User engagement data is a goldmine for banks!

Let’s put ourselves in our customers’ shoes for a minute.

Let’s say you are a customer, and you start your day by checking your bank balance on your bank’s mobile app. Later you transfer funds via the web portal, and somewhere during the day you pay bills using the bank’s chatbot. Now, imagine that you encounter a hiccup during one of these interactions. Don’t you think it would be invaluable for your bank to have this real-time data to refine your experiences and ensure seamless user journeys?

In an era where digital interactions dominate, understanding how customers navigate through various channels can offer invaluable insights. Let’s understand how Channel Analytics can transform these insights into actionable strategies and create better banking experiences for both banks and their customers.

Modern digital banking problems require modern solutions

Let’s face it: banking today isn’t what it used to be!

Gone are the days of long bank lines, form-filling, and endless paperwork. In today’s digital-first world, customers expect seamless, instant, and personalized banking experiences. To meet these evolving demands, banks must embrace the power of user engagement data across channels, enabling them to keep pace with technological advancements and changing customer expectations.

With Clayfin Channel Analytics’ revolutionary user engagement feature banks will be able to see an overview of how users interact with the banking channels. By leveraging Channel Analytics’ user engagement data, banks can achieve their strategic goals while providing customers with unparalleled digital experiences.

As you can see the display is split into two sections, the first section shows user engagement for the Bank’s mobile application, and the second section shows user engagement for the web application.

The user engagement dashboard provides detailed insights into how users interact and engage with the banking application and across channels. It tracks key metrics such as Total Sessions, Total Screens Viewed, and Average Session Duration, allowing banks to analyse user satisfaction, feature interest, and interaction quality. By visualising these metrics, banks can identify the most and least viewed screens, understand user distribution across services, and monitor daily trends in user interaction for both mobile and web views. The data can be filtered by channel and time period to provide detailed, actionable insights.

The engagement statistics dashboard helps banks track the most and least viewed screens, visualize user distribution across services in the app, analyze average time spent on screens, and visualize daily trends in user interaction for comprehensive content consumption insights. The data can be filtered by channel (Mobile or Web) and adjusted for specific periods.

What’s in it for banks and customers?

The benefits of real-time insights through Clayfin’s Channel Analytics are manifold for both banks and customers.

For banks:

Informed Decision-Making

Real-time insights enable banks to analyse current trends and customer behaviour, allowing for timely and strategic decisions. This ensures that banks stay ahead of market changes and customer expectations.

Improved ROI

By understanding which strategies are most effective, banks can allocate resources more efficiently, leading to better financial returns on marketing and operational investments.

Optimised Marketing Efforts

Detailed engagement data allows banks to fine-tune their marketing campaigns, ensuring they reach the right audience with the right message, reducing wastage and increasing conversion rates.

Efficient Resource Allocation

With clear visibility into customer needs and behaviours, banks can allocate their resources more effectively, ensuring optimal use of staff, technology, and capital.

Responsive Issue Resolution

Real-time analytics provide immediate insights into customer issues, enabling banks to address and resolve problems swiftly, thereby enhancing customer satisfaction.

Enhanced Visibility

Comprehensive data analytics give banks a clearer view of their operations and customer interactions, enabling better oversight and strategic planning.

For Customers:

User Experience Enhancement

Customers benefit from a smoother and more intuitive banking experience as banks tailor their services based on real-time feedback and preferences.

Personalised Experiences

With detailed engagement data, banks can offer personalised products and services that meet individual customer needs, enhancing satisfaction and loyalty.

Efficient Navigation

Real-time insights help banks to optimize their digital interfaces, making it easier for customers to navigate and complete their transactions efficiently.

Better Performing Apps

Continuous monitoring and improvement based on user data ensure that banking apps perform well, with fewer bugs and faster response times.

Increased Satisfaction

As banks use real-time data to refine and enhance their services, customers enjoy a more reliable and enjoyable banking experience, leading to higher satisfaction levels.

Ready to tap into the power of real-time user engagement insights?

According to recent studies, banks leveraging real-time analytics have seen up to a 30% increase in user engagement and a 20% improvement in customer satisfaction scores. By harnessing the power of data, banks can stay ahead of the curve and provide exceptional digital banking experiences.

Clayfin’s Channel Analytics offers banks a detailed view of customer behaviour across internet and mobile banking channels. This allows banks to monitor channel performance, track customer journeys, segment users, and provide seamless experiences. With these metrics that highlight user behavior, banks can understand how customers interact with different features and aim to deliver improved customer experience.

Subhranil Mazumdar

Subhranil Mazumdar has almost a decade of inside sales and account management expertise. He is Clayfin's Regional Sales Head for India and Southeast Asia. His commitment to helping clients grow their businesses and meet their goals and his broad knowledge of technical tools has resulted in multiple successful project executions.

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