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• ffmpeg error Error sending frames to consumers : No space left on device [closed]

  4 août 2024, par Bernard Vatonen Bern

  I do use a short funtion , to convert videos in a needed format ,, I used this function all the time , worked no problems ,
Lately I mado some chnages , and now geting an critical error : like : "no space left on device"
" \[af#0:1 @ 0x600001ad9cb0\] Error sending frames to consumers: No space left on device \[af#0:1 @ 0x600001ad9cb0\] Task finished with error code: -28 (No space left on device) \[af#0:1 @ 0x600001ad9cb0\] Terminating thread with return code -28 (No space left on device)"

  


  I do have this function saved in my file : .zshrc

  


  


  function indianull() 
ffmpeg -i movies/$1.* -i /Documents/indianul3.png -filter_complex "[1][0]scale2ref=w=ohmdar:h=ih0.1[logo][video] ;[video][logo]overlay=x=main_w-overlay_w-(main_w0.04):y=main_h0.14,subtitles=subs/$1.srt:force_style='FontSize=22,WrapStyle=0,MarginV=35" -preset fast -s 720x480 -vcodec libx264 -shortest output/$1-sub.mp4

  


  


  


  \`indianull tt0066763


  


  ffmpeg version 7.0.1 Copyright (c) 2000-2024 the FFmpeg developers
built with Apple clang version 15.0.0 (clang-1500.3.9.4)
configuration : —prefix=/opt/homebrew/Cellar/ffmpeg/7.0.1 —enable-shared —enable-pthreads —enable-version3 —cc=clang —host-cflags= —host-ldflags='-Wl,-ld_classic' —enable-ffplay —enable-gnutls —enable-gpl —enable-libaom —enable-libaribb24 —enable-libbluray —enable-libdav1d —enable-libharfbuzz —enable-libjxl —enable-libmp3lame —enable-libopus —enable-librav1e —enable-librist —enable-librubberband —enable-libsnappy —enable-libsrt —enable-libssh —enable-libsvtav1 —enable-libtesseract —enable-libtheora —enable-libvidstab —enable-libvmaf —enable-libvorbis —enable-libvpx —enable-libwebp —enable-libx264 —enable-libx265 —enable-libxml2 —enable-libxvid —enable-lzma —enable-libfontconfig —enable-libfreetype —enable-frei0r —enable-libass —enable-libopencore-amrnb —enable-libopencore-amrwb —enable-libopenjpeg —enable-libspeex —enable-libsoxr —enable-libzmq —enable-libzimg —disable-libjack —disable-indev=jack —enable-videotoolbox —enable-audiotoolbox —enable-neon
libavutil 59. 8.100 / 59. 8.100
libavcodec 61. 3.100 / 61. 3.100
libavformat 61. 1.100 / 61. 1.100
libavdevice 61. 1.100 / 61. 1.100
libavfilter 10. 1.100 / 10. 1.100
libswscale 8. 1.100 / 8. 1.100
libswresample 5. 1.100 / 5. 1.100
libpostproc 58. 1.100 / 58. 1.100

  


  \[Parsed_subtitles_2 @ 0x600001fd8bb0\] libass API version: 0x1703000
\[Parsed_subtitles_2 @ 0x600001fd8bb0\] libass source: tarball: 0.17.3
\[Parsed_subtitles_2 @ 0x600001fd8bb0\] Shaper: FriBidi 1.0.15 (SIMPLE) HarfBuzz-ng 9.0.0 (COMPLEX)
\[Parsed_subtitles_2 @ 0x600001fd8bb0\] Using font provider coretext`


  


  Input #0, mov,mp4,m4a,3gp,3g2,mj2, from 'movies/tt0066763.mp4':
Metadata:
major_brand     : isom
minor_version   : 512
compatible_brands: isomiso2avc1mp41
title           : Anand.1971.720p.BluRay.x264-x0r
encoder         : Lavf57.83.100
Duration: 02:02:08.08, start: 0.000000, bitrate: 1212 kb/s
Chapters:
Chapter #0:0: start 0.000000, end 209.375000
Stream #0:0\[0x1\](hin): Video: h264 (High) (avc1 / 0x31637661), yuv420p(progressive), 1280x720 \[SAR 1:1 DAR 16:9\], 1079 kb/s, 24 fps, 24 tbr, 12288 tbn (default)
Metadata:
handler_name    : VideoHandler
vendor_id       : \[0\]\[0\]\[0\]\[0\]
Stream #0:1\[0x2\](hin): Audio: aac (LC) (mp4a / 0x6134706D), 44100 Hz, stereo, fltp, 127 kb/s (default)
Metadata:
handler_name    : SoundHandler
vendor_id       : \[0\]\[0\]\[0\]\[0\]
Stream #0:2\[0x3\](eng): Data: bin_data (text / 0x74786574)
Metadata:
handler_name    : SubtitleHandler
Input #1, png_pipe, from '/Users/bv2004/Documents/indianul3.png':
Duration: N/A, bitrate: N/A
Stream #1:0: Video: png, rgba(pc, gbr/unknown/unknown), 630x124, 25 fps, 25 tbr, 25 tbn
File 'output/tt0066763-sub.mp4' already exists. Overwrite? \[y/N\] y
Stream mapping:
Stream #0:0 (h264) -\> scale2ref (graph 0)
Stream #1:0 (png) -\> scale2ref (graph 0)
subtitles:default (graph 0) -\> Stream #0:0 (libx264)
Stream #0:1 -\> #0:1 (aac (native) -\> aac (native))
Press \[q\] to stop, \[?\] for help
\[Parsed_subtitles_2 @ 0x600001fcc420\] libass API version: 0x1703000
\[Parsed_subtitles_2 @ 0x600001fcc420\] libass source: tarball: 0.17.3
\[Parsed_subtitles_2 @ 0x600001fcc420\] Shaper: FriBidi 1.0.15 (SIMPLE) HarfBuzz-ng 9.0.0 (COMPLEX)
\[Parsed_subtitles_2 @ 0x600001fcc420\] Using font provider coretext
\[vost#0:0/libx264 @ 0x128e07bb0\] No filtered frames for output stream, trying to initialize anyway.
\[libx264 @ 0x128e084e0\] using SAR=32/27
\[libx264 @ 0x128e084e0\] using cpu capabilities: ARMv8 NEON
\[libx264 @ 0x128e084e0\] profile High, level 3.0, 4:2:0, 8-bit
\[libx264 @ 0x128e084e0\] 264 - core 164 r3108 31e19f9 - H.264/MPEG-4 AVC codec - Copyleft 2003-2023 - http://www.videolan.org/x264.html - options: cabac=1 ref=2 deblock=1:0:0 analyse=0x3:0x113 me=hex subme=6 psy=1 psy_rd=1.00:0.00 mixed_ref=1 me_range=16 chroma_me=1 trellis=1 8x8dct=1 cqm=0 deadzone=21,11 fast_pskip=1 chroma_qp_offset=-2 threads=15 lookahead_threads=2 sliced_threads=0 nr=0 decimate=1 interlaced=0 bluray_compat=0 constrained_intra=0 bframes=3 b_pyramid=2 b_adapt=1 b_bias=0 direct=1 weightb=1 open_gop=0 weightp=1 keyint=250 keyint_min=24 scenecut=40 intra_refresh=0 rc_lookahead=30 rc=crf mbtree=1 crf=23.0 qcomp=0.60 qpmin=0 qpmax=69 qpstep=4 ip_ratio=1.40 aq=1:1.00
Output #0, mp4, to 'output/tt0066763-sub.mp4':
Metadata:
major_brand     : isom
minor_version   : 512
compatible_brands: isomiso2avc1mp41
title           : Anand.1971.720p.BluRay.x264-x0r
encoder         : Lavf61.1.100

        encoder         : Lavc61.3.100 aac


  


  \[af#0:1 @ 0x600001ad9cb0\] Error sending frames to consumers: No space left on device
\[af#0:1 @ 0x600001ad9cb0\] Task finished with error code: -28 (No space left on device)
\[af#0:1 @ 0x600001ad9cb0\] Terminating thread with return code -28 (No space left on device)
\[out#0/mp4 @ 0x600001dd8540\] video:0KiB audio:0KiB subtitle:0KiB other streams:0KiB global headers:0KiB muxing overhead: unknown
\[out#0/mp4 @ 0x600001dd8540\] Output file is empty, nothing was encoded(check -ss / -t / -frames parameters if used)
frame=    0 fps=0.0 q=0.0 Lsize=       2KiB time=N/A bitrate=N/A speed=N/A
\[aac @ 0x128e09070\] Qavg: nan
Conversion failed!`


  


  df -h
Filesystem        Size    Used   Avail Capacity iused ifree %iused  Mounted on
/dev/disk3s3s1   926Gi   9.6Gi   539Gi     2%    404k  4.3G    0%   /
devfs            200Ki   200Ki     0Bi   100%     693     0  100%   /dev
/dev/disk3s6     926Gi   1.0Gi   539Gi     1%       1  5.7G    0%   /System/Volumes/VM
/dev/disk3s4     926Gi   5.7Gi   539Gi     2%    1.1k  5.7G    0%   /System/Volumes/Preboot
/dev/disk3s2     926Gi    89Mi   539Gi     1%      53  5.7G    0%   /System/Volumes/Update
/dev/disk1s2     500Mi   6.0Mi   479Mi     2%       1  4.9M    0%   /System/Volumes/xarts
/dev/disk1s1     500Mi   6.1Mi   479Mi     2%      31  4.9M    0%   /System/Volumes/iSCPreboot
/dev/disk1s3     500Mi   3.9Mi   479Mi     1%      57  4.9M    0%   /System/Volumes/Hardware
/dev/disk3s1     926Gi   370Gi   539Gi    41%    778k  5.7G    0%   /System/Volumes/Data
map auto_home      0Bi     0Bi     0Bi   100%       0     0     -   /System/Volumes/Data/home\`


  


  I run the funtion indianull and expected it to convert a video , in my desired format + add logo + add subtitles ! Takes the original Video from on folder , Subtitles from another folder , and converts the video , and saves it in another folder ..

  


  the issue i see only is :
"\[af#0:1 @ 0x600001ad9cb0\] Error sending frames to consumers: No space left on device \[af#0:1 @ 0x600001ad9cb0\] Task finished with error code: -28 (No space left on device) \[af#0:1 @ 0x600001ad9cb0\] Terminating thread with return code -28 (No space left on device) \[out#0/mp4 @ 0x600001dd8540\] video:0KiB audio:0KiB subtitle:0KiB other streams:0KiB global headers:0KiB muxing overhead: unknown"

  


  I do defenitly have over 400GB free on My SSD !
Is an an speciffic folder that is full ? and can not hold any files ?

  


  Any idea how to solve this ? or any suggestion how to try to solve ?

  


• 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. 

• 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.