In this article, we will cover everything you need to know about web analytics for banking.
We understand that planning for analytics can be overwhelming at times, especially without any proper guidance. It is common for your clients/users to not know what to expect from web analytics and leave all the planning up to you. So unless you ask the right questions, you’re probably going to hear “Just tag everything” a lot. And I mean, A LOT.
But fret not! In this article, we will cover all the basics of analytics planning for a company in the banking industry.
Typically, a website for banking industry has the following characteristics:
- Consist of many webpages
- Has a customer portal that provides various online services
- Contain tons of informative contents on financial products
- Has many online forms for financial product applications
Why is Analytics Planning Important?
Like any good analytics planning, the first thing we have to do is to find out what are the important KPIs to the business.
Often time, it is easy to ignore this step and go straight to “Just tag everything“. You might believe that the more data the better, but… there’s something bad about having too much data.
Having too much data compels you to generate frivolous insights that are of no value at all.
With the “Just tag everything” approach, it is common to miss out on collecting the relevant data that answers the really important business questions.
Instead of asking a client what he/she wants to track, you should be asking, “What is the list of KPIs that are important to you?“.
It is not uncommon for clients to not know what they want, granted that analytics is indeed an abstract concept to them. And if they can’t come up with a list of KPIs, don’t worry, we have got you covered.
Let’s look at some of the most important KPIs that a company in the banking industry might have:
- Interest level of different financial products
- Demographics of users interested in the financial products
- Sales conversion rate of online financial products
- Form completion rate of online application forms
- Usage of online financial tools/services
- Marketing campaign effectiveness
After understanding what we truly want out of web analytics, the next step will be to work backwards and find out what are the data required to answer the questions we have.
Here, we will focus more on banking-specific data needs rather than the basic ones (e.g. page name, button name, etc):
- Type (card, loan, insurance, …)
- Category (credit card, debit card, personal loan, business loan, …)
- Type (pay, top-up, transfer, view, apply, …)
- Category (balance, transaction history, recipient, …)
- Type (calculator, locator, …)
- Category (mortgage, loan, branch, atm, …)
- Step (1, 2, 3, …)
- Field (first name, last name, address, …)
- Transaction ID
Do keep in mind, every company might have slightly different analytics requirements. So it is up to us to provide the foundation and to cater for such differences in our planning.
Just remember, always seek to understand the nature of business first, gather a list of important KPIs, work backwards to figure out what are the data requirements, and then plan accordingly.