Digital Analytics in banking: Recognising added value

There has never been a better time for banks to obtain a 360-degree view of their clients. The trend is going in the direction of a 'segment-of-one' approach. Here, users are offered a personalised experience in which they receive the right offer at the right time or can be clearly identified on the basis of their typical behavioural patterns by the bank so that their assets and integrity as well as the integrity of the bank can be protected.

Legal restrictions and internal guidelines make it much more difficult to fully exploit the advantages of data collection. Websites and applications are generally analysed using common solutions like Google Analytics or Adobe Analytics. The situation becomes more complicated if data that is only available after login is to be collected from pages such as e-banking and portal solutions. The data processed there frequently contains personal financial information (PFI), the use of which is regulated by various laws.

Finnova Digital Analytics

Why is this data so valuable? Clients perform the most important activities from the bank's perspective on these pages; their true preferences are reflected here. On the basis of this data, banks can create more individual offers and increase client satisfaction as a result. Likewise, solution providers can use data to proactively identify the software's optimisation potential: What does the user behaviour look like? What are the most used and the least used functions? Why is this the case?

Clients leave behind their digital fingerprint with each interaction via the digital channels and their terminal devices. The behavioural patterns that are generated and continually updated can be used in various ways – on the one hand, for the creation of information concerning client preferences, the design of personalised experiences and individual offers by the bank or the optimisation of the product design by the software manufacturers, and on the other hand for cybersecurity, fraud prevention and risk management. The analysis of surfing and typing behaviour or of mouse movement or gyroscope data delivers a comprehensive insight into the digital client behaviour and enables a true 360-degree view of clients.

Digital analytics enables the collection, analysis, visualisation and interpretation of data regarding user behaviour in the online applications (IB, MAP and AWB). Digital analytics is versatile to use and can investigate various aspects of data traffic. Whether conversion rates, targets or classical KPIs such as click and bounce rates, digital analytics enables a comprehensive analysis of digital data streams. Finnova is currently implementing first concepts in the products AWB and E-Banking, which enable first experiences to be gained in dealing with digital analytics. The investments effected here are aimed at recording user behaviour in the respective channels. In a further development phase, it is necessary to draw the right conclusions in order to design products in a more efficient, personal and client-oriented manner.