition strategy, the key thing to keep in mind is that there are two sides to improving CAC : 

  On the one hand, you have efforts to decrease the costs associated with acquiring a new customer — and on the other, you have the importance of attracting high-value customers. 

  1. Eliminate friction points in the customer onboarding process

  One of the first things financial institutions should do is examine their existing digital onboarding process and look for friction points that might cause potential customers to drop off. After all, a streamlined onboarding process will minimise barriers to conversion, increasing the number of new customers acquired and improving overall customer satisfaction. 

  Keep in mind that, at the 30-day mark, finance mobile apps have an average user retention rate of 3% : 

  

  That says a lot about the importance of providing a frictionless onboarding experience as a retail bank or any other financial institution. 

  Granted, a single point of friction is rarely enough to cause customers to churn. It’s typically a combination of several factors — a lengthy sign-up process with complicated password requirements and time-consuming customer identification or poor customer service, for example — that occur during the key moments of the customer journey.

  In order to keep tabs on customer experiences across different touchpoints and spot potential barriers in their journey, you’ll need a reliable source of data. Matomo’s Funnels report can show you exactly where your website visitors are dropping off. 

  2. Get more personalised with your marketing efforts 

  Generic experiences are rarely the way to go — especially when you’re contending for the attention of prospective customers in such a competitive sector. 

  Besides, 62% of people who made an online purchase within the last six months have said that brands would lose their loyalty following a non-personalised experience. 

  What’s more shocking is that only a year earlier, that number stood at 45%.

  

  When it comes to improving marketing efficiency and sales strategies, 94% of marketers agree that personalisation is key : 

  

  It’s evident that personalised marketing supported by behavioural segmentation can significantly improve conversion rates — and, most importantly, reduce acquisition costs. 

  Of course, it’s virtually impossible to deliver targeted, personalised marketing messaging without creating audience segments and detailed buyer personas. Matomo’s Segmentation feature can help by allowing you to split website visitors into smaller groups and get much-needed insights for behavioural segmentation. 

  3. Build an omnichannel marketing strategy 

  Customer expectations, behaviours and preferences are constantly evolving, making it crucial for financial services to adapt their customer acquisition strategies accordingly. Meeting prospective customers on their preferred channels is a big part of that. 

  The issue is that modern banking customers tend to move across different channels. That’s one of the reasons why it’s becoming increasingly more difficult to deliver a unified experience throughout the entire customer journey and close the gap between digital and in-person customer interactions. 

  Omnichannel marketing gives you a way to keep up with customers’ ever-evolving expectations :

  Adopting this marketing strategy will allow you to meet customers where they are and deliver a seamless experience across a wide range of digital channels and touchpoints, leading to more exposure — and, ultimately, increasing the number of acquired customers.

  Matomo can support your omnichannel efforts by providing accurate, unsampled data needed for cross-channel analytics and marketing attribution. 

  4. Work on your social media presence 

  Social networks are among the most popular — and successful — digital marketing channels, with millions (even billions, depending on the platform) of active users. 

  In fact, 89% of marketers report using Facebook as their main platform for social media marketing, while another 80% use Instagram to reach their target audience and promote their business. 

  

  And according to The State of Social Media in Banking 2023 report, nine out of ten banks (89%) consider social media is important, while another 88% are active on their social media accounts. 

  That is to say, even traditionally conservative industries — like banking and finance — realise the crucial role of social media in promoting their services and engaging with customers on their preferred channels : 

  It’s an excellent way for businesses in the financial sector to gain exposure, drive traffic to their website and acquire new customers. 

  If you’re ready to improve social media visibility as part of your multichannel efforts, Matomo can help you track social media activity across 70 different platforms. 

  5. Shift the focus on customer loyalty and retention 

  Up until this point, the focus has mainly been on building new business relationships. However, one thing to keep in mind is that retaining existing customers is generally cheaper than investing in customer acquisition activities to attract new ones. 

  Of course, customer retention won’t directly impact your CAC. But what it can do is increase customer lifetime value, contributing to your company’s revenue and profits — which, in turn, can “balance out” your acquisition costs in the long run.

  That’s not to say that you should stop trying to bring in new clients ; far from it. 

  However, focusing on increasing customer loyalty — namely, delivering excellent customer service and building lasting business relationships — could motivate satisfied customers to become brand advocates. 

  As this survey of customer satisfaction for leading banks in the UK has shown, when clients are satisfied with a bank’s products and services, they’re more likely to recommend it. 

  

  Positive word-of-mouth recommendations can be a powerful way to drive customer acquisition. You can leverage that by launching a customer referral program and incentivising loyal customers to refer new ones to your business. 

  6. A/B test different elements to find ones that work 

  We’ve already underlined the importance of understanding your audience ; it’s the foundation for optimising the customer journey and delivering targeted marketing efforts that will attract more customers. 

  Another proven method that can be used to refine your customer acquisition strategy is A/B or split testing. 

  It involves testing different versions of specific elements of your marketing content — such as language, CTAs and visuals — to determine the most effective combinations that resonate with your target audience. 

  Besides your marketing campaigns, you can also split test different variants of your website or mobile app to see which version gets them to convert. 

  Matomo’s A/B Testing feature can be of huge help here : 

  

  7. Track other relevant customer acquisition metrics 

  To better assess your company’s profitability, you’ll have to go beyond CAC and factor in other critical metrics — namely, customer lifetime value (CLTV), churn rate and return on investment (ROI). 

  Here are the most important KPIs you should monitor in addition to CAC : 

  • Customer lifetime value (CLTV), which represents the revenue generated by a single customer throughout the duration of their relationship with your company and is another crucial indicator of customer profitability 
  • Churn rate — the rate at which your company loses clients within a given timeframe — can indicate how well you’re retaining customers 
  • Return on investment (ROI) — the revenue generated by new clients compared to the initial costs of acquiring them — can help you identify the most effective customer acquisition channels 

  These metrics work hand in hand. There needs to be a balance between the revenue the customer generates over their lifetime and the costs related to attracting them.

  Ideally, you should be aiming for lower CAC and customer churn and higher CLTV ; that’s usually a solid indicator of financial health and sustainable growth. 

  Lower bank customer acquisition costs with Matomo 

  Acquiring new customers will require a lot of time and resources, regardless of the industry you’re working in — but can be even more challenging in the financial sector, where you have to adapt to the ever-changing customer expectations and demands. 

  The strategies outlined above — combined with a thorough understanding of your customer’s behaviours and preferences — can help you lower the cost of bank customer acquisition.

  On that note, you can learn a lot about your customers through web analytics — and use those insights to support your customer acquisition process and ensure you’re delivering a seamless online banking experience. 

  If you need an alternative to Google Analytics that doesn’t rely on data sampling and ensures compliance with the strictest privacy regulations, all while being easy to use, choose Matomo — the go-to web analytics platform for more than 1 million websites around the globe. 

  CTA : Start your 21-day free trial today to see how Matomo’s all-in-one solution can help you understand and attract new customers — all while respecting their privacy. 

• How to Check Website Traffic As Accurately As Possible

  18 août 2023, par Erin — Analytics Tips

  If you want to learn about the health of your website and the success of your digital marketing initiatives, there are few better ways than checking your website traffic. 

  It’s a great way to get a quick dopamine hit when things are up, but you can also use traffic levels to identify issues, learn more about your users or benchmark your performance. That means you need a reliable and easy way to check your website traffic over time — as well as a way to check out your competitors’ traffic levels, too. 

  In this article, we’ll show you how to do just that. You’ll learn how to check website traffic for both your and your competitor’s sites and discover why some methods of checking website traffic are better than others. 

  Why check website traffic ? 

  Dopamine hits aside, it’s important to constantly monitor your website’s traffic for several reasons.

  

  Benchmark site performance

  Keeping regular tabs on your traffic levels is a great way to track your website’s performance over time. It can help you plan for the future or identify problems. 

  For instance, growing traffic levels may mean expanding your business’s offering or investing in more inventory. On the flip side, decreasing traffic levels may suggest it’s time to revamp your marketing strategies or look into issues impacting your SEO. 

  Analyse user behaviour

  Checking website traffic and user behaviour lets marketing managers understand how users interact with your website. Which pages are they visiting ? Which CTAs do they click on ? What can you do to encourage users to take the actions you want ? You can also identify issues that lead to high bounce rates and other problems. 

  The better you understand user behaviour, the easier it will be to give them what they want. For example, you may find that users spend more time on your landing pages than they do your blog pages. You could use that information to revise how you create blog posts or focus on creating more landing pages. 

  Improve the user experience

  Once you understand how users behave on your website, you can use that information to fix errors, update your content and improve the user experience for the site. 

  You can even personalise the experience for customers, leading to significant growth. Research shows companies that grow faster derive 40% more of their revenue from personalisation. 

  That could come in the form of sweeping personalisations — like rearranging your website’s navigation bar based on user behaviour — or individual personalisation that uses analytics to transform sections or entire pages of your site based on user behaviour. 

  Optimise marketing strategies

  You can use website traffic reports to understand where users are coming from and optimise your marketing plan accordingly. You may want to double down on organic traffic, for instance, or invest more in PPC advertising. Knowing current traffic estimates and how these traffic levels have trended over time can help you benchmark your campaigns and prioritise your efforts. 

  Increasing traffic levels from other countries can also help you identify new marketing opportunities. If you start seeing significant traffic levels from a neighbouring country or a large market, it could be time to take your business international and launch a cross-border campaign. 

  Filter unwanted traffic

  A not-insignificant portion of your site’s traffic may be coming from bots and other unwanted sources. These can compromise the quality of your analytics and make it harder to draw insights. You may not be able to get rid of this traffic, but you can use analytics tools to remove it from your stats. 

  How to check website traffic on Matomo

  If you want to check your website’s traffic, you’d be forgiven for heading to Google Analytics first. It’s the most popular analytics tool on the market, after all. But if you want a more reliable assessment of your website’s traffic, then we recommend using Matomo alongside Google Analytics. 

  The Matomo web analytics platform is an open-source solution that helps you collect accurate data about your website’s traffic and make more informed decisions as a result — all while enhancing the customer experience and ensuring GDPR compliance and user privacy. 

  Matomo also offers multiple ways to check website traffic :

  • Visits log report
  • Real-time visitor map
  • Visits in real-time report

  Let’s look at all of them one by one. 

  The visits log report is a unique rundown of all of the individual visitors to your site. This offers a much more granular view than other tools that just show the total number of visitors for a given period. 

  

  You can access the visits log report by clicking on the reporting menu, then clicking Visitor and Visits Log. From there, you’ll be able to scroll through every user session and see the following information :

  • The location of the user
  • The total number of actions they took
  • The length of time on site
  • How they arrived at your site
  • And the device they used to access your site 

  This may be overwhelming if your site receives thousands of visitors at a time. But it’s a great way to understand users at an individual level and appreciate the lifetime activity of specific users. 

  The Real-time visitor map is a visual display of users’ location for a given timeframe. If you have an international website, it’s a fantastic way to see exactly where in the world your traffic comes from.

  

  You can access the Real-time Visitor Map by clicking Visitor in the main navigation menu and then Real-time Map. The map itself is colour-coded. Larger orange bubbles represent recent visits, and smaller dark orange and grey bubbles represent older visits. The map will refresh every five seconds, and new users appear with a flashing effect. 

  If you run TV or radio adverts, Matomo’s Real-time Map provides an immediate read on the effectiveness of your campaign. If your map lights up in the minutes following your ad, you know it’s been effective. It can also help you identify the source of bot attacks, too. 

  Finally, the Visits in Real-time report provides a snapshot of who is browsing your website. You can access this report under Visitors > Real-time and add it to your custom dashboards as a widget. 

  Open the report, and you’ll see the real-time flow of your site’s users and counters for visits and pageviews over the last 30 minutes and 24 hours. The report refreshes every five seconds with new users added to the top of the report with a fade-in effect.

  

  The report provides a snapshot of each visitor, including :

  • Whether they are new or a returning 
  • Their country
  • Their browser
  • Their operating system
  • The number of actions they took
  • The time they spent on the site
  • The channel they came in from
  • Whether the visitor converted a goal

  3 other ways to check website traffic

  You don’t need to use Matomo to check your website traffic. Here are three other tools you can use instead. 

  How to check website traffic on Google Analytics

  Google Analytics is usually the first starting point for anyone looking to check their website traffic. It’s free to use, incredibly popular and offers a wide range of traffic reports. 

  Google Analytics lets you break down historical traffic data almost any way you wish. You can split traffic by acquisition channel (organic, social media, direct, etc.) by country, device or demographic.

  

  It also provides real-time traffic reports that give you a snapshot of users on your site right now and over the last 30 minutes. 

  

  Google Analytics may be one of the most popular ways to check website traffic, but it could be better. Google Analytics 4 is difficult to use compared to its predecessor, and it also limits the amount of data you can track in accordance with privacy laws. If users refuse your cookie consent, Google Analytics won’t record these visits. In other words, you aren’t getting a complete view of your traffic by using Google Analytics alone. 

  That’s why it’s important to use Google Analytics alongside other web analytics tools (like Matomo) that don’t suffer from the same privacy issues. That way, you can make sure you track every single user who visits your site. 

  How to check website traffic on Google Search Console

  Google Search Console is a free tool from Google that lets you analyse the search traffic that your site gets from Google. 

  The top-line report shows you how many times your website has appeared in Google Search, how many clicks it has received, the average clickthrough rate and the average position of your website in the search results. 

  

  Google Search Console is a great way to understand what you rank for and how much traffic your organic rankings generate. It will also show you which pages are indexed in Google and whether there are any crawling errors. 

  Unfortunately, Google Search Console is limited if you want to get a complete view of your traffic. While you can analyse search traffic in a huge amount of detail, it will not tell you how users who access your website directly or via social media behave. 

  How to check website traffic on Similarweb

  Similarweb is a website analysis tool that estimates the total traffic of any site on the internet. It is one of the best tools for estimating how much traffic your competitors receive. 

  What’s great about Similarweb is that it estimates total traffic, not just traffic from search engines like many SEO tools. It even breaks down traffic by different channels, allowing you to see how your website compares against your competitors. 

  

  As you can see from the image above, Similarweb provides an estimate of total visits, bounce rate, the average number of pages users view per visit and the average duration on the site. The company also has a free browser extension that lets you check website traffic estimates as you browse the web. 

  You can use Similarweb for free to a point. But to really get the most out of this tool, you’ll need to upgrade to a premium plan which starts at $125 per user per month. 

  The price isn’t the only downside of using Similarweb to check the traffic of your own and your competitor’s websites. Ultimately, Similarweb is only an estimate — even if it’s a reasonably accurate one — and it’s no match for a comprehensive analytics tool. 

  7 website traffic metrics to track

  Now that you know how to check your website’s traffic, you can start to analyse it. You can use plenty of metrics to assess the quality of your website traffic, but here are some of the most important metrics to track. 

  • New visitors : These are users who have never visited your website before. They are a great sign that your marketing efforts are working and your site is reaching more people. But it’s also important to track how they behave on the website to ensure your site caters effectively to new visitors. 
  • Returning visitors : Returning visitors are coming back to your site for a reason : either they like the content you’re creating or they want to make a purchase. Both instances are great. The more returning visitors, the better. 
  • Bounce rate : This is a measure of how many users leave your website without taking action. Different analytics tools measure this metric differently.
  • Session duration : This is the length of time users spend on your website, and it can be a great gauge of whether they find your site engaging. Especially when combined with the metric below. 
  • Pages per session : This measures how many different pages users visit on average. The more pages they visit and the longer users spend on your website, the more engaging it is. 
  • Traffic source : Traffic can come from a variety of sources (organic, direct, social media, referral, etc.) Tracking which sources generate the most traffic can help you analyse and prioritise your marketing efforts. 
  • User demographics : This broad metric tells you more about who the users are that visit your website, what device they use, what country they come from, etc. While the bulk of your website traffic will come from the countries you target, an influx of new users from other countries can open the door to new opportunities.

  Why do my traffic reports differ ?

  If you use more than one of the methods above to check your website traffic, you’ll quickly realise that every traffic report differs. In some cases, the reasons are obvious. Any tool that estimates your traffic without adding code to your website is just that : an estimate. Tools like Similarweb will never offer the accuracy of analytics platforms like Matomo and Google Analytics. 

  But what about the differences between these analytics platforms themselves ? While each platform has a different way of recording user behaviour, significant differences in website traffic reports between analytics platforms are usually a result of how each platform handles user privacy. 

  A platform like Google Analytics requires users to accept a cookie consent banner to track them. If they accept, great. Google collects all of the data that any other analytics platform does. It may even collect more. If users reject cookie consent banners, however, then Google Analytics can’t track these visitors at all. They simply won’t show up in your traffic reports. 

  That doesn’t happen with all analytics platforms, however. A privacy-focused alternative like Matomo doesn’t require cookie consent banners (apart from in the United Kingdom and Germany) and can therefore continue to track visitors even after they have rejected a cookie consent screen from Google Analytics. This means that virtually all of your website traffic will be tracked regardless of whether users accept a cookie consent banner or not. And it’s why traffic reports in Matomo are often much higher than they are in Google Analytics.

  

  Given that around half (47.32%) of adults in the European Union refuse to allow the use of personal data tracking for advertising purposes and that 95% of people will reject additional cookies when it is easy to do so, this means you could have vastly different traffic reports — and be missing out on a significant amount of user data. 

  If you’re serious about using web analytics to improve your website and optimise your marketing campaigns, then it is essential to use another analytics platform alongside Google Analytics. 

  Get more accurate traffic reports with Matomo

  There are several methods to check website traffic. Some, like Similarweb, can provide estimates on your competitors’ traffic levels. Others, like Google Analytics, are free. But data doesn’t lie. Only privacy-focused analytics solutions like Matomo can provide accurate reports that account for every visitor. 

  Join over one million organisations using Matomo to accurately check their website traffic. Try it for free alongside GA today. No credit card required. 

• Inserting an image inside a video every few frames using ffmpeg

  9 mars 2017, par Erez Hochman

  Can I use FFMPEG to insert an image every 20 frames in a video ?
  I’m trying to create a subliminal message experiment and I thought it would be an easy way to make it but I can’t find anything online.

  I tried to make something myself and created a script that :
  1.splits a file into audio and video files
  2.splits the video into frames
  3.overwrites every 20th image in the sequence with the message image
  4.re-encoding the video
  5.concatenating it with the original audio

  this works but it’s way more disk space consuming to be comfortable, is there a better way to do this ?
  any advice or thought would be happily welcome.