You have done the hard yards. You have created a digital banking strategy and selected a digital banking partner. But now, you need to measure the success of your initiative.
One of the key benefits of digital banking is the increased influx of data on customers and their behavior.
Many leading organizations worldwide now live by the mantra, “you can’t improve what you aren’t measuring.”
In this new digital banking era, banks and financial institutions have more data at their fingertips than ever before. But is your bank genuinely taking advantage of this new data-centric paradigm? Do you know if you are genuinely successful?
There are some key performance indicators that your bank should be measuring to understand whether it’s digital banking offering is successful.
Starting with traction/engagement with your platform/application. We can look at a sampling of the following to see if your strategy is successful or needs tweaking over time:
- Unique Visitors
- Month on Month growth in registrations
- User Acquisition
- Daily Active Users (DAUs)
- Conversion Rates
- The ratio of repeat vs. new users
- User Sessions
- Net Promoter Score (i.e., How likely are you to recommend the service to a friend)
- Churn/exit rates
From there, you can build out more data infrastructure to link in with your banking core data like the Cost to Acquire Customers (CAC) or Lifetime Value (LTV) of a customer.
The seamless marriage of a well-designed front-end application and sophisticated back-end infrastructure is needed to measure a digital bank’s success.
Data is the new oil.
Youtap’s digital banking platform has powerful data analytics capabilities giving service providers the birds-eye view of everything happening on their platform.
We provide the tools and expertise to help your organization harness data volumes to gain the insights needed to drive exponential return on investment, customer satisfaction, and growth.
If you want to learn more about how Youtap can equip your organisation with best in class digital banking data analytics and insights get in touch with our experts today.Let's Talk