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• Marketing Touchpoints : Examples, KPIs, and Best Practices

  11 mars 2024, par Erin

  The customer journey is rarely straightforward. Rather, each stage comprises numerous points of contact with your brand, known as marketing touchpoints. And each touchpoint is equally important to the customer experience. 

  This article will explore marketing touchpoints in detail, including how to analyse them with attribution models and which KPIs to track. It will also share tips on incorporating these touchpoints into your marketing strategy. 

  What are marketing touchpoints ? 

  Marketing touchpoints are the interactions that take place between brands and customers throughout the latter’s journey, either online or in person. 

  

  By understanding how customers interact with your brand before, during and after a purchase, you can identify the channels that contribute to starting, driving and closing buyer journeys. Not only that, but you’ll also learn how to optimise the customer experience. This can also help you : 

  • Promote customer loyalty through increased customer satisfaction
  • Improve your brand reputation and foster a more positive perception of your brand, supported by social proof 
  • Build brand awareness among prospective customers 
  • Reconnect with current customers to drive repeat business

  According to a 2023 survey, social media and video-sharing platforms are the leading digital touchpoints among US consumers.

  

  With the customer journey divided into three stages — awareness, consideration, and decision — we can group these interactions into three touchpoint segments, depending on whether they occur before, during or after a purchase. 

  Touchpoints before a purchase

  Touchpoints before a purchase are those initial interactions between potential customers and brands that occur during the awareness stage — before they’ve made a purchase decision. 

  Here are some key touchpoints at the pre-purchase stage : 

  • Customer reviews, forums, and testimonials 
  • Social media posts
  • Online ads 
  • Company events and product demos
  • Other digital touchpoints, like video content, blog posts, or infographics
  • Peer referral 

  In PwC’s 2024 Global Consumer Insights Pulse Survey, 54% of consumers listed search engines as their primary source of pre-purchase information, followed by Amazon (35%) and retailer websites (33%). 

  Here are the survey’s findings in Western Europe, specifically : 

  

  Social channels are another major pre-purchase touchpoint ; 25% of social media users aged 18 to 44 have made a purchase through a social media app over the past three months. 

  Touchpoints during a purchase

  Touchpoints during a purchase occur when the prospective customer has made their purchase decision. It’s the beginning of a (hopefully) lasting relationship with them. 

  It’s important to involve both marketing and sales teams here — and to keep track of conversion metrics. 

  Here are the main touchpoints at this stage : 

  • Company website pages 
  • Product pages and catalogues 
  • Communication between customers and sales reps 
  • Product packaging and labelling 
  • Point-of-sale (POS) — the final touchpoint the prospective customer will reach before making the final purchasing decision 

  Touchpoints after a purchase

  You can use touchpoints after a purchase to maintain a positive relationship and keep current customers engaged. Examples of touchpoints that contribute to a good post-purchase experience for the customer include the following : 

  • Thank-you emails 
  • Email newsletters 
  • Customer satisfaction surveys 
  • Cross-selling emails 
  • Renewal options 
  • Customer loyalty programs

  Email marketing remains significant across all touchpoint segments, with 44% of CMOs agreeing that it’s essential to their marketing strategy — and it also plays a particularly important role in the post-purchase experience. For 61.1% of marketing teams, email open rates are higher than 20%.

  

  Sixty-nine percent of consumers say they’ve stopped doing business with a brand following a bad experience, so the importance of customer service touchpoints shouldn’t be overlooked. Live chat, chatbots, self-service resources, and customer service teams are integral to the post-purchase experience.

  Attribution models : Assigning value to marketing touchpoints 

  Determining the most effective touchpoints — those that directly contribute to conversions — is a process known as marketing attribution. The goal here is to identify the specific channels and points of contact with prospective customers that result in revenue for the company.

  

  You can use these insights to understand — and maximise — marketing return on investment (ROI). Otherwise, you risk allocating your budget to the wrong channels. 

  It’s possible to group attribution models into two categories — single-touch and multi-touch — depending on whether you assign value to one or more contributing touchpoints.

  Single-touch attribution models, where you’re giving credit for the conversion to a single touchpoint, include the following :

  • First-touch attribution : This assigns credit for the conversion to the first interaction a customer had with a brand ; however, it fails to consider lower-funnel touchpoints.
  • Last-click attribution : This focuses only on bottom-of-funnel marketing and credits the last interaction the customer had with a brand before completing a purchase.
  • Last non-direct : Credits the touchpoint immediately preceding a direct touchpoint with all the credit.

  Multi-touch attribution models are more complex and distribute the credit for conversion across multiple relevant touchpoints throughout the customer journey :

  • Linear attribution : The simplest multi-touch attribution model assigns equal values to all contributing touchpoints.
  • Position-based or U-shaped attribution : This assigns the greatest value to the first and last touchpoint — with 40% of the conversion credit each — and then divides the remaining 20% across all the other touchpoints.
  • Time-decay attribution : This model assigns the most credit to the customer’s most recent interactions with a brand, assuming that the touchpoints that occur later in the journey have a bigger impact on the conversion.

  Consider the following when choosing the most appropriate attribution model for your business :

  • The length of your typical sales cycle
  • Your marketing goals : increasing awareness, lead generation, driving revenue, etc.
  • How many stages and touchpoints make up your sales funnel

  Sometimes, it even makes sense to measure marketing performance using more than one attribution model.

  With the sheer volume of data that’s constantly generated across numerous online touchpoints, from your website to social media channels, it’s practically impossible to collect and analyse it manually.

  You’ll need an advanced web analytics platform to identify key touchpoints and assign value to them.

  Matomo’s Marketing Attribution feature can accurately measure the performance of different touchpoints to ensure that you’re allocating resources to the right channels. This is done in a compliant manner, without the need of data sampling or requiring cookie consent screens (excluding in Germany and the UK), ensuring both accuracy and privacy compliance.

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  Customer journey KPIs for measuring marketing campaign performance 

  Measuring the impact of different touchpoints on marketing campaign performance can help you understand how customer interactions drive conversions — and how to optimise your future efforts. 

  

  Clearly, this is not a one-time effort. You should continuously reevaluate the crucial touchpoints that drive the most engagement at different stages of the customer journey. 

  Web analytics platforms can provide valuable insights into ever-changing consumer behaviours and trends and help you make informed decisions. 

  At the moment, Google is the most popular solution in the web analytics industry, with a combined market share of more than 70%. 

  However, if privacy, data accuracy, and GDPR compliance are a priority for you, Matomo is an alternative worth considering. 

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  KPIs to track before a purchase 

  During the pre-purchase stage, focus on the KPIs that measure the effectiveness of marketing activities across various online touchpoints — landing pages, email campaigns, social channels and ad placement on SERPs, for instance. 

  KPIs to track during the consideration stage include the following : 

  • Cost-per-click (CPC) : The CPC, the total cost of paid online advertising divided by the number of clicks those ads get, indicates whether you’re getting a good ROI. In the UK, the average CPC for search advertising is $1.22. Globally, it averages $0.62.
  • Engagement rate : The engagement rate, which is the total number of interactions divided by the number of followers, is useful for measuring the performance of social media touchpoints. Customer engagement also applies to other channels, like tracking average time on-page, form conversions, bounce rates, and other website interactions. 
  • Click-through rate (CTR) : The CTR — or the number of clicks your ads receive compared to the number of times they’re shown — helps you measure the performance of CTAs, email newsletters and pay-per-click (PPC) advertising.

  KPIs to track during a purchase 

  As a potential customer moves further down the sales funnel and reaches the decision stage, where they’re ready to make the choice to purchase, you should be tracking the following : 

  • Conversion rate : This is the percentage of leads that convert into customers by completing the desired action relative to the total number of website visitors. It shows you whether you’re targeting the right people and providing a frictionless checkout experience.
  • Sales revenue : This refers to the quantity of products sold multiplied by the product’s price. It helps you track the company’s ability to generate profit. 
  • Cost per conversion : This KPI is the total cost of online advertising in relation to the number of conversions. It measures the effectiveness of different marketing channels and the costs of converting prospective customers into buyers. It also forecasts future ad spend.

  KPIs to track after purchase 

  At the post-purchase stage, your priority should be gathering feedback : 

  Customer feedback surveys are great for collecting insights into customers’ post-purchase experience, opinions about your brand, products and services, and needs and expectations. 

  In addition to measuring customer satisfaction, these insights can help you identify points of friction, forecast future growth and revenue and spot customers at risk of churning. 

  Focus on the following customer satisfaction and retention metrics : 

  • Customer Satisfaction Score (CSAT) : This metric, which is gathered through customer satisfaction surveys, helps you gauge satisfaction levels. After all, 77% of consumers consider great customer service an important driver of brand loyalty.
  • Net Promoter Score (NPS) : Based on single-question customer surveys, NPS indicates how likely a customer is to recommend your business.
  • Customer Lifetime Value (CLV) : The CLV is the profit you can expect to generate from one customer throughout their relationship with your company. 
  • Customer Health Score (CHS) : This score can assess how “healthy” the customer’s relationship with your brand is and identify at-risk customers.

  Marketing touchpoints : Tips and best practices 

  Customer experience is more important today than ever. 

  

  Salesforce’s 2022 State of the Connected Consumer report indicated that, for 88% of customers, the experience the brand provides is just as important as the product itself. 

  Here’s how you can build your customer touchpoint strategy and use effective touchpoints to improve customer satisfaction, build a loyal customer base, deliver better digital experiences and drive growth : 

  Understand the customer’s end-to-end experience 

  The typical customer’s journey follows a non-linear path of individual experiences that shape their awareness and brand preference. 

  Seventy-three percent of customers expect brands to understand their needs. So, personalising each interaction and delivering targeted content at different touchpoint segments — supported by customer segmentation and tools like Matomo — should be a priority. 

  Try to put yourself in the prospective customer’s shoes and understand their motivation and needs, focusing on their end-to-end experience rather than individual interactions. 

  Create a customer journey map 

  Once you understand how prospective customers interact with your brand, it becomes easier to map their journey from the pre-purchase stage to the actual purchase and beyond. 

  By creating these visual “roadmaps,” you make sure that you’re delivering the right content on the right channels at the right times and to the right audience — the key to successful marketing.

  Identify best-performing digital touchpoints 

  You can use insights from marketing attribution to pinpoint areas that are performing well. 

  By analysing the data provided by Matomo’s Marketing Attribution feature, you can determine which digital touchpoints are driving the most conversions or engagement, allowing you to focus your resources on optimising these channels for even greater success. 

  This targeted approach helps maximise the effectiveness of your marketing efforts and ensures a higher return on investment.

  Try Matomo for Free

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

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  Discover key marketing touchpoints with Matomo 

  The customer’s journey rarely follows a direct route. If you hope to reach more customers and improve their experience, you’ll need to identify and manage individual marketing touchpoints every step of the way.

  While this process looks different for every business, it’s important to remember that your customers’ experience begins long before they interact with your brand for the first time — and carries on long after they complete the purchase. 

  In order to find these touchpoints and measure their effectiveness across multiple marketing channels, you’ll have to rely on accurate data — and a powerful web analytics tool like Matomo can provide those valuable marketing insights. 

  Try Matomo free for 21-days. No credit card required.

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• Conversion Rate Optimisation Statistics for 2024 and Beyond

  21 novembre 2023, par Erin — Analytics Tips

  Driving traffic to your website is only half the battle. The real challenge — once you’ve used a web analytics solution to understand how users behave — is turning more of those visitors into customers.

  That doesn’t happen by accident. You need to employ conversion rate optimisation strategies and tools to see even a small lift in conversion rates. The good news is that it doesn’t take much to see massive results. Raising your conversion rate from 1% to 3% can triple your revenue. 

  In even better news, you don’t have to guess at the best ways to improve your conversion rate. We’ve done the hard work and collected the most recent and relevant conversion rate optimisation statistics to help you. 

  General conversion rate optimisation statistics

  It appears the popularity of conversion rate optimisation is soaring. According to data collected by Google Trends, there were more people searching for the term “conversion rate optimization” in September 2023 than ever before. 

  As you can see from the chart below, the term’s popularity is on a clear upward trajectory, meaning even more people could be searching for it in the near future. (Source)

  

  Do you want to know what the average landing page conversion rate is ? According to research by WordStream, the average website conversion rate across all industries is 2.35%. 

  That doesn’t paint the whole picture, however. Better-performing websites have significantly higher conversion rates. The top 25% of websites across all industries convert at a rate of 5.31% or higher. (Source)

  Let’s break things down by industry now. The Unbounce Conversion Benchmark Report offers a detailed analysis of how landing pages convert across various industries.

  First, we have the Finance and Insurance industry, which boasts a conversion rate of 15.6%. 

  On the other end, agencies appears to be one of the worst-performing. Agencies’ landing pages convert at a rate of 8.8%. (Source)

  

  What about the size of the conversion rate optimisation industry ? Given the growth in popularity of the term in Google, surely the industry is experiencing growth, right ?

  You’d be correct in that assumption. The conversion rate optimisation software market was valued at $771.2 million in 2018 and is projected to reach $1.932 billion by 2026 — a compound annual growth rate (CAGR) of 9.6%.

  Statistics on the importance of conversion rate optimisation

  If you’re reading this article, you probably think conversion rate optimisation is pretty important. But do you know its importance and where it ranks in your competitors’ priorities ? Read on to find out. 

  Bounce rate — the number of people who leave your website without visiting another page or taking action — is the scourge of conversion rate optimisation efforts. Every time someone bounces from your site, you lose the chance to convert them.

  The questions, then, are : how often do people bounce on average and how does your bounce rate compare ? 

  Siege Media analysed over 1.3 billion sessions from a range of traffic sources, including 700 million bounces, to calculate an average bounce rate of 50.9%. (Source)

  

  Bounce rates vary massively from website to website and industry to industry, however. Siege Media’s study unveils an array of average bounce rates across industries :

  • Travel – 82.58%
  • B2B – 65.17%
  • Lifestyle – 64.26%
  • Business and Finance – 63.51%
  • Healthcare – 59.50%
  • eCommerce – 54.54%
  • Insurance – 45.96%
  • Real Estate – 40.78%

  It won’t come as much of a surprise to learn that marketers are determined to reduce bounce rates and improve lead conversion. Today’s marketers are highly performance-based. When asked about their priorities for the coming year, 79% of marketers said their priority was generating quality qualified leads — the most popular answer in the survey. (Source)

  Just because it is a priority for marketers doesn’t mean that everyone has their stuff together. If you have a conversion rate optimisation process in place, you’re in the minority. According to research by HubSpot, less than one in five marketers (17%) use landing page A/B tests to improve their conversion rates. (Source)

  When it comes to personalisation strategies – a common and effective tool to increase conversion rates — the picture isn’t any rosier. Research by Salesforce found just over one-quarter of markets are confident their organisation has a successful strategy for personalisation. (Source)

  Conversion rate optimisation tactics statistics

  There are hundreds of ways to improve your website’s conversion rates. From changing the color of buttons to the structure of your landing page to your entire conversion funnel, in this section, we’ll look at the most important statistics you need to know when choosing tactics and building your own CRO experiments. 

  If you are looking for the best method to convert visitors, then email lead generation forms are the way to go, according to HubSpot. This inoffensive and low-barrier data collection method boasts a 15% conversion rate, according to the marketing automation company’s research. (Source)

  Where possible, make your call-to-actions personalised. Marketing personalisation, whether through behavioral segmentation or another strategy, is an incredibly powerful way of showing users that you care about their specific needs. It’s no great surprise, then, that HubSpot found personalised calls-to-actions perform a whopping 202% better than basic CTAs. (Source)

  If you want to boost conversion rates, then it’s just as important to focus on quantity as well as quality. Yes, a great-looking, well-written landing page will go a long way to improving your conversion rate, but having a dozen of these pages will do even more. 

  Research by HubSpot found companies see a 55% increase in leads when they increase the number of landing pages from 10 to 15. What’s more, companies with over 40 landing pages increase conversion by more than 500%. (Source)

  

  User-generated content (UGC) should also be high on your priority list to boost conversion rates. Several statistics show how powerful, impactful and persuasive social proof like user reviews can be. 

  Research shows that visitors who scroll to the point where they encounter user-generated content increase the likelihood they convert by a staggering 102.4%. (Source)

  Other trust signs can be just as impactful. Research by Trustpilot found that the following four trust signals make consumers more likely to make a purchase when shown on a product page :

  • Positive star rating and reviews (85% more likely to make a purchase)
  • Positive star rating (78%)
  • Positive customer testimonials (82%)
  • Approved or authorised seller badge (76%)

  (Source)

  Showing ratings and reviews has also increased conversion rates by 38% on home appliances and electronics stores. (Source)

  And no wonder, given that consumers are more likely to buy from brands they trust than brands they love, according to the 2021 Edelman Trust Barometer Special Report. (Source) 

  A lack of trust is also one of the top four reasons consumers abandon their shopping cart at checkout. (Source) 

  Traffic source conversion rate statistics

  What type of traffic works the best when it comes to conversions, or how often you should be signing up users to your mailing list ? Let’s look at the stats to find out. 

  Email opt-ins are one of the most popular methods for collecting customer information — and an area where digital marketers spend a lot of time and effort when it comes to conversion rate optimisation. So, what is the average conversion rate of an email opt-in box ?

  According to research by Sumo — based on 3.2 billion users who have seen their opt-in boxes — the average email opt-in rate is 1.95%. (Source)

  Search advertising is an effective way of driving website traffic, but how often do those users click on these ads ?

  WordStream’s research puts the average conversion of search advertising for all industries at 6.11%. (Source)

  The arts and entertainment industry enjoys the highest clickthrough rates (11.78%), followed by sports and recreation (10.53%) and travel (10.03%). Legal services and the home improvement industry have the lowest clickthrough rates at 4.76% and 4.8%, respectively.

  

  If you’re spending money on Google ads, then you’d better hope a significant amount of users convert after clicking them. 

  Unfortunately, conversion rates from Google ads decreased year-on-year for most industries in 2023, according to research by WordStream — in some cases, those decreases were significant. The only two industries that didn’t see a decrease in conversion rates were beauty and personal care and education and instruction. (Source)

  The average conversion rate for search ads across all industries is 7.04%. The animal and pet niche has the highest conversion rate (13.41%), while apparel, fashion and jewelry have the lowest conversion rate (1.57%). (Source)

  What about other forms of traffic ? Well, there’s good reason to try running interstitial ads on smartphone apps if you aren’t already. Ads on the iOS app see a 14.3 percent conversion rate on average. (Source)

  E-commerce conversion rate optimisation statistics (400 words)

  Conversion rate optimisation can be the difference between a store that sets new annual sales records and one struggling to get by. 

  The good news is that the conversion rate among US shoppers was the highest it’s ever been in 2021, with users converting at 2.6%. (Source)

  If you have a Shopify store, then you may find conversion rates a little lower. A survey by Littledata found the average conversion rate for Shopify was 1.4% in September 2022. (Source)

  What about specific e-commerce categories ? According to data provided by Dynamic Yield, the consumer goods category converted at the highest rate in September 2023 (4.22%), a spike of 0.34% from August. 

  Generally, the food and beverage niche boasts the highest conversion rate (4.87%), and the home and furniture niche has the lowest conversion rate (1.44%). (Source)

  If you’re serious about driving sales, don’t focus on mobile devices at the expense of consumers who shop on desktop devices. The conversion rate among US shoppers tends to be higher for desktop users than for mobile users. 

  

  In the second quarter of 2022, for instance, desktop shoppers converted at a rate of 3% on average compared to smartphone users who converted at an average rate of 2%. (Source)

  Increase your conversions with Matomo

  Conversion rate optimisation can help you grow your subscriber list, build your customer base and increase your revenue. Now, it’s time to put what you’ve learned into practice.

  Use the advice above to guide your experiments and track everything with Matomo. Achieve unparalleled data accuracy while harnessing an all-in-one solution packed with essential conversion optimisation features, including Heatmaps, Session Recordings and A/B Testing. Matomo makes it easier than ever to analyse conversion-focused experiments.

  Get more from your conversion rate optimisations by trying Matomo free for 21 days. No credit card required.

• Four Trends Shaping the Future of Analytics in Banking

  27 novembre 2024, par Daniel Crough — Banking and Financial Services

  While retail banking revenues have been growing in recent years, trends like rising financial crimes and capital required for generative AI and ML tech pose significant risks and increase operating costs across the financial industry, according to McKinsey’s State of Retail Banking report.

   

  Today’s financial institutions are focused on harnessing AI and advanced analytics to make their data work for them. To be up to the task, analytics solutions must allow banks to give consumers the convenient, personalised experiences they want while respecting their privacy.

   

  In this article, we’ll explore some of the big trends shaping the future of analytics in banking and finance. We’ll also look at how banks use data and technology to cut costs and personalise customer experiences.
  
  So, let’s get into it.

  

  This doesn’t just represent a security risk, it also impacts the usability for both customers and employees. Does any of the following sound familiar ?

  • Only specific senior employees know how to navigate the software to generate custom reports or use its more advanced features.
  • Customer complaints about your site’s usability or online banking experience are routine.
  • Onboarding employees takes much longer than necessary because of convoluted systems.
  • Teams and departments experience ‘data siloing,’ meaning that not everyone can access the data they need.

  These are warning signs that IT systems are ready for a review. Anyone thinking, “If it’s not broken, why fix it ?” should consider that legacy systems can also present data security risks. As more countries introduce regulations to protect customer privacy, staying ahead of the curve is increasingly important to avoid penalties and litigation.

  And regulations aren’t the only trends impacting the future of financial institutions’ IT and analytics.

  4 trends shaping the future of analytics in banking

  New regulations and new technology have changed the landscape of analytics in banking.

  New privacy regulations impact banks globally

  The first major international example was the advent of GDPR, which went into effect in the EU in 2018. But a lot has happened since. New privacy regulations and restrictions around AI continue to roll out.

  • The European Artificial Intelligence Act (EU AI Act), which was held up as the world’s first comprehensive legislation on AI, took effect on 31 July 2024.
  • In Europe’s federated data initiative, Gaia-X’s planned cloud infrastructure will provide for more secure, transparent, and trustworthy data storage and processing.
  • The revised Payment Services Directive (PSD2) makes payments more secure and strengthens protections for European businesses and consumers, aiming to create a more integrated and efficient payments market.

  But even businesses that don’t have customers in Europe aren’t safe. Consumer privacy is a hot-button issue globally.

  For example, the California Consumer Privacy Act (CCPA), which took effect in January, impacts the financial services industry more than any other. Case in point, 34% of CCPA-related cases filed in 2022 were related to the financial sector.

  California’s privacy regulations were the first in the US, but other states are following closely behind. On 1 July 2024, new privacy laws went into effect in Florida, Oregon, and Texas, giving people more control over their data.

  

  One typical issue for companies in the banking industry is that their privacy measures regarding user data collected from their website are much less lax than those in their online banking system.

  It’s better to proactively invest in a privacy-centric analytics platform before you get tangled up in a lawsuit and have to pay a fine (and are forced to change your system anyway). 

  And regulatory compliance isn’t the only bonus of an ethical analytics solution. The right alternative can unlock key customer insights that can help you improve the user experience.

  The demand for personalised banking services

  At the same time, consumers are expecting a more and more streamlined personal experience from financial institutions. 86% of bank employees say personalisation is a clear priority for the company. But 63% described resources as limited or only available after demonstrating clear business cases.

  McKinsey’s The data and analytics edge in corporate and commercial banking points out how advanced analytics are empowering frontline bank employees to give customers more personalised experiences at every stage :

  • Pre-meeting/meeting prep : Using advanced analytics to assess customer potential, recommend products, and identify prospects who are most likely to convert
  • Meetings/negotiation : Applying advanced models to support price negotiations, what-if scenarios and price multiple products simultaneously
  • Post-meeting/tracking : Using advanced models to identify behaviours that lead to high performance and improve forecast accuracy and sales execution

  Today’s banks must deliver the personalisation that drives customer satisfaction and engagement to outperform their competitors.

  The rise of AI and its role in banking

  With AI and machine learning technologies becoming more powerful and accessible, financial institutions around the world are already reaping the rewards.

  McKinsey estimates that AI in banking could add $200 to 340 billion annually across the global banking sector through productivity gains.

  • Credit card fraud prevention : Algorithms analyse usage to flag and block fraudulent transactions.
  • More accurate forecasting : AI-based tools can analyse a broader spectrum of data points and forecast more accurately.
  • Better risk assessment and modelling : More advanced analytics and predictive models help avoid extending credit to high-risk customers.
  • Predictive analytics : Help spot clients most likely to churn 
  • Gen-AI assistants : Instantly analyse customer profiles and apply predictive models to suggest the next best actions.

  Considering these market trends, let’s discuss how you can move your bank into the future.

  Using analytics to minimise risk and establish a competitive edge 

  With the right approach, you can leverage analytics and AI to help future-proof your bank against changing customer expectations, increased fraud, and new regulations.

  Use machine learning to prevent fraud

  Every year, more consumers are victims of credit and debit card fraud. Debit card skimming cases nearly doubled in the US in 2023. The last thing you want as a bank is to put your customer in a situation where a criminal has spent their money.

  This not only leads to a horrible customer experience but also creates a lot of internal work and additional costs.Thankfully, machine learning can help identify suspicious activity and stop transactions before they go through. For example, Mastercard’s fraud prevention model has improved fraud detection rates by 20–300%.

  

  Implementing a solution like this (or partnering with credit card companies who use it) may be a way to reduce risk and improve customer trust.

  Foresee and avoid future issues with AI-powered risk management

  Regardless of what type of financial products organisations offer, AI can be an enormous tool. Here are just a few ways in which it can mitigate financial risk in the future :

  • Predictive analytics can evaluate risk exposure and allow for more informed decisions about whether to approve commercial loan applications.
  • With better credit risk modelling, banks can avoid extending personal loans to customers most likely to default.
  • Investment banks (or individual traders or financial analysts) can use AI- and ML-based systems to monitor market and trading activity more effectively.

  Those are just a few examples that barely scratch the surface. Many other AI-based applications and analytics use cases exist across all industries and market segments.

  Protect customer privacy while still getting detailed analytics

  New regulations and increasing consumer privacy concerns don’t mean banks and financial institutions should forego website analytics altogether. Its insights into performance and customer behaviour are simply too valuable. And without customer interaction data, you’ll only know something’s wrong if someone complains.

  Fortunately, it doesn’t have to be one or the other. The right financial analytics solution can give you the data and insights needed without compromising privacy while complying with regulations like GDPR and CCPA.

  That way, you can track usage patterns and improve site performance and content quality based on accurate data — without compromising privacy. Reliable, precise analytics are crucial for any bank that’s serious about user experience.

  Use A/B testing and other tools to improve digital customer experiences

  Personalised digital experiences can be key differentiators in banking and finance when done well. But there’s stiff competition. In 2023, 40% of bank customers rated their bank’s online and mobile experience as excellent. 

  Improving digital experiences for users while respecting their privacy means going above and beyond a basic web analytics tool like Google Analytics. Invest in a platform with features like A/B tests and user session analysis for deeper insights into user behaviour.

  

  Behavioural analytics are crucial to understanding customer interactions. By identifying points of friction and drop-off points, you can make digital experiences smoother and more engaging.

  Matomo offers all this and is a great GDPR-compliant alternative to Google Analytics for banks and financial institutions. 

  Of course, this can be challenging. This is why taking an ethical and privacy-centric approach to analytics can be a key competitive edge for banks. Prioritising data security and privacy will attract other like-minded, ethically conscious consumers and boost customer loyalty.

  Get privacy-friendly web analytics suitable for banking & finance with Matomo

  Improving digital experiences for today’s customers requires a solid web analytics platform that prioritises data privacy and accurate analytics. And choosing the wrong one could even mean ending up in legal trouble or scrambling to reconstruct your entire analytics setup.

  Matomo provides privacy-friendly analytics with 100% data accuracy (no sampling), advanced privacy controls and the ability to run A/B tests and user session analysis within the same platform (limiting risk and minimising costs). 

  It’s easy to get started with Matomo. Users can access clear, easy-to-understand metrics and plenty of pre-made reports that deliver valuable insights from day one. Form usage reports can help banks and fintechs identify potential issues with broken links or technical glitches and reveal clues on improving UX in the short term.

  Over one million websites, including some of the world’s top banks and financial institutions, use Matomo for their analytics.

  Start your 21-day free trial to see why, or book a demo with one of our analytics experts.