How Can Product Analytics Benefit Banks?

Having an understanding of user behavior is crucial for the banks to design better apps and products which would make users loyal to the brand. Many banks use Business Intelligence tools, but only the minority of the banks empowers their teams with the product analytics. In this article, we will talk about the various uses cases for the banks.

Reduce churn rate and regain customers who churned

Case: The bank wants to regain the users who churned previously by launching a campaign specifically for them.

1. The product manager can use the segmentation feature to find the users who churned.
2. After finding the users, their contact details could be exported to your mailing tool.
3. The marketing team can design a campaign and offer incentives to those users who churned previously.

Optimize your product to reduce churn

Case: The bank wants to make sure that new updates for the mobile app or web interface won’t upset the most loyal customers and lead them to churn.

1. Product teams can use the segmentation feature to group your most loyal customers.
2. By using the retention feature, you can track the retention rate of your most loyal customers after every major update.
3. Based on the retention rate your product teams can optimize your product.

Migrating users to the preferred platform

Case: The bank has a mobile app that allows people to manage their finances and transfer money. The bank wants to convince its users to use the mobile app instead of the web version

1. The user’s intent and the time spent on the mobile app should be measured. If the users need to spend more time on mobile and have better and secure experience on the web, it will be hard to convince the users to switch.
2. If the users are not able to complete their intended actions, the bank should create funnels and find out when the number of customers drops significantly.
3. The bank should define their personas to do marketing just for them rather than pushing all users to use the mobile.

Rakam mainly focuses on these use-cases and aims to help the non-technical people to ask these questions. We allow non-technical people to ask questions, pinpoint the problems within their product or get more useful insights on their customers.

The generic BI tools focus on obscure metrics such as active users, total sessions and so on. This is not helpful regarding to getting insights which could make your product better because every time you ask user behavior related questions, the data team needs to be involved in this process and this means more workload for the data teams, therefore, increasing their burden and reducing the efficiency. We help companies to ask more questions about their users’ behaviors, get more insights with less hassle and efficiency.