How Banking Institutions Can Benefit from Web Analytics

If you have been thinking that public perceptions of the banking industry have been sinking over the last year, you are correct. In fact, in a report by J.D. Power and Associates, they state that the overall satisfaction with retail banking experiences is down considerably since 2007. Along with the banking financial bailout situation, consumers are reporting being unhappy about banks offering poor problem resolution, having long wait times, and charging additional fees. So just what is a bank to do? Think about improving your customer’s online experience by leveraging the power of Web analytics.

Web Analytics for Banks

The banking industry, just like most others, is a prime candidate to use Web analytics to improve their customer’s experience. After all, of the biggest problems that consumers cite for being unhappy with their bank, and ultimately leading them to switch to a new one, can be addressed through their online presence. You can help streamline your customer’s banking experience by offering them a safe and smoothly operating site where they can conduct their transactions, leaving wait times behind. You can also address many of their problems online through a good customer service, a frequently asked questions page, or a knowledge base system.

Using Web analytics, a bank can use the information collected to learn about what their customers need and want. Then they can aim to fill those gaps, offer them what they need, and make their experience easier and more satisfying, so they remain customers. Besides, research shows that satisfied online banking customers are more likely to tell others about their experience than satisfied customers that do their banking in person.

The Benefits

While most large banks have already taken advantage of using Web analytics, many others are still sitting on the sideline. The analytic process measures the performance of your site and what the customers are doing. It can also let you know how long they stay on your site, what pages they arrive through and what pages they tend to exit on. It can also give you an idea of who is using your site.

Online banking has become the direction that many people have gone in the last several years. Web analytics can help you not only bring in more new customers, but also allow for comparison between how many you are getting online versus in person. The process can also help increase the conversion rate of bringing in new customers online by identifying what search terms people are using to find your site, see what banner ads are working and which are not, narrow down your audience, and identify how to reach them online.

Additionally, Web analytic tools can help create a better customer experience by making sure new and potential customers are served pages to help get them to register, while it offers current customers pages that are relevant to them. It can also serve them pages that offer additional products to meet help their needs and expand the business they do with you.

Looking Ahead

Most likely, we have yet to see online banking reach its fullest potential. But as banks begin to see the benefits of being online, they can also utilize the informational tools at their disposal in order to help improve a smooth customer experience.

Whether you use Web analytics for e-mail marketing purposes or to see just how effective a site you are offering your customers, the possibilities of the tool is far reaching. And according to the J.D. Power study, higher customer satisfaction translates to committed customers, which is good news for banks and customers alike.

Sidebar

10 Things Web Analytics Can Do For Your Site:

  • Identify key search terms used to locate your site.
  • Determine what banner ads are successful.
  • Compare how many customers join online versus in person.
  • Help narrow your audience and locate them online.
  • Offer relevant pages to potential and new customers, as well as produce better results.
  • Measure the overall performance of your site.
  • Give you an idea of who is using your site, how long they stay, etc.
  • Find out what page customers enter and exit on.
  • Help determine what your customers want and need.
  • Increase customer satisfaction rate.

2 thoughts on “How Banking Institutions Can Benefit from Web Analytics

  1. I believe that Web Analytics by itself limits the insights you can obtain to help improve your customers or prospects experience. To gain insights beyond normal web analytics, one should integrate online data with offline data. The combination of online and offline data can produce analytics to help you measure customer satisfaction and channel usage across all channels.

    Like

  2. Nice article Mark. you have rightly pointed out the benefits!

    I agree with Ray that integration of offline data with online is very critical given the nature of banking industry.

    I would add one more point that even online data should be complemented with voice of customer, page level mouse tracking (think crazy agg) and flow of traffic along the key paths ( think clicktale) to add to holistic view!

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s