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• Your introduction to personally identifiable information : What is PII ?

  15 janvier 2020, par Joselyn Khor — Analytics Tips, Privacy, Security
  When it comes to personally identifiable information (PII), people are becoming more concerned with data privacy. Identifiable information can be used for illegal purposes like identity theft and fraud. 

  So how can you protect yourself as an innocent web browser ?

  If you’re a website owner – how do you protect users and your company from falling prey to privacy breaches ?

  As one of the most trusted analytics companies, we feel our readers would benefit from being as informed as possible about data privacy issues and PII. Learn how you can keep yours or others’ information safe.

  

  Table of Contents

  What does PII stand for ?

  PII acronym

  PII is an acronym for personally identifiable information.

  PII definition

  Personally identifiable information (PII) is a term mainly used in the United States.

  The appendix of OMB M-10-23 (Guidance for Agency Use of Third-Party Website and Applications) gives this definition for PII :

  “The term ‘personally identifiable information’ refers to information which can be used to distinguish or trace an individual’s identity, such as their name, social security number, biometric records, etc. alone, or when combined with other personal or identifying information which is linked or linkable to a specific individual, such as date and place of birth, mother’s maiden name, etc.”

  What can be considered personally identifiable information (PII) ? Some PII examples :

  • Full name/usernames
  • Home address/mailing address
  • Email address
  • Credit card numbers
  • Date of birth
  • Phone numbers
  • Login details

  • Precise locations
  • Account numbers
  • Passwords
  • Security codes (including biometric records)
  • Personal identification numbers
  • Driver license number
  • Get a more comprehensive list here

  What’s non-PII ?

  Anonymous information, or information that can’t be traced back to an individual, can be considered non-PII. 

  Who is affected by the exploitation of PII ?

  Anyone can be affected by the misuse of personal data. Websites can compromise your privacy by mishandling or illegally selling/sharing your data. That may lead identity theft, account fraud and account takeovers. The fear is falling victim to such fraudulent activity. 

  PII can also be an issue when employees have access to the database and the data is not encrypted. For example, anyone working in a bank can access your accounts ; and anyone working at Facebook can read your messages. This shows how privacy breaches can easily happen when employees have access to PII.

  Website owner’s responsibility for data privacy (PII and analytics)

  If you’re using a web analytics tool like Google Analytics or Matomo, best practise is to not collect PII if possible. This is to better respect your website visitor’s privacy. 

  If you work in an industry which needs people to share personal information (e.g. healthcare, security industries, public sector), then you must collect and handle this data securely. 

  

  The US National Institute of Standards and Technology states : “The likelihood of harm caused by a breach involving PII is greatly reduced if an organisation minimises the amount of PII it uses, collects, and stores. For example, an organisation should only request PII in a new form if the PII is absolutely necessary.” 

  How you’re held accountable remains up to the privacy laws of the country you’re doing business in. Make sure you are fully aware of the privacy and data protection laws that relate specifically to you. 

  To reduce the risk of privacy breaches, try collecting as little PII as you can ; purging it as soon as you can ; and making sure your IT security is updated and protected against security threats. 

  With data collection tools like web analytics, data may be tracked through features like User ID, custom variables, and custom dimensions. Sometimes they are also harder to identify when they are present, for example, in page URLs, page titles, or referrers URLs. So make sure you’re optimising your web analytics tools’ settings to ensure you’re asking your users for consent and respecting users’ privacy.

  If you’re using a GDPR compliant tool like Matomo, learn how you can stop processing such personal data

  PII, GDPR and businesses in the US/EU

  You may get confused when considering PII and GDPR (which applies in the EU). The General Data Protection Regulation (GDPR) gives people in the EU more rights over “personal data” – which covers more identifiers than PII (more on PII vs personal data below). GDPR restricts the collection and processing of personal data so businesses need to handle this personal data carefully. 

  According to the GDPR, you can be fined up to 4% of their yearly revenue for data/privacy breaches or non-compliance. 

  

  In the US, there isn’t one overarching data protection law, but there are hundreds of laws on both the federal and state levels to protect PII of US residents. US Congress has enacted industry-specific statutes related to data privacy like HIPAA. Recently state of California also passed the California Consumer Privacy Act (CCPA). 

  To be on the safe side, if you’re using analytics, follow matters relating to “personal data” in the GDPR. It covers more when it comes to protecting user privacy. GDPR rules still apply whenever an EU citizen visits any non EU site (that processes personal data).

  Personally identifiable information (PII) vs personal data

  PII and “personal data” aren’t used interchangeably. All personal data can be PII, but not all PII can be defined as personal data.

  The definition of “personal data” according to the GDPR :

  

  This means “personal data” covers more identifiers, including online identifiers. Examples include : IP addresses and URL names. As well as seemingly “innocent” data like height, job position, company etc. 

  What’s seen as personal data depends on the context. If a piece of information can be combined with others to establish someone’s identity then that can be considered personal data. 

  Under GDPR, when processing personal data, you need explicit consent. So best to be compliant according to GDPR definitions of “personal data” not just what’s considered “PII”.

  How do you keep PII safe ?

  • Try not to give your data away so easily. Read through terms and conditions.
  • Don’t just click ‘agree’ when faced with consent screens, as consent screens are majorly flawed. 
  • Disable third party cookies by default. 
  • Use strong passwords.
  • Be wary of public wifi – hackers can easily access your PII or sensitive data. Use a VPN (virtual private network)
  • Read more on how to keep PII safe. For businesses here’s a checklist on PII compliance.

  How Matomo deals with PII and personal data

  Although Matomo Analytics is a web analytics tool that tracks user activity on your website, we take privacy and PII very seriously – on both our Cloud and On-Premise offerings. 

  If you’re using Matomo and would like to know how you can be fully GDPR compliant and protect user privacy, read more :
  

  • Learn how to not process any personally identifiable information – Anonymise IP addresses, user IDs, and order IDs
  • Matomo protects user privacy by talking the talk and walking the walk
  • Stay ahead of the GDPR with a privacy-respecting analytics platform
  • 11 ways Matomo helps you protect your visitor’s privacy

  Disclaimer

  We are not lawyers and don’t claim to be. The information provided here is to help give an introduction to issues you may encounter when dealing with PII. We encourage every business and website to take data privacy seriously and discuss these issues with your lawyer if you have any concerns. 

  Additional resources :

  • https://www.consumeraffairs.com/finance/identity-theft-statistics.html#identity-theft-trends-in-2019
  • https://ec.europa.eu/info/law/law-topic/data-protection_en
  • https://iclg.com/practice-areas/data-protection-laws-and-regulations/usa
  • https://www.csoonline.com/article/3215864/how-to-protect-personally-identifiable-information-pii-under-gdpr.html
  • https://ico.org.uk/for-organisations/guide-to-data-protection/guide-to-the-general-data-protection-regulation-gdpr/key-definitions/what-is-personal-data/

• 7 Reasons to Migrate from Google Analytics to Matomo Now

  15 mai 2022, par Erin

  The release of Google Analytics 4 (GA4), and the subsequent depreciation of Universal Analytics, has caused a stir amongst webmasters, SEO experts, marketers and the likes.

  Google’s Universal Analytics is the most widely used web analytics platform in the world, but from 1 July 2023, it will no longer process any new data. Google is now pushing users to set up GA4 tracking imminently.

  If you’re like many and wondering if you should upgrade to Google Analytics 4, there are two key reasons why this might be a risk :

  1. GDPR violations : recent rulings have deemed Google Analytics illegal in France and Austria, and it’s likely that this trend will continue across the EU.
  2. Data loss : users switching to Google Analytics 4 can’t migrate their data from Universal Analytics.

  To mitigate these risks, many organisations are looking to switch to a Google Analytics alternative like Matomo. This is an ideal option for organisations that want to take ownership of their data, get compliant with privacy regulations and save themselves the stress of Google deprecating the software they rely on.

  Whilst there are two major reasons to steer clear of Google Analytics 4, there are 7 reasons why migrating to Matomo instead could save your business time, money and peace of mind.

  If you want to avoid the pitfalls of GA4 and are thinking about migrating from Universal Analytics to Matomo, here’s why you should make the switch now.

  1. Keep your historical Universal Analytics data

  Users switching to Google Analytics 4 will be disappointed to find out that GA4 does not accept data imports from Universal Analytics. On top of that, Google also announced that after Universal Analytics stops processing new data (1 July 2023), users will only be able to access this data for “at least six months”. 

  Years of valuable insights will be completely wiped and organisations will not be able to report on year over year results.

  Fortunately, any organisation using Universal Analytics can import this data into Matomo using our Google Analytics Importer plugin. So you can reduce business disruptions and retain years of valuable web analytics data when you switch to Matomo.

  Our comprehensive migration documentation features a handy video, written guides and FAQs to ensure a smooth migration process.

  2. Ease of use

  Web analytics is complicated enough without having to navigate confusing platform user interfaces (UIs). One of GA4’s biggest drawbacks is the “awful and unusable” interface which has received an overwhelming amount of negative backlash online. 

  Matomo’s intuitive UI contains many of the familiar features that made Universal Analytics so well-liked. You’ll find the same popular features like Visitors, Behaviour, and Acquisition to name a few.

  

  User Flow in Matomo

  When you switch to Matomo you can get up to speed quickly and spend more time focusing on high-value tasks, rather than learning about everything new in GA4.

  3. 100% accurate unsampled data

  GA4 implements data sampling and machine learning to fill gaps. Often what you are basing critical business decisions on is actually an estimate of activity. 

  Matomo does not use data sampling, so this guarantees you will always see the full picture.

  “My primary reason to use Matomo is to get the unsampled data, [...] if your website gets lots of traffic and you can’t afford an enterprise level tool like GA premium [GA360] then Matomo is your best choice.”

  With Matomo you can be confident your data-driven decisions are being made with real data.

  4. Privacy by design

  Built-in privacy has always been at the core of Matomo. One key method we use to achieve this, is by giving you 100% data ownership of your web analytics data. You don’t ever have to worry about the data landing in the wrong hands or being used in unethical ways – like unsolicited advertising. 

  On the contrary, Google Analytics is regularly under fire for controversial uses of data. While Google has made changes to make GA4 more privacy-focused, it’s all just smoke and mirrors. The data collected from Google Analytics accounts is used by Google to create digital profiles on internet users, which is then used for advertising. 

  Consumers are becoming increasingly concerned about how businesses are using their data. Businesses that develop privacy strategies, utilise privacy-focused tools will gain a competitive advantage and a loyal customer-base. 

  Prioritise the protection of your user data by switching to a privacy-by-design analytics solution.

  5. Compliance with global privacy laws

  To date, Google Analytics has been deemed illegal to use in France and Austria due to data transfers to the US. Upgrading to GA4 doesn’t make this problem go away either since data is still transferred to the US. 

  Matomo is easily configured to follow even the strictest of privacy laws like GDPR, HIPAA, CCPA, LGPD and PECR. Here’s how :

  • Matomo’s opt-out mechanism lets users opt-out of web analytics tracking
  • You can configure analytics for data retention of raw data and aggregated reports
  • Users can anonymise IP addresses as well as implement other data anonymisation techniques
  • Matomo can respect DoNotTrack setting
  • Users can set up Matomo so it doesn’t process any personal data or PII (personally identifiable information)
  • It’s easy to set shorter expiration dates for tracking cookies
  • Matomo allows you to disable Visits Log and Visitor Profile
  • Users aren’t tracked across websites unless specifically enabled

  Matomo can also be used without cookie consent banners (unlike with Google Analytics, which will always need user consent to track). Matomo has been approved by the French Data Protection Authority (CNIL) as one of the select few web analytics tools that can be used to collect data without tracking consent.

  Every year more countries are drafting legislation that mirrors the European Union’s GDPR (like the Brazilian LGPD). Matomo is designed to stay data-privacy law compliant, and always will be.

  Stay on top of global privacy laws and reduce the time you spend on compliance by switching to a privacy-compliant solution. 

  6. All-in-one web analytics

  Matomo gives you easy access to Heatmaps, Session Recordings, A/B testing, Funnels analytics, and more right out of the box. This means that digital marketing, UX and procurement teams won’t need to set up and manage multiple tools for behavioural analytics – it’s all in one place.

  Learn more about your audience, save money and reduce complexity by switching to an all-in-one analytics solution.

  Check out Matomo’s extensive product features.

  

  Page Scroll Depth in Matomo

  7. Tag Manager built-in

  Unlike GA4, the Matomo Tag Manager comes built-in for an efficient and consistent user experience. Matomo Tag Manager offers a pain-free solution for embedding tracking codes on your website without needing help from a web developer or someone with technical knowledge.

  Help your Marketing team track more website actions and give time back to your web developer by switching to Matomo Tag Manager.

  Final Thoughts

  Google Analytics is free to use, but the surrounding legal issues with the platform and implications of switching to GA4 will make migrating a tough choice for many businesses. 

  Now is the chance for organisations to step away from the advertising tech giant, take ownership of web analytics data and get compliant. Switch to the leading Google Analytics alternative and see why over 1 million websites choose Matomo for their web analytics.

  Ready to get started with your own Google Analytics to Matomo migration ? Try Matomo free for 21 days now – no credit card required. 

  21 day free trial. No credit card required.

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• Strategies for Reducing Bank Customer Acquisition Cost [2024]

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

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

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

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

  What is customer acquisition cost in banking ? 

  

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

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

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

  

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

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

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

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

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

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

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

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

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

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

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

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

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

  Importance of tracking customer acquisition cost in banking 

  

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

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

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

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

  

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

  Here are a few other things to keep in mind : 

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

  7 strategies for reducing bank customer acquisition costs 

  

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

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

  1. Eliminate friction points in the customer onboarding process

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

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

  

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

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

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

  2. Get more personalised with your marketing efforts 

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

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

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

  

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

  

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

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

  3. Build an omnichannel marketing strategy 

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

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

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

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

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

  4. Work on your social media presence 

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

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

  

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

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

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

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

  5. Shift the focus on customer loyalty and retention 

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

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

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

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

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

  

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

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

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

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

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

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

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

  

  7. Track other relevant customer acquisition metrics 

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

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

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

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

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

  Lower bank customer acquisition costs with Matomo 

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

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

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

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

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