Recherche avancée

Sur d’autres sites (5161)

• Top Conversion Metrics to Track in 2024

  22 janvier 2024, par Erin

  2023 boasts  2.64 billion online shoppers worldwide ; that’s more than a third of the global population. With these numbers on an upward trajectory in 2024, conversion metrics are more important than ever to help marketers optimise the online shopping experience. 

  In this article, we’ll provide predictions for the most important conversion metrics you should keep track of in 2024. We’ll also examine how social media can make or break your brand engagement strategy. Keep reading to stay ahead of the competition for 2024 and gain tips and tricks for improving conversion performance.

  What are conversion metrics ?

  In technical terms, conversion metrics are the quantifiable measurements used to track the success of specific outcomes on a website or marketing campaign. Conversion metrics demonstrate how well your website prompts visitors to take desirable actions, like signing up for a newsletter, making a purchase, or filling out a form, for instance.

  Let’s say you’re running a lemonade stand, and you want to compare the number of cups sold to the number of people who approached your stand (your conversion rate). This ratio of cups sold to the total number of people can help you reassess your sales approach. If the ratio is low, you might reconsider your approach ; if it’s high, you can analyse what makes your technique successful and double down.

  

  In 2023, we saw the average conversion rate for online shopping grow by 5.53% compared to the previous year. An increase in conversion rate typically indicates a higher percentage of website visitors converting to buyers. It can also be a good sign for marketing teams that marketing campaigns are more effective, and website experiences are more user-friendly than the previous year. 

  Conversion metrics are a marketers’ bread and butter. Whether it’s through measuring the efficacy of campaigns, honing in on the most effective marketing channels or understanding customer behaviour — don’t underestimate the power of conversion metrics. 

  Conversion rate vs. conversion value 

  Before we dive into the top conversion metrics to track in 2024, let’s clear up any confusion about the difference between conversion rate and conversion value. Conversion rate is a metric that measures the ratio of website visitors/users who complete a conversion action to the total number of website visitors/users. Conversion rates are communicated as percentages.

  A conversion action can mean many different things depending on your product or service. Some examples of conversion actions that website visitors can take include : 

  • Making a purchase
  • Filling out a form
  • Subscribing to a newsletter
  • Any other predefined goal

  Conversion rate is arguably one of the most valuable conversion metrics if you want to pinpoint areas for improvement in your marketing strategy and user experience (UX).

  A good conversion rate completely depends on the type of conversion being measured. Shopify has reported that the average e-commerce conversion rate will be 2.5%-3% in 2023, so if you fall anywhere in this range, you’re in good shape. Below is a visual aid for how you can calculate conversion rate depending on which conversion actions you decide to track :

  

  Conversion value is also a quantifiable metric, but there’s a key difference : conversion value assigns a numerical value to each conversion based on the monetary value of the completed conversion action. Conversion value is not calculated with a formula but is assigned based on revenue generated from the conversion. Conversion value is important for calculating marketing efforts’ return on investment (ROI) and is often used to allocate marketing budgets better. 

  Both conversion rate and conversion value are vital metrics in digital marketing. When used in tandem, they can provide a holistic perspective on your marketing efforts’ financial impact and success. 

  9 important conversion metrics to track in 2024

  Based on research and results from 2023, we have compiled this list of predictions for the most important metrics to track in 2024. 

  

  1. Conversion rate 

  To start things out strong, we’ve got the timeless and indispensable conversion rate. As we discussed in the previous section, conversion rate measures how successfully your website convinces visitors to take important actions, like making purchases or signing up for newsletters. 

  An easy-to-use web analytics solution like Matomo can help in tracking conversion rates. Matomo automatically calculates conversion rates of individual pages, overall website and on a goal-by-goal basis. So you can compare the conversion rate of your newsletter sign up goal vs a form submission goal on your site and see what is underperforming and requires improvement.

  

  In the example above in Matomo, it’s clear that our goal of getting users to comment is not doing well, with only a 0.03% conversion rate. To improve our website’s overall conversion rate, we should focus our efforts on improving the user commenting experience.

  For 2024, we predict that the conversion rate will be just as important to track as in 2023. 

  2. Average visit duration

  This key metric tracks how long users spend on your website. A session typically starts when a user lands on your website and ends when they close the browser or have been inactive for some time ( 30 minutes). Tracking the average visit duration can help you determine how well your content captures users’ attention or how engaged users are when navigating your website. 

  Average Visit Duration = Total Time Spent / Number of Visits

  

  Web analytics tools like Matomo help in monitoring conversion rate metrics like average visit duration. Timestamps are assigned to each interaction within a visit, so that average visit duration can be calculated. Analysing website visit information like average visit duration allows you to evaluate the relevance of your content with your target audience. 

  3. Starter rate

  If your business relies on getting leads through forms, paying attention to Form Analytics is crucial for improving conversion rates. The “starter rate” metric is particularly important—it indicates the number of who people start filling out the form, after seeing it. 

  When you’re working to increase conversion rates and capture more leads, keeping an eye on the starter rate helps you understand where users might encounter issues or lose interest early in the form-filling process. Addressing these issues can simplify the form-filling experience and increase the likelihood of successful lead captures.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  Concrete CMS tripled their leads using Form Analytics in Matomo—see how in their case study.

  4. Bounce rate

  Bounce rate reflects the percentage of visitors who exit your site after interacting with a single page. Bounce rate is an important metric for understanding how relevant your content is to visitors or how optimised your user experience is. A high bounce rate can indicate that visitors are having trouble navigating your website or not finding what they’re looking for. 

  Matomo automatically calculates bounce rate on each page and for your overall website.

  

  Bounce Rate = (# of Single-Page Sessions / Total # of Sessions) * 100

  5. Cost-per-conversion

  This metric quantifies the average cost incurred for each conversion action (i.e., sale, acquired lead, sign-up, etc.). Marketers use cost-per-conversion to assess the cost efficiency of a marketing campaign. You want to aim for a lower cost-per-conversion, meaning your advertising efforts aren’t breaking the bank. A high cost-per-conversion could be acceptable in luxury industries, but it often indicates a low marketing ROI. 

  Cost-per-Conversion = Ad Spend / # of Conversions

  By connecting your Matomo with Google Ads through Advertising Conversion Export feature in Matomo, you can keep tabs on your conversions right within the advertising platform. This feature also works with Microsoft Advertising and Yandex Ads.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  6. Average order value (AOV)

  AOV is a conversion metric that calculates the average monetary value of each order. AOV is crucial for helping e-commerce businesses understand the value of their transactions. A high AOV means buyers spend more per transaction and could be more easily influenced by upselling or cross-selling. Low AOV isn’t necessarily bad — you can compensate for a low AOV by boosting transaction volume. 

  

  AOV = Total Revenue / Total # of Orders 

  Matomo automatically tracks important e-commerce metrics such as AOV, the percentage of visits with abandoned carts and the conversion rate for e-commerce orders.

  7. Exit rate

  Exit rate measures the percentage of visitors who leave a specific webpage after viewing it. Exit rate differs from bounce rate in that it focuses on the last page visitors view before leaving the site. A high exit rate should be examined to identify issues with visitors abandoning the specific page. 

  Exit Rate = (# of Exits from a Page / Total # of Pageviews for that Page) * 100

  

  In the Matomo report above, it’s clear that 77% of visits to the diving page ended after viewing it (exit rate), while 23% continued exploring. 

  On the other hand, our products page shows a lower exit rate at 36%, suggesting that more visitors continue navigating through the site after checking out the products.

  How to improve your conversion performance 

  If you’re curious about improving your conversion performance, this section is designed to guide you through that exact process.

  

  Understand your target audience and their behaviour

  You may need to return to the drawing board if you’re noticing high bounce rates or a lack of brand engagement. In-depth audience analysis can unveil user demographics, preferences and behaviours. This type of user data is crucial for building user personas, segmenting your visitors and targeting marketing campaigns accordingly.

  You can segment your website visitors in a number of web analytics solutions, but for the example below, we’ll look at segmenting in Matomo. 

  

  In this instance, we’ve segmented visitors by mobile users. This helps us see how mobile users are doing with our newsletter signup goal and identify the countries where they convert the most. It also shows how well mobile users are doing with our conversion goal over time.

  It’s clear that our mobile users are converting at a very low rate—just 0.01%. This suggests there’s room for improvement in the mobile experience on our site.

  Optimise website design, landing pages, page loading speed and UX

  A slow page loading speed can result in high exit rates, user dissatisfaction and lost revenue. Advanced web analytics solutions like Matomo, which provides heatmaps and session recordings, can help you find problems in your website design and understand how users interact with it.

  Making a website that focuses on users and has an easy-to-follow layout will make the user experience smooth and enjoyable.

  Try Matomo for Free

  Get the web insights you need, without compromising data accuracy.

  Start for free

  No credit card required

  Create compelling calls-to-action (CTA)

  Research shows that a strategically placed and relevant CTA can significantly increase your revenue. CTAs guide prospects toward conversion and must have a compelling and clear message. 

  You can optimise CTAs by analysing how users interact with them — this helps you tailor them to better resonate with your target audience. 

  A/B testing

  A/B testing can improve your conversion performance by allowing you to experiment with different versions of a web page. By comparing the impact of different web page elements on conversions, you can optimise your website with confidence. 

  Key conversion metrics takeaways

  Whether understanding user behaviour to develop a more intuitive user experience or guessing which marketing channel is the most effective, conversion metrics can be a marketer’s best friend. Conversion metrics help you save time, money and headaches when making your campaigns and website as effective as possible. 

  Make improving conversion rates easier with Matomo, a user-friendly all-in-one solution. Matomo ensures reliable insights by delivering accurate data while prioritising compliance and privacy.

  Get quality insights from your conversion metrics by trying Matomo free for 21 days. No credit card required.

• Lean Analytics in a Privacy-First Environment – Bootcamp with Timo Dechau

  29 novembre 2024, par Daniel Crough — Banking and Financial Services, GDPR, Marketing, Privacy, Videos, Featured Banking Content

  In a recent bootcamp, Timo Dechau walked attendees through his approach to data and measurement in privacy-focused analytics environments. He demonstrates how to shift from a chaotic, ‘track-it-all’ mentality to a focused method that prioritizes quality over quantity. This post will summarize some of his key privacy-first analytics ideas, but be sure to check out the on-demand video for more detail.

  Watch the bootcamp on demand

  <script type="text/javascript">var gform;gform||(document.addEventListener("gform_main_scripts_loaded",function(){gform.scriptsLoaded=!0}),window.addEventListener("DOMContentLoaded",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,initializeOnLoaded:function(o){gform.domLoaded&&gform.scriptsLoaded?o():!gform.domLoaded&&gform.scriptsLoaded?window.addEventListener("DOMContentLoaded",o):document.addEventListener("gform_main_scripts_loaded",o)},hooks:{action:{},filter:{}},addAction:function(o,n,r,t){gform.addHook("action",o,n,r,t)},addFilter:function(o,n,r,t){gform.addHook("filter",o,n,r,t)},doAction:function(o){gform.doHook("action",o,arguments)},applyFilters:function(o){return gform.doHook("filter",o,arguments)},removeAction:function(o,n){gform.removeHook("action",o,n)},removeFilter:function(o,n,r){gform.removeHook("filter",o,n,r)},addHook:function(o,n,r,t,i){null==gform.hooks[o][n]&&(gform.hooks[o][n]=[]);var e=gform.hooks[o][n];null==i&&(i=n+"_"+e.length),gform.hooks[o][n].push({tag:i,callable:r,priority:t=null==t?10:t})},doHook:function(n,o,r){var t;if(r=Array.prototype.slice.call(r,1),null!=gform.hooks[n][o]&&((o=gform.hooks[n][o]).sort(function(o,n){return o.priority-n.priority}),o.forEach(function(o){"function"!=typeof(t=o.callable)&&(t=window[t]),"action"==n?t.apply(null,r):r[0]=t.apply(null,r)})),"filter"==n)return r[0]},removeHook:function(o,n,t,i){var r;null!=gform.hooks[o][n]&&(r=(r=gform.hooks[o][n]).filter(function(o,n,r){return!!(null!=i&&i!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][n]=r)}});</script>

  Email

  What is 8 + 5 ?(Required)

  By providing your email and clicking “submit”, you agree to receive direct marketing materials relating to Matomo products and services, surveys, information about events, publications and promotions. You can unsubscribe at any time by clicking the opt-out link provided in each communication. We will process your personal information in accordance with our Privacy Policy.

  
  
  
  
  

  Δ

  <script>document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );</script>

  &lt;script&gt;<br />
gform.initializeOnLoaded( function() {gformInitSpinner( 72, 'https://matomo.org/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery('#gform_ajax_frame_72').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') &gt;= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_72');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_72').length &gt; 0;var is_redirect = contents.indexOf('gformRedirect(){') &gt;= 0;var is_form = form_content.length &gt; 0 &amp;&amp; ! is_redirect &amp;&amp; ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_72').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_72').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_72').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */  }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_72').val();gformInitSpinner( 72, 'https://matomo.org/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [72, current_page]);window['gf_submitting_72'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_72').replaceWith(confirmation_content);jQuery(document).trigger('gform_confirmation_loaded', [72]);window['gf_submitting_72'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_72').text());}, 50);}else{jQuery('#gform_72').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(&quot;gform_pre_post_render&quot;, [{ formId: &quot;72&quot;, currentPage: &quot;current_page&quot;, abort: function() { this.preventDefault(); } }]);                if (event.defaultPrevented) {                return;         }        const gformWrapperDiv = document.getElementById( &quot;gform_wrapper_72&quot; );        if ( gformWrapperDiv ) {            const visibilitySpan = document.createElement( &quot;span&quot; );            visibilitySpan.id = &quot;gform_visibility_test_72&quot;;            gformWrapperDiv.insertAdjacentElement( &quot;afterend&quot;, visibilitySpan );        }        const visibilityTestDiv = document.getElementById( &quot;gform_visibility_test_72&quot; );        let postRenderFired = false;                function triggerPostRender() {            if ( postRenderFired ) {                return;            }            postRenderFired = true;            jQuery( document ).trigger( 'gform_post_render', [72, current_page] );            gform.utils.trigger( { event: 'gform/postRender', native: false, data: { formId: 72, currentPage: current_page } } );            if ( visibilityTestDiv ) {                visibilityTestDiv.parentNode.removeChild( visibilityTestDiv );            }        }        function debounce( func, wait, immediate ) {            var timeout;            return function() {                var context = this, args = arguments;                var later = function() {                    timeout = null;                    if ( !immediate ) func.apply( context, args );                };                var callNow = immediate &amp;&amp; !timeout;                clearTimeout( timeout );                timeout = setTimeout( later, wait );                if ( callNow ) func.apply( context, args );            };        }        const debouncedTriggerPostRender = debounce( function() {            triggerPostRender();        }, 200 );        if ( visibilityTestDiv &amp;&amp; visibilityTestDiv.offsetParent === null ) {            const observer = new MutationObserver( ( mutations ) =&gt; {                mutations.forEach( ( mutation ) =&gt; {                    if ( mutation.type === 'attributes' &amp;&amp; visibilityTestDiv.offsetParent !== null ) {                        debouncedTriggerPostRender();                        observer.disconnect();                    }                });            });            observer.observe( document.body, {                attributes: true,                childList: false,                subtree: true,                attributeFilter: [ 'style', 'class' ],            });        } else {            triggerPostRender();        }    } );} );<br />
&lt;/script&gt;

  

  Unrestrained data collection leads to data bloat

  Marketing and the business world are experiencing a data problem. Analysts and business intelligence teams grapple with large amounts of data that aren’t always useful and are often incomplete. The idea that “more data is better” became a guiding principle in the early 2000s, encouraging companies to gather everything possible using all available data collection methods. This unrestrained pursuit often led to an unexpected problem : data bloat. Too much data, too little clarity. Digital marketers, analysts, and business leaders now try to navigate vast amounts of information that create more confusion than insight, especially when the data is incomplete due to privacy regulations.

  

  Cutting through the noise, focusing on what matters

  The “more data is better” mindset emerged when digital marketers were beginning to understand data’s potential. It seemed logical : more data should mean more opportunities to optimise, personalise, and drive results. But in practice, gathering every possible piece of data often leads to a cluttered, confusing pile of metrics that can mislead more than guide.

  This approach carries hidden costs. Excessive data collection burns resources, increases privacy concerns, and leaves teams unfocused. It’s easy to get lost trying to make sense of endless dashboards, metrics, and reports. More data doesn’t necessarily lead to better decisions ; it often just leads to more noise, hindering effective data management.

  Rethinking data management : From data overload to data mindfulness

  Data management has often prioritised comprehensive data gathering without considering the specific value of each data point. This approach has created more information, but not necessarily better insights.

  Data mindfulness is about taking a deliberate, focused approach to data collection and analysis. Instead of trying to collect everything, it emphasises gathering only what truly adds value. It’s about ensuring the data you collect serves a purpose and directly contributes to better insights and data-driven decision-making.

  Think of it like applying a “lean” methodology to data—trimming away the unnecessary and keeping only what is essential. Or consider embracing data minimalism to declutter your data warehouse, keeping only what truly sparks insight.

  

  Mindful data is ethical data

  Adopting a mindful approach to data can pay off in several ways :

  • Reduces overwhelm : When you reduce the clutter, you’re left with fewer, clearer metrics that lead to stronger decisions and actionable data insights.

  • Mitigates compliance risks : By collecting less, companies align better with privacy regulations and build trust with their customers. Privacy-first analytics and privacy-compliant analytics practices mean there’s no need for invasive tracking if it doesn’t add value—and customers will appreciate that.

  • Enhances data ethics : Focusing on the quality rather than the quantity of data collected ensures ethical data collection and management. Companies use data responsibly, respect user privacy, and minimise unnecessary data handling, strengthening customer relationships and brand integrity.

  • Improves data efficiency : Focused analytics means better use of resources. You’re spending less time managing meaningless metrics and more time working on meaningful insights. Many companies have found success by switching to a leaner, quality-first data approach, reporting sharper, more impactful results.

  Shifting towards simplicity and lean analytics

  If data mindfulness sounds appealing, here’s how you can get started :

  1. Ask the right questions. Before collecting any data, ask yourself : Why are we collecting this ? How will it drive value ? If you can’t answer these questions clearly, that data probably isn’t worth collecting. This is a key step in smart data management.

  2. Simplify metrics. Focus on the KPIs that truly matter for your business. Choose a handful of key metrics that reflect your goals rather than a sprawling list of nice-to-haves. Embracing data simplicity helps in targeting data collection effectively.

  3. Audit your current data. Review your existing data collection processes. Which metrics are you actively using to make decisions ? Eliminate any redundant or low-value metrics that create noise. Use ethical data management practices to ensure data efficiency and compliance. Understanding what is data management in this context is crucial.

  4. Implement lean analytics practices. Shift towards lean analytics by cutting down on unnecessary tracking. This can involve reducing reliance on multiple tracking scripts, simplifying your reporting, and setting up a streamlined dashboard focused on key outcomes. Embrace data reduction strategies to eliminate waste and boost effectiveness.

  Who should watch this bootcamp

  This bootcamp is perfect for data analysts, product managers, digital marketers and business leaders who are seeking a more streamlined approach to data measurement. If you’re interested in moving away from a chaotic “track-it-all” mentality and towards a focused, lean, and privacy-first analytics strategy, this workshop is for you.

  What you’ll discover

  • Practical steps : Learn actionable strategies to reduce data bloat and implement lean, privacy-first analytics in your organisation.

  • Real-life examples : Explore case studies of companies that have successfully adopted focused and privacy-first analytics.

  • Deep insights : Gain a deeper understanding of how to prioritise quality over quantity without sacrificing valuable insights.

  Watch the bootcamp on-demand

  For a comprehensive dive into these topics, watch the full workshop video or download the detailed transcript. Equip yourself with the knowledge and tools to transform your data management approach today.

  Email

  What is 8 + 5 ?(Required)

  By providing your email and clicking “submit”, you agree to receive direct marketing materials relating to Matomo products and services, surveys, information about events, publications and promotions. You can unsubscribe at any time by clicking the opt-out link provided in each communication. We will process your personal information in accordance with our Privacy Policy.

  
  
  
  
  

  Δ

  <script>document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() );</script>

  &lt;script&gt;<br />
gform.initializeOnLoaded( function() {gformInitSpinner( 72, 'https://matomo.org/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery('#gform_ajax_frame_72').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') &gt;= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_72');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_72').length &gt; 0;var is_redirect = contents.indexOf('gformRedirect(){') &gt;= 0;var is_form = form_content.length &gt; 0 &amp;&amp; ! is_redirect &amp;&amp; ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_72').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_72').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_72').removeClass('gform_validation_error');}setTimeout( function() { /* delay the scroll by 50 milliseconds to fix a bug in chrome */  }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_72').val();gformInitSpinner( 72, 'https://matomo.org/wp-content/plugins/gravityforms/images/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [72, current_page]);window['gf_submitting_72'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_72').replaceWith(confirmation_content);jQuery(document).trigger('gform_confirmation_loaded', [72]);window['gf_submitting_72'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_72').text());}, 50);}else{jQuery('#gform_72').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(&quot;gform_pre_post_render&quot;, [{ formId: &quot;72&quot;, currentPage: &quot;current_page&quot;, abort: function() { this.preventDefault(); } }]);                if (event.defaultPrevented) {                return;         }        const gformWrapperDiv = document.getElementById( &quot;gform_wrapper_72&quot; );        if ( gformWrapperDiv ) {            const visibilitySpan = document.createElement( &quot;span&quot; );            visibilitySpan.id = &quot;gform_visibility_test_72&quot;;            gformWrapperDiv.insertAdjacentElement( &quot;afterend&quot;, visibilitySpan );        }        const visibilityTestDiv = document.getElementById( &quot;gform_visibility_test_72&quot; );        let postRenderFired = false;                function triggerPostRender() {            if ( postRenderFired ) {                return;            }            postRenderFired = true;            jQuery( document ).trigger( 'gform_post_render', [72, current_page] );            gform.utils.trigger( { event: 'gform/postRender', native: false, data: { formId: 72, currentPage: current_page } } );            if ( visibilityTestDiv ) {                visibilityTestDiv.parentNode.removeChild( visibilityTestDiv );            }        }        function debounce( func, wait, immediate ) {            var timeout;            return function() {                var context = this, args = arguments;                var later = function() {                    timeout = null;                    if ( !immediate ) func.apply( context, args );                };                var callNow = immediate &amp;&amp; !timeout;                clearTimeout( timeout );                timeout = setTimeout( later, wait );                if ( callNow ) func.apply( context, args );            };        }        const debouncedTriggerPostRender = debounce( function() {            triggerPostRender();        }, 200 );        if ( visibilityTestDiv &amp;&amp; visibilityTestDiv.offsetParent === null ) {            const observer = new MutationObserver( ( mutations ) =&gt; {                mutations.forEach( ( mutation ) =&gt; {                    if ( mutation.type === 'attributes' &amp;&amp; visibilityTestDiv.offsetParent !== null ) {                        debouncedTriggerPostRender();                        observer.disconnect();                    }                });            });            observer.observe( document.body, {                attributes: true,                childList: false,                subtree: true,                attributeFilter: [ 'style', 'class' ],            });        } else {            triggerPostRender();        }    } );} );<br />
&lt;/script&gt;

• Overcoming Fintech and Finserv’s Biggest Data Analytics Challenges

  13 septembre 2024, par Daniel Crough — Banking and Financial Services, Marketing, Security

  Data powers innovation in financial technology (fintech), from personalized banking services to advanced fraud detection systems. Industry leaders recognize the value of strong security measures and customer privacy. A recent survey highlights this focus, with 72% of finance Chief Risk Officers identifying cybersecurity as their primary concern.

  Beyond cybersecurity, fintech and financial services (finserv) companies are bogged down with massive amounts of data spread throughout disconnected systems. Between this, a complex regulatory landscape and an increasingly tech-savvy and sceptical consumer base, fintech and finserv companies have a lot on their plates.

  How can marketing teams get the information they need while staying focused on compliance and providing customer value ? 

  This article will examine strategies to address common challenges in the finserv and fintech industries. We’ll focus on using appropriate tools, following effective data management practices, and learning from traditional banks’ approaches to similar issues.

  What are the biggest fintech data analytics challenges, and how do they intersect with traditional banking ?

  Recent years have been tough for the fintech industry, especially after the pandemic. This period has brought new hurdles in data analysis and made existing ones more complex. As the market stabilises, both fintech and finserve companies must tackle these evolving data issues.

  Let’s examine some of the most significant data analytics challenges facing the fintech industry, starting with an issue that’s prevalent across the financial sector :

  1. Battling data silos

  In a recent survey by InterSystems, 54% of financial institution leaders said data silos are their biggest barrier to innovation, while 62% said removing silos is their priority data strategy for the next year.

  

  Data silos segregate data repositories across departments, products and other divisions. This is a major issue in traditional banking and something fintech companies should avoid inheriting at all costs.

  Siloed data makes it harder for decision-makers to view business performance with 360-degree clarity. It’s also expensive to maintain and operationalise and can evolve into privacy and data compliance issues if left unchecked.

  To avoid or remove data silos, develop a data governance framework and centralise your data repositories. Next, simplify your analytics stack into as few integrated tools as possible because complex tech stacks are one of the leading causes of data silos.

  Use an analytics system like Matomo that incorporates web analytics, marketing attribution and CRO testing into one toolkit.

  

  Matomo’s support plans help you implement a data system to meet the unique needs of your business and avoid issues like data silos. We also offer data warehouse exporting as a feature to bring all of your web analytics, customer data, support data, etc., into one centralised location.

  Try Matomo for free today, or contact our sales team to discuss support plans.

  2. Compliance with laws and regulations

  A survey by Alloy reveals that 93% of fintech companies find it difficult to meet compliance regulations. The cost of staying compliant tops their list of worries (23%), outranking even the financial hit from fraud (21%) – and this in a year marked by cyber threats.

  

  Data privacy laws are constantly changing, and the landscape varies across global regions, making adherence even more challenging for fintechs and traditional banks operating in multiple markets. 

  In the US market, companies grapple with regulations at both federal and state levels. Here are some of the state-level legislation coming into effect for 2024-2026 :

  • Oregon – Oregon Consumer Privacy Act (July 1, 2024)
  • Florida – Florida Digital Bill of Rights (July 1, 2024)
  • Texas – Texas Data Privacy and Security Act (July 1, 2024)
  • Montana – Montana Consumer Data Privacy Act (October 1, 2024)
  • Delaware – Delaware Personal Privacy Act (January 1, 2025)
  • Iowa – Iowa Consumer Data Protection Act (January 1, 2025)
  • New Jersey – SB 332 (January 15, 2025)
  • Tennessee – Tennessee Information Protection Act (July 1, 2025)
  • Indiana – Indiana Consumer Data Protection Act ( January 1, 2026)

  Other countries are also ramping up regional regulations. For instance, Canada has Quebec’s Act Respecting the Protection of Personal Information in the Private Sector and British Columbia’s Personal Information Protection Act (BC PIPA).

  Ignorance of country- or region-specific laws will not stop companies from suffering the consequences of violating them.

  The only answer is to invest in adherence and manage business growth accordingly. Ultimately, compliance is more affordable than non-compliance – not only in terms of the potential fines but also the potential risks to reputation, consumer trust and customer loyalty.

  This is an expensive lesson that fintech and traditional financial companies have had to learn together. GDPR regulators hit CaixaBank S.A, one of Spain’s largest banks, with multiple multi-million Euro fines, and Klarna Bank AB, a popular Swedish fintech company, for €720,000.

  To avoid similar fates, companies should :

  1. Build solid data systems
  2. Hire compliance experts
  3. Train their teams thoroughly
  4. Choose data analytics tools carefully

  Remember, even popular tools like Google Analytics aren’t automatically safe. Find out how Matomo helps you gather useful insights while sticking to rules like GDPR.

  3. Protecting against data security threats

  Cyber threats are increasing in volume and sophistication, with the financial sector becoming the most breached in 2023.

  

  The cybersecurity risks will only worsen, with WEF estimating annual cybercrime expenses of up to USD $10.5 trillion globally by 2025, up from USD $3 trillion in 2015.

  While technology brings new security solutions, it also amplifies existing risks and creates new ones. A 2024 McKinsey report warns that the risk of data breaches will continue to increase as the financial industry increasingly relies on third-party data tools and cloud computing services unless they simultaneously improve their security posture.

  The reality is that adopting a third-party data system without taking the proper precautions means adopting its security vulnerabilities.

  In 2023, the MOVEit data breach affected companies worldwide, including financial institutions using its file transfer system. One hack created a global data crisis, potentially affecting the customer data of every company using this one software product.

  The McKinsey report emphasises choosing tools wisely. Why ? Because when customer data is compromised, it’s your company that takes the heat, not the tool provider. As the report states :

  “Companies need reliable, insightful metrics and reporting (such as security compliance, risk metrics and vulnerability tracking) to prove to regulators the health of their security capabilities and to manage those capabilities.”

  Don’t put user or customer data in the hands of companies you can’t trust. Work with providers that care about security as much as you do. With Matomo, you own all of your data, ensuring it’s never used for unknown purposes.

  

  4. Protecting users’ privacy

  With security threats increasing, fintech companies and traditional banks must prioritise user privacy protection. Users are also increasingly aware of privacy threats and ready to walk away from companies that lose their trust.

  Cisco’s 2023 Data Privacy Benchmark Study reveals some eye-opening statistics :

  • 94% of companies said their customers wouldn’t buy from them if their data wasn’t protected, and 
  • 95% see privacy as a business necessity, not just a legal requirement.

  Modern financial companies must balance data collection and management with increasing privacy demands. This may sound contradictory for companies reliant on dated practices like third-party cookies, but they need to learn to thrive in a cookieless web as customers move to banks and service providers that have strong data ethics.

  This privacy protection journey starts with implementing web analytics ethically from the very first session.

  

  The most important elements of ethically-sound web analytics in fintech are :

  1. 100% data ownership : Make sure your data isn’t used in other ways by the tools that collect it.
  2. Respecting user privacy : Only collect the data you absolutely need to do your job and avoid personally identifiable information.
  3. Regulatory compliance : Stick with solutions built for compliance to stay out of legal trouble.
  4. Data transparency : Know how your tools use your data and let your customers know how you use it.

  Read our guide to ethical web analytics for more information.

  5. Comparing customer trust across industries 

  While fintech companies are making waves in the financial world, they’re still playing catch-up when it comes to earning customer trust. According to RFI Global, fintech has a consumer trust score of 5.8/10 in 2024, while traditional banking scores 7.6/10.

  

  This trust gap isn’t just about perception – it’s rooted in real issues :

  • Security breaches are making headlines more often.
  • Privacy regulations like GDPR are making consumers more aware of their rights.
  • Some fintech companies are struggling to handle fraud effectively.

  According to the UK’s Payment Systems Regulator, digital banking brands Monzo and Starling had some of the highest fraudulent activity rates in 2022. Yet, Monzo only reimbursed 6% of customers who reported suspicious transactions, compared to 70% for NatWest and 91% for Nationwide.

  So, what can fintech firms do to close this trust gap ?

  • Start with privacy-centric analytics from day one. This shows customers you value their privacy from the get-go.
  • Build and maintain a long-term reputation free of data leaks and privacy issues. One major breach can undo years of trust-building.
  • Learn from traditional banks when it comes to handling issues like fraudulent transactions, identity theft, and data breaches. Prompt, customer-friendly resolutions go a long way.
  • Remember : cutting-edge financial technology doesn’t make up for poor customer care. If your digital bank won’t refund customers who’ve fallen victim to credit card fraud, they’ll likely switch to a traditional bank that will.

  The fintech sector has made strides in innovation, but there’s still work to do in establishing trustworthiness. By focusing on robust security, transparent practices, and excellent customer service, fintech companies can bridge the trust gap and compete more effectively with traditional banks.

  6. Collecting quality data

  Adhering to data privacy regulations, protecting user data and implementing ethical analytics raises another challenge. How can companies do all of these things and still collect reliable, quality data ?

  Google’s answer is using predictive models, but this replaces real data with calculations and guesswork. The worst part is that Google Analytics doesn’t even let you use all of the data you collect in the first place. Instead, it uses something called data sampling once you pass certain thresholds.

  In practice, this means that Google Analytics uses a limited set of your data to calculate reports. We’ve discussed GA4 data sampling at length before, but there are two key problems for companies here :

  1. A sample size that’s too small won’t give you a full representation of your data.
  2. The more visitors that come to your site, the less accurate your reports will become.

  For high-growth companies, data sampling simply can’t keep up. Financial marketers widely recognise the shortcomings of big tech analytics providers. In fact, 80% of them say they’re concerned about data bias from major providers like Google and Meta affecting valuable insights.

  This is precisely why CRO:NYX Digital approached us after discovering Google Analytics wasn’t providing accurate campaign data. We set up an analytics system to suit the company’s needs and tested it alongside Google Analytics for multiple campaigns. In one instance, Google Analytics failed to register 6,837 users in a single day, approximately 9.8% of the total tracked by Matomo.

  In another instance, Google Analytics only tracked 600 visitors over 24 hours, while Matomo recorded nearly 71,000 visitors – an 11,700% discrepancy.

  

  Financial companies need a more reliable, privacy-centric alternative to Google Analytics that captures quality data without putting users at potential risk. This is why we built Matomo and why our customers love having total control and visibility of their data.

  Unlock the full power of fintech data analytics with Matomo

  Fintech companies face many data-related challenges, so compliant web analytics shouldn’t be one of them. 

  With Matomo, you get :

  • An all-in-one solution that handles traditional web analytics, behavioural analytics and more with strong integrations to minimise the likelihood of data siloing
  • Full compliance with GDPR, CCPA, PIPL and more
  • Complete ownership of your data to minimise cybersecurity risks caused by negligent third parties
  • An abundance of ways to protect customer privacy, like IP address anonymisation and respect for DoNotTrack settings
  • The ability to import data from Google Analytics and distance yourself from big tech
  • High-quality data that doesn’t rely on sampling
  • A tool built with financial analytics in mind

  Don’t let big tech companies limit the power of your data with sketchy privacy policies and counterintuitive systems like data sampling. 

  Start your Matomo free trial or request a demo to unlock the full power of fintech data analytics without putting your customers’ personal information at unnecessary risk.