The current state of analytics on banking sites

Yesterday I told you about how most banking sites leave a lot of interactions untagged.

The interactions believed to be important are tagged, i.e. Whim Tagging.

Due to this issue, the analysis is incomplete and unreliable.

Analysts opt to analyze the data in their backend systems instead, as it’s better structured there.

The problem with this approach is you won’t catch the users that are not converting.

You’ll only be able to compare data of the people that understood your site, or specific services on your site.

Banking sites has an advantage here seeing as their services are crucial for the customer.

So the customers will trudge through a bad customer experience to fulfill their needs.

The thing is, they won’t do anything extra that they don’t need too.

In fact, this is the reason banking sites get a bad rep.

Their customer experience leaves a lot to be desired.

Banking sites can help customers with their needs at a crucial point in time.

Not being able to follow customer journeys still means losing all of the extra sales you could make.

There are a lot of competitors appearing in the form of digital banks.

Other than taking the profitable parts of traditional banks, they’re doing it with great customer experience.

Banks can’t reinvent their old services over night.

That’s why they need to understand their non-converting customers.

And for that they need to analyze the customer journeys and remove the hurdles on the way to conversion.

– Samy