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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.

  Start for free

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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

  No credit card required

  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.

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• 12 ways Matomo Analytics helps you to protect your visitor’s privacy

  5 mai 2020, par InnoCraft — Analytics Tips, Privacy, Security

  This post was originally published on January 11, 2017, and updated on May, 2020.

  At Matomo we think privacy matters. From the beginning, Matomo has had a strong focus on privacy and ensuring the privacy of your visitors and analytics data. 

  Here are some ways how you can ensure your users and visitors privacy by using Matomo (Piwik).

  1. Owning the data gives you power to protect user privacy

  Whether you host Matomo on-premises yourself, or whether you use Matomo’s cloud, YOU keep control of your data and nobody else. By knowing exactly where your data is stored and having full control over what happens to it, you have the power to protect your user’s privacy. No-one else can claim ownership. 

  2. GDPR compliance

  GDPR is one of the most important privacy laws to have come out in the last few years. As such, Matomo takes GDPR compliance very seriously. There’s even a 12-step checklist for you to follow to ensure your Matomo is GDPR compliant. Not only that Matomo is HIPAA, CCPA, LGPD, and PECR compliant.

  3. Data anonymization

  For better privacy by default, Matomo implements a range of data anonymization techniques. One of the main techniques is not recording the full IP address of your visitors. Some countries even require you to anonymize additional info considered Personally Identifiable Information (PII).

  To change the IP anonymization settings go to “Administration > Privacy”. 

  

  4. Configuring Matomo to not process personal data or personally identifiable information (PII)

  To further protect the privacy of your visitors, you can learn how to not process any personal information or PII. 

  5. Deleting old visitor logs

  The is important because visitor logs contain information all the collected raw data about every visitor and every action. You can configure Matomo to automatically delete logs from the database. When you delete old logs, only the real time and visitor log reports will no longer work for this old time period, all other aggregated reports will still work.

  For privacy reasons, we highly recommend that you keep the detailed Matomo logs for only 3 to 6 months and delete older log data. This has one other nice side effect : it will free significant database space, which will, in turn, slightly increase performance !

  

  6. Supporting the Do Not Track preference

  Do Not Track enables users to opt out of any tracking by websites they do not visit, including analytics services, advertising networks, and social platforms. By default, Matomo respects users preference and will not track visitors which have specified “I do not want to be tracked” in their web browsers. Get more information about DoNotTrack.

  To make sure Do Not Track is respected, go to “Administration => Privacy”.

  7. Including an Opt-Out Feature on your website or app

  By embedding the Opt-Out feature in your website, you give your visitors the possibility to opt-out of the tracking. When you go to “Administration > Privacy”, you will be able to copy and paste an HTML Iframe code to embed the opt-out feature for example into your privacy policy page or in your ‘Legal’ page. Your users can then click on a link to opt-out.

  On the Matomo Marketplace there are also some plugins available to customize the Opt-Out experience. For example AjaxOptOut and CustomOptOut.

  

  8. Disabling Live features

  The Real-Time, Visitor Log and Visitor Profile features give you insights into the tracked raw data by showing you details about every visitor and every action they performed. To protect the privacy of your visitors you may decide to prevent access to such features by disabling the “Live” plugin in “Administration => Plugins”. This way only aggregated reports will be shown in your Matomo.

  9. Disabling fingerprinting across websites

  By default, when one of your visitors visits several of your websites, Matomo will create a fingerprint for this user that will be different across the websites to increase the visitors’ privacy. You can make sure that this feature is disabled by going to “Administration => Config file” and verifying that the value of “enable_fingerprinting_across_websites” is set to zero.

  10. Disabling tracking cookies

  Matomo uses first-party cookies to store some information about visitors between visits. In some countries, the legislation requires websites to provide a way for users to opt-out of all tracking, in particular tracking cookies. You can disable cookies by adding one line in the Matomo Javascript code.

  11. Creating the tool of your dreams by developing your own plugins and getting access to the API

  Matomo is an open platform that lets you extend and customise the tracking ; reporting ; and user interface to your needs and to protect your visitors’ privacy the way you want or need it. Learn more in the Matomo Developer Zone. You may also have a look at our Matomo Marketplace where you can find several free and premium features to extend your Matomo.

  12. Transparency

  By default, all information and all collected data in your Matomo server are protected and nobody can access it. However, Matomo allows you to optionally make your collected data public and you can export any Matomo report including the whole dashboard to embed it into your website. This way you can show your users exactly which information you track. When you decide to make reports public, we do our best to protect privacy and automatically hide any Personally Identifiable Information such as the Visitor Profile and we make sure to not show any Visitor IP address and the Visitor ID.

  Bonus tip – A privacy policy template for you

  When you use Matomo to track your visitors, we recommend you update your Privacy Policy to explain how Matomo is used and what data it gathers. Here’s a Privacy Policy template for you to copy on your site.

  Continuous privacy improvements

  We are always interested in improving the privacy. If you miss any feature or have an idea on how to improve the privacy, please let us know.

  More information about all the Matomo features

  If you want to learn more about all the features in Matomo, have a look at our User Guides and FAQ entries.

• 10 Proven Ways Heatmaps Improve Website Conversions

  20 septembre 2021, par Ben Erskine — Analytics Tips, Plugins, Heatmap
  

  Heatmap analytics are critical in improving website conversions. Why ? Because they provide customer-centric insights. 

  In the online market, businesses that are customer-centric are 60% more profitable than businesses that are not.

  Using heatmaps to track factors such as usability, compare A/B landing pages and content engagement across channels optimises online conversions by addressing issues faced by real users. 

  How heatmaps benefit your customers

  Customer experience is one of the most important factors in business success. 

  Website heatmap software like Matomo offers unique insights into customer behaviour that is then used to improve their experience, usability and engagement. 

  Data analysis captures information on how many people complete a sales funnel or bounce from a website. Behavioural analytics like heatmaps can show you why they bounce.

  This benefits your customers (and therefore your bottom line) because it puts the focus on them and their needs.

  10 ways heatmap analytics help increase website conversions

  #1. Improve UX/Usability 

  Heatmap analytics improve usability by identifying where you are losing customers on your website.

  Forrester research indicates that improving user experience can improve conversions by up to 400%, and on average every $1 spent on UX has a return of $100. 

  For example, you may have a CTA button but customers never click it to reach the payment page. 

  Heatmaps show you how customers interact with your website naturally so that you can adjust it according to their needs.

  Using heatmap analytics to improve usability boosts conversions because it improves customer experiences. 88% of online consumers say that they wouldn’t even bother returning to a website after a bad experience. 

  #2. Website design and content structure 

  Another way that heatmaps can improve conversions is to analyse your website design and content structure. 

  You might be wondering how often a specific ad or a banner was displayed and viewed by your visitors on any of your pages and how often a visitor actually interacted with them. These two parts of the analysis are called content impression and content interaction.

  Ideally, your website elements such as banners, listings, buttons and thumbnails will entice customers to click and find out more. 

  Heatmaps and click maps analyse

  1. How many impressions the content has (e.g. a banner), and
  2. What percent of users that see the content click on it 

  For example, you may have a banner with high impressions but low click-through rates. Tracking content interactions optimises your website by showing which elements or CTAs need more visibility. 

  #3. A/B testing

  Heatmaps provide invaluable data on which landing pages are converting the best. Not only that, but session recordings and heatmap data can show you exactly why one is converting better so that you can replicate the results to increase conversions on other landing pages.

  Tracking heatmap updates on different versions of the same sales page will help confirm creative solutions faster than feedback alone. 

  Ultimately this kind of comparison increases your ROI faster because you are not guessing why some customers are converting and others are not. 

  #4. Conversion Funnel

  Using heatmap software in sales funnels lets you visualise user behaviour at each stage of the conversion process. 

  For example, if many customers are dropping off a payment page, heatmaps can indicate whether it is a usability issue such as pop ups, lack of clarity with payment buttons or something web developers haven’t seen from the back end. 

  These analytics improve conversions by reducing friction in sales funnels as much as possible. 

  #5. Content engagement across channels 

  Optimising websites across all channels is now expected for online businesses. 

  Bad mobile optimisation annoys 48% of online shoppers, and if your web page takes longer than 3 seconds to load, 53% of visitors will simply click away. 

  You can use heatmaps to improve engagement by tracking mouse activity, clicks and scrolling. This helps improve conversions by confirming 

  • How invested a user is in the page 
  • How easy it is to navigate your website and content on different devices 
  • What is your most viewed content and what to push more of 
  • How users generally move through your website on different devices 
  • How clear your messaging is (e.g. high click through rate but low engagement could indicate they aren’t finding what they’re looking for once they click on a CTA)

  #6. Above the fold analysis 

  Although a well-used web development term, above the fold is still one of the most important factors in heatmap analysis. 

  Above the fold analysis gives you insight into a customer’s first impression of a page. 

  An example of above-the-fold heatmaps in action could be a page with a video explanation. Say you have a landing page with a video below the fold that explains why someone should buy and has a CTA button underneath. If there are a lot of page visitors but very few people scrolling below the fold, you can see why hardly any visitors are watching the video or engaging with the CTA button. 

  Insights like this would inform further development such as including important video content above the fold or updating header copy to encourage visitors to scroll down the page more often.

  

  #7. Session recording

  Recording features go hand in hand with heatmap visualisations. Recording features like Session Recording shows the flow of each user’s time on your website. 

  For example, a session recording replays all clicks, mouse movements, scrolls, window resizes, form interactions, and page changes (e.g. when a popup appears).

  #8. Scroll heatmap 

  A scroll heatmap shows the percentage of people that have seen a part of the page. 

  For example, the top of a website page will be the “hottest” in a scroll heatmap, and it naturally gets “colder” further down.

  Tracking this shows whether customers are staying on the page, whether they are only seeing information above the fold, and whether sales pages are engaging. 

  It is an effective strategy for improving sales pages because it shows where customers are losing interest and which elements receive the most engagement.

  

  #9. Records clicks 

  With a click heatmap, you can find out what your visitors think is clickable on a webpage.

  This improves conversions in two ways. 

  Firstly, it shows whether customers are clicking where you expect them to. For example, if you create a “buy now” or “free trial” button but nobody ever pushes it, it informs your back end developers that it needs an upgrade. 

  Secondly, it indicates any user experience issues. If there are a lot of clicks on an element that doesn’t link anywhere, it shows that it either needs to be changed or have a link included because customers are trying to engage with it. 

  For even more accurate data, combine click maps with hover maps. This shows where users are paying attention but not clicking through. 

  #10. Records mouse movement/hovering

  Is your website distracting users from the ultimate goal of converting ? Does your website have a logical flow and next step ? Recording mouse movement and attention will help you answer questions like these. 

  Mouse move and hover heatmaps identify where your website visitors engage on the page. Are they naturally drawn to your CTAs ? Is the sidebar taking their attention away from the primary content ? 

  This data increases the likelihood of conversions because it shows where you need to remove distractions or draw their attention in. 

  

  Final thoughts on heatmap analytics 

  Heatmap analytics benefit both you and your customers. By identifying issues that stop them from buying and optimise their engagement, you’ll have happy customers and happy stakeholders. 

  Next, check out these guides on heatmap software and using user behaviour analytics to increase conversions and improve customer experience !

  The Ultimate Guide to Heatmap Software

  Heatmap Video

  Session Recording Video