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• The 7 GDPR Principles : A Guide to Compliance

  11 août 2023, par Erin — Analytics Tips, GDPR

  We all knew it was coming. It’s all anyone could talk about — the General Data Protection Regulation (GDPR) took effect on 25 May 2018. 

  You might think five years would have been plenty of time for organisations to achieve compliance, yet many have failed to do so. As of 2022, 81% of French businesses and 95% of American companies were still not compliant.

  If you’re one of these organisations still working on compliance, this blog will provide valuable information about the seven GDPR principles and guide you on your way to compliance. It will also explore how web analytics tools can help organisations improve transparency, ensure data security and achieve GDPR compliance.

  What is GDPR ?

  The European Union (EU) created the General Data Protection Regulation (GDPR) to grant individuals greater control over their data and promote transparency in data processing. 

  Known by many other names across Europe (e.g., RGPD, DSGVO, etc.), the GDPR created a set of rules surrounding the handling of personal data of EU citizens and residents, to make sure organisations aren’t being irresponsible with user names, locations, IP addresses, information gleaned from cookies, and so on. 

  Organisations must assume several responsibilities to achieve GDPR compliance, regardless of their physical location. These obligations include :

  • Respecting user rights
  • Implementing documentation and document retention policies
  • Ensuring data security 

  Why is GDPR compliance important ?

  Data has become a valuable asset for businesses worldwide. The collection and use of data is a feature of almost every sector. However, with increased data usage comes a greater responsibility to protect individuals’ privacy and rights. 

  A YouGov study conducted in 17 key markets found that two in three adults worldwide believe tech corporations across all markets have too much control over their data.

  

  GDPR is the most extensive government framework aiming to tackle the increasing concern over data collection and handling. GDPR safeguards personal data from misuse, unauthorised access and data breaches. It ensures that businesses handle information responsibly and with respect for individual privacy. It also provided a foundation for similar laws to be created in other countries, including China, which is among the least concerned regions (56%), along with Sweden (54%) and Indonesia (56%).

  GDPR has been pivotal in safeguarding personal data and empowering individuals with more control over their information. Compliance with GDPR builds trust between businesses and their customers. Currently, 71% of the countries in the world are covered by data protection and privacy legislation.

  What are the risks of non-compliance ?

  We’ve established the siginficance of GDPR, but what about the implications — what does it mean for your business ? The consequences of non-compliance can be severe and are not worth being lax about. 

  According to Article 83 of the GDPR, you can be penalised up to 4% of your annual global revenue or €20 million, whichever is higher, for violations. For smaller businesses, such substantial fines could be devastating. Non-compliance could even result in legal action from individuals or data protection authorities, leading to further financial losses.

  Potential outcomes are not just legal and financial. GDPR violations can significantly damage your reputation as a company. Non-compliance could also cost you business opportunities if your policies and processes do not comply and, therefore, do not align with potential partners. Customers trust businesses that take data protection seriously over those that do not.

  

  Finally, and perhaps the most timid outcome on the surface, individuals have the right to complain to data protection authorities if they believe you violate their data rights. These complaints can trigger an investigation, and if your business is found to be breaking the rules, you could face all of the consequences mentioned above. 

  You may think it couldn’t happen to you, but GDPR fines have collectively reached over €4 billion and are growing at a notable rate. Fines grew 92% from H1 2021 compared with H1 2022. A record-breaking €1.2 billion fine to Meta in 2023 is the biggest we’ve seen, so far. But smaller businesses can be fined, too. A bank in Hungary was fined €1,560 for not erasing and correcting data when the subject requested it. (Individuals can also be fined in flagrant cases, like a police officer fined €1,400 for using police info for private purposes.)

  

  The 7 GDPR principles and how to comply

  You should now have a good understanding of GDPR, why it’s important and the consequences of not being compliant. 

  Your first step to compliance is to identify the personal data your organisation processes and determine the legal basis for processing each type. You then need to review your data processing activities to ensure they align with the GDPR’s purpose and principles.

  There are seven key principles in Article 5 of the GDPR that govern the lawful processing of personal data :

  Lawfulness, fairness and transparency

  This principle ensures you collect and use data in a legal and transparent way. It must be collected with consent, and you must tell your customers why you need their data. Data processing must be conducted fairly and transparently. 

  How to comply

  • Review your data practices and identify if and why you collect personal data from customers.
    • Learn what personally identifiable information (PII) is.
  • Update your website and forms to include a clear and easy-to-understand explanation of why you need their data and what you’ll use it for.
  • Obtain explicit consent from individuals when processing their sensitive data.
  • Add a cookie consent banner to your website, informing users about the cookies you use and why.
    • Website analytics tools like Google Analytics and Matomo offer the ability to create cookie consent banners and integrate with Consent Management Platforms (CMPs) to manage user consent and privacy settings.
    • Matomo also offers a setting without tracking cookies, in which case you would not need to add the cookie consent banner. 
  • Privacy notices must be accessible at all times. 
  • To ensure your cookies are GDPR compliant, you must :
    • Get consent before using any cookies (except strictly necessary cookies). 
    • Clearly explain what each cookie tracks and its purpose.
    • Document and store user consent.
    • Don’t refuse access to services if users do not consent to the use of certain cookies.
    • Make the consent withdrawal process simple. 

  Use tools like Matomo that can be configured to automatically anonymise data so you don’t process any personal data.

  Purpose limitation

  You can only use data for the specific, legitimate purposes you told your visitors, prospects or customers about at the time of collection. You can’t use it for anything else without asking again. 

  How to comply

  • Define the specific purposes for collecting personal data (e.g., processing orders, sending newsletters).
  • Ensure you don’t use the data for any other purposes without getting explicit consent from the individuals.

  Data minimisation

  Data minimisation means you should only collect the data you need, aligned with the stated purpose. You shouldn’t gather or store more data than necessary. Implementing data minimisation practices ensures compliance and protects against data breaches.

  How to comply

  • Identify the minimum data required for each purpose.
  • Conduct a data audit to identify and eliminate unnecessary data collection points.
  • Don’t ask for unnecessary information or store data that’s not essential for your business operations.
  • Implement data retention policies to delete data when it is no longer required.

  Accuracy

  You are responsible for keeping data accurate and up-to-date at all times. You should have processes to promptly erase or correct any data if you have incorrect information for your customers.

  How to comply

  • Implement a process to regularly review and update customer data.
  • Provide an easy way for customers to request corrections to their data if they find any errors.

  Storage limitation

  Data should not be kept longer than necessary. You should only hold onto it for as long as you have a valid reason, which should be the purpose stated and consented to. Securely dispose of data when it is no longer needed. There is no upper time limit on data storage. 

  How to comply

  • Set clear retention periods for the different types of data you collect.
  • Develop data retention policies and adhere to them consistently.
  • Delete data when it’s no longer needed for the purposes you specified.

  Integrity and confidentiality

  You must take measures to protect data from unauthorised or unlawful access, like keeping it locked away and secure.

  How to comply

  • Securely store personal data with encryption and access controls, and keep it either within the EU or somewhere with similar privacy protections. 
  • Train your staff on data protection and restrict access to data only to those who need it for their work.
  • Conduct regular security assessments and address vulnerabilities promptly.

  Accountability

  Accountability means that you are responsible for complying with the other principles. You must demonstrate that you are following the rules and taking data protection seriously.

  How to comply

  • Appoint a Data Protection Officer (DPO) or someone responsible for data privacy in your company.
  • Maintain detailed records of data processing activities and any data breaches.
  • Data breaches must be reported within 72 hours.

  Compliance with GDPR is an ongoing process, and it’s vital to review and update your practices regularly. 

  What are GDPR rights ?

  Individuals are granted various rights under the GDPR. These rights give them more control over their personal data.

  

  The right to be informed : People can ask why their data is required.

  What to do : Explain why personal data is required and how it will be used.

  The right to access : People can request and access the personal data you hold about them.
  What to do : Provide a copy of the data upon request, free of charge and within one month.

  The right to rectification : If data errors or inaccuracies are found, your customers can ask you to correct them.
  What to do : Promptly update any incorrect information to ensure it is accurate and up-to-date.

  The right to object to processing : Your customers have the right to object to processing their data for certain purposes, like direct marketing.
  What to do : Respect this objection unless you have legitimate reasons for processing the data.

  Rights in relation to automated decision-making and profiling : GDPR gives individuals the right not to be subject to decisions based solely on automated processing, including profiling, if it significantly impacts them.
  What to do : Offer individuals the right to human intervention and express their point of view in such cases.

  The right to be forgotten : Individuals can request the deletion of their data under certain circumstances, such as when the data is no longer necessary or when they withdraw consent.
  What to do : Comply with such requests unless you have a legal obligation to keep the data.

  The right to data portability : People can request their personal data in a commonly used and machine-readable format.
  What to do : Provide the data to the individual if they want to transfer it to another service provider.

  The right to restrict processing : Customers can ask you to temporarily stop processing their data, for example, while they verify its accuracy or when they object to its usage.
  What to do : Store the data during this period but do not process it further.

  Are all website analytics tools GDPR compliant ?

  Unfortunately, not all web analytics tools are built the same. No matter where you are located in the world, if you are processing the personal data of European citizens or residents, you need to fulfil GDPR obligations.

  While your web analytics tool helps you gain valuable insights from your user base and web traffic, they don’t all comply with GDPR. No matter how hard you work to adhere to the seven principles and GDPR rights, using a non-compliant tool means that you’ll never be fully GDPR compliant.

  When using website analytics tools and handling data, you should consider the following :

  Collection of data

  Aligned with the lawfulness, fairness and transparency principle, you must collect consent from visitors for tracking if you are using website analytics tools to collect visitor behavioural data — unless you anonymise data entirely with Matomo.

  

  To provide transparency, you should also clarify the types of data you collect, such as IP addresses, device information and browsing behaviour. Note that data collection aims to improve your website’s performance and understand your audience better.

  Storage of data

  Assure your visitors that you securely store their data and only keep it for as long as necessary, following GDPR’s storage limitation principle. Clearly state the retention periods for different data types and specify when you’ll delete or anonymise it.

  Usage of data

  Make it clear that to comply with the purpose limitation principle, the data you collect will not be used for other purposes beyond website analytics. You should also promise not to share data with third parties for marketing or unrelated activities without their explicit consent. 

  Anonymisation and pseudonymisation

  Features like IP anonymisation to protect users’ privacy are available with GA4 (Google Analytics) and Matomo. Describe how you use these tools and mention that you may use pseudonyms or unique identifiers instead of real names to safeguard personal data further.

  Cookies and consent

  Inform visitors that your website uses cookies and other tracking technologies for analytics purposes. Matomo offers customisable cookie banners and opt-out options that allow users to choose their preferences regarding cookies and tracking, along with cookieless options that don’t require consent banners. 

  Right to access and correct data

  Inform visitors of their rights and provide instructions on requesting information. Describe how to correct inaccuracies in their data and update their preferences.

  Security measures

  Assure visitors that you take data security seriously and have implemented measures to protect their data from unauthorised access or breaches. You can also use this opportunity to highlight any encryption or access controls you use to safeguard data.

  Contact information

  Provide contact details for your company’s Data Protection Officer (DPO) and encourage users to reach out if they have any questions or concerns about their data and privacy.

  When selecting web analytics tools, consider how well they align with GDPR principles. Look for features like anonymisation, consent management options, data retention controls, security measures and data storage within the EU or a similarly privacy-protecting jurisdiction. 

  Matomo offers an advanced GDPR Manager. This is to make sure websites are fully GDPR compliant by giving users the ability to access, withdraw consent, object or erase their data, in addition to the anonymizing features. 

  And finally, when you use Matomo, you have 100% data ownership — stored with us in the EU if you’re using Matomo Cloud or on your own servers with Matomo On-Premise — so you can be data-driven and still be compliant with worldwide privacy laws. We are also trusted across industries as we provide accurate data (no trying to fill in the gaps with AI), a robust API that lets you connect your data to your other tools and cookieless tracking options so you don’t need a cookie consent banner. What’s more, our open-source nature allows you to explore the inner workings, offering the assurance of security firsthand. 

  Ready to become GDPR compliant ?

  Whether you’re an established business or just starting out, if you work with data from EU citizens or residents, then achieving GDPR compliance is essential. It doesn’t need to cost you a fortune or five years to get to compliant status. With the right tools and processes, you can be on top of the privacy requirements in no time at all, avoiding any of those hefty penalties or the resulting damage to your reputation. 

  You don’t need to sacrifice powerful data insights to be GDPR compliant. While Google Analytics uses data for its ‘own purposes’, Matomo is an ethical alternative. Using our all-in-one web analytics platform means you own 100% of your data 100% of the time. 

  Start a 21-day free trial of Matomo — no credit card required.

  Disclaimer

  We are not lawyers and don’t claim to be. The information provided here is to help give an introduction to GDPR. We encourage every business and website to take data privacy seriously and discuss these issues with your lawyer if you have any concerns.

• A Quick Start Guide to the Payment Services Directive (PSD2)

  22 novembre 2024, par Daniel Crough — Banking and Financial Services, Privacy

  In 2023, there were 266.2 billion real-time payments indicating that the demand for secure transactions has never been higher. As we move towards a more open banking system, there are a host of new payment solutions that offer convenience and efficiency, but they also present new risks.

  The Payment Services Directive 2 (PSD2) is one of many regulations established to address these concerns. PSD2 is a European Union (EU) business initiative to offer smooth payment experiences while helping customers feel safe from online threats. 

  In this post, learn what PSD2 includes, how it improves security for online payments, and how Matomo supports banks and financial institutions with PSD2 compliance.

  What is PSD2 ? 

  PSD2 is an EU directive that aims to improve the security of electronic payments across the EU. It enforces strong customer authentication and allows third-party access to consumer accounts with explicit consent. 

  Its main objectives are :

  • Strengthening security and data privacy measures around digital payments.
  • Encouraging innovation by allowing third-party providers access to banking data.
  • Improving transparency with clear communication regarding fees, terms and conditions associated with payment services.
  • Establishing a framework for sharing customer data securely through APIs for PSD2 open banking.

  Rationale behind PSD2 

  PSD2’s primary purpose is to engineer a more integrated and efficient European payment market without compromising the security of online transactions. 

  The original directive aimed to standardise payment services across EU member states, but as technology evolved, an updated version was needed.

  PSD2 is mandatory for various entities within the European Economic Area (EEA), like :

  • Banks and credit institutions
  • Electronic money institutions or digital banks like Revolut
  • Card issuing and acquiring institutions
  • Fintech companies
  • Multi-national organisations operating in the EU

  PSD2 implementation timeline

  With several important milestones, PSD2 has reshaped how payment services work in Europe. Here’s a closer look at the pivotal events that paved the way for its launch.

  • 2002 : The banking industry creates the European Payments Council (EC), which drives the Single Euro Payments Area (SEPA) initiative to include non-cash payment instruments across European regions. 
  • 2007 : PSD1 goes into effect.
  • 2013 : EC proposes PSD2 to include protocols for upcoming payment services.
  • 2015 : The Council of European Union passes PSD2 and gives member states two years to incorporate it.
  • 2018 : PSD2 goes into effect. 
  • 2019 : The final deadline for all companies within the EU to comply with PSD2’s regulations and rules for strong customer authentication. 

  PSD2 : Key components 

  PSD2 introduces several key components. Let’s take a look at each one.

  Strong Customer Authentication (SCA)

  The Regulatory Technical Standards (RTS) under PSD2 outline specific requirements for SCA. 

  SCA requires multi-factor authentication for online transactions. When customers make a payment online, they need to verify their identity using at least two of the three following elements :

  • Knowledge : Something they know (like a password, a code or a secret answer)
  • Possession : Something they have (like their phone or card)
  • Inherence : Something they are (like biometrics — fingerprints or facial features)

  

  Before SCA, banks verified an individual’s identity only using a password. This dual verification allows only authorised users to complete transactions. SCA implementation reduces fraud and increases the security of electronic payments.

  SCA implementation varies for different payment methods. Debit and credit cards use the 3D Secure (3DS) protocol. E-wallets and other local payment measures often have their own SCA-compliant steps. 

  3DS is an extra step to authenticate a customer’s identity. Most European debit and credit card companies implement it. Also, in case of fraudulent chargebacks, the issuing bank becomes liable due to 3DS, not the business. 

  However, in SCA, certain transactions are exempt : 

  • Low-risk transactions : A transaction by an issuer or an acquirer whose fraud level is below a specific threshold. If the acquirer feels that a transaction is low risk, they can request to skip SCA. 
  • Low-value transactions : Transactions under €30.
  • Trusted beneficiaries : Trusted merchants customers choose to safelist.
  • Recurring payments : Recurring transactions for a fixed amount are exempt from SCA after the first transaction.

  Third-party payment service providers (TPPs) framework

  TPPs are entities authorised to access customer banking data and initiate payments. There are three types of TPPs :

  Account Information Service Providers (AISPs)

  AISPs are services that can view customers’ account details, but only with their permission. For example, a budgeting app might use AISP services to gather transaction data from a user’s bank account, helping them monitor expenses and oversee finances. 

  Payment Initiation Service Providers (PISPs)

  PISPs enable clients to initiate payments directly from their bank accounts, bypassing the need for conventional payment options such as debit or credit cards. After the customer makes a payment, PISPs immediately contact the merchant to ensure the user can access the online services or products they bought. 

  Card-Based Payment Instruments (CBPII)

  CBPIIs refer to services that issue payment cards linked to customer accounts. 

  Requirements for TPPs

  To operate effectively under PSD2, TPPs must meet several requirements :

  Consumer consent : Customers must explicitly authorise TPPs to retrieve their financial data. This way, users can control who can view their information and for what purpose.

  Security compliance : TPPs must follow SCA and secure communication guidelines to protect users from fraud and unauthorised access.

  API availability : Banks must make their Application Programming Interfaces (APIs) accessible and allow TPPs to connect securely with the bank’s systems. This availability helps in easy integration and lets TPPs access essential data. 

  Consumer protection methods

  PSD2 implements various consumer protection measures to increase trust and transparency between consumers and financial institutions. Here’s a closer look at some of these key methods :

  • Prohibition of unjustified fees : PSD2 requires banks to clearly communicate any additional charges or fees for international transfers or account maintenance. This ensures consumers are fully aware of the actual costs and charges.
  • Timely complaint resolution : PSD2 mandates that payment service providers (PSPs) have a straightforward complaint procedure. If a customer faces any problems, the provider must respond within 15 business days. This requirement encourages consumers to engage more confidently with financial services.
  • Refund in case of unauthorised payment : Customers are entitled to a full refund for payments made without their consent.
  • Surcharge ban : Additional charges on credit and debit card payments aren’t allowed. Businesses can’t impose extra fees on these payment methods, which increases customers’ purchasing power.

  Benefits of PSD2 

  Businesses — particularly those in banking, fintech, finserv, etc. — stand to benefit from PSD2 in several ways.

  Access to customer data

  With customer consent, banks can analyse spending patterns to develop tailored financial products that match customer needs, from personalised savings accounts to more relevant loan offerings.

  Innovation and cost benefits 

  PSD2 opened payment processing up to more market competition. New payment companies bring fresh approaches to banking services, making daily transactions more efficient while driving down processing fees across the sector.

  Also, banks now work alongside payment technology providers, combining their strengths to create better services. This collaboration brings faster payment options to businesses, helping them stay competitive while reducing operational costs.

  Improved customer trust and experience

  Due to PSD2 guidelines, modern systems handle transactions quickly without compromising the safety of payment data, creating a balanced approach to digital banking.

  

  Banking customers now have more control over their financial information. Clear processes allow consumers to view and adjust their financial preferences as needed.

  Strong security standards form the foundation of these new payment systems. Payment provider platforms must adhere to strict regulations and implement additional protection measures.

  Challenges in PSD2 compliance 

  What challenges can banks and financial institutions face regarding PSD2 compliance ? Let’s examine them. 

  Resource requirements

  For many businesses, the new requirements come with a high price tag. PSD2 requires banks and fintechs to build and update their systems so that other providers can access customer data safely. For example, they must develop APIs to allow TPPs to acquire customer data. 

  Many banks still use older systems that can’t meet PSD2’s added requirements. In addition to the cost of upgrades, complying with PSD2 requires banks to devote resources to training staff and monitoring compliance.

  The significant costs required to update legacy systems and IT infrastructure while keeping services running remain challenging.

  Risks and penalties

  Organisations that fail to comply with PSD2 regulations can face significant penalties.

  Additionally, the overlapping requirements of PSD2 and other regulations, such as the General Data Protection Regulation (GDPR), can create confusion. 

  Banks need clear agreements with TPPs about who’s responsible when things go wrong. This includes handling data breaches, preventing data misuse and protecting customer information. 

  Increased competition 

  Introducing new players in the financial ecosystem, such as AISPs and PISPs, creates competition. Banks must adapt their services to stay competitive while managing compliance costs.

  PSD2 aims to protect customers but the stronger authentication requirements can make banking less convenient. Banks must balance security with user experience. Focused time, effort and continuous monitoring are needed for businesses to stay compliant and competitive.

  How Matomo can help 

  Matomo gives banks and financial institutions complete control over their data through privacy-focused web analytics, keeping collected information internal rather than being used for marketing or other purposes. 

  Its advanced security setup includes access controls, audit logs, SSL encryption, single sign-on and two-factor authentication. This creates a secure environment where sensitive data remains accessible only to authorised staff.

  While prioritizing privacy, Matomo provides tools to understand user flow and customer segments, such as session recordings, heatmaps and A/B testing.

  Financial institutions particularly benefit from several key features : 

  • Tools for obtaining explicit consent before processing personal data like this Do Not Track preference
  • Insights into how financial institutions integrate TPPs (including API usage, user engagement and potential authentication drop-off points)
  • Tracking of failed login attempts or unusual access patterns
  • IP anonymization to analyse traffic patterns and detect potential fraud

  

  PSD3 : The next step 

  In recent years, we have seen the rise of innovative payment companies and increasingly clever fraud schemes. This has prompted regulators to propose updates to payment rules.

  PSD3’s scope is to adapt to the evolving digital transformation and to better handle these fraud risks. The proposed measures : 

  • Encourage PSPs to share fraud-related information.
  • Make customers aware of the different types of fraud.
  • Strengthen customer authentication standards.
  • Provide non-bank PSPs restricted access to EU payment systems. 
  • Enact payment rules in a directly applicable regulation and harmonise and enforce the directive.

  Web analytics that respect user privacy 

  Achieving compliance with PSD2 may be a long road for some businesses. With Matomo, organisations can enjoy peace of mind knowing their data practices align with legal requirements.

  Ready to stop worrying over compliance with regulations like PSD2 and take control of your data ? Start your 21-day free trial with Matomo.

• SEO for Financial Services : The Ultimate Guide

  26 juin 2024, par Erin

  You know that having a digital marketing strategy is crucial for helping your financial services business capture the attention and trust of potential customers and thrive in an increasingly competitive digital landscape.

  The question is — what’s the best way to go about improving your ranking in SERPs and driving organic traffic to your website ? 

  That’s where SEO strategies for financial services come into play. 

  This article will cover everything your company needs to know about SEO for financial services — from the unique challenges you’ll face to the proven tips and strategies you can implement to boost your ranking in SERPs. 

  What is SEO for financial services ? 

  SEO — short for search engine optimisation — refers to optimising your content and website for search engines, particularly Google. 

  The main goal of an SEO strategy is to make your site search-engine-friendly, show that you’re a trusted source and increase the likelihood of appearing in SERPs when potential customers look up relevant keywords — ultimately driving organic visibility and traffic. 

  Now, when it comes to evaluating the success of your financial services SEO strategy, there are certain key performance indicators (KPIs) you should keep track of — including : 

  • SEO ranking, or the position your web pages show up in SERPs for specific search terms (the terms and phrases identified during keyword research) 
  • SEO Score, which shows a website’s overall SEO health and indicates how well it will rank in SERPs
  • Impressions, or the number of times users saw your pages when they looked up relevant search terms 
  • Organic traffic, or the number of people that visit your website via search engines
  • Engagement metrics, such as time on page, pages per session, and bounce rate 
  • Conversion rates from website traffic, including both “hard” conversions (lead generation and purchases) and “soft” conversions (such as newsletter subscriptions) 

  It’s important to note that the financial services industry is incredibly competitive — especially given the large-scale digital transformations in the financial sector and the rise of fintech companies. 

  According to a 2022 report, the global market for financial services was valued at $25.51 trillion. Moreover, it’s expected to grow at a compound annual growth rate of 9.7%, reaching $58.69 trillion by 2031.

  Importance and challenges of financial services SEO 

  The financial services industry is changing rapidly, mainly driven by globalisation, innovation, shifting economies, and compliance risks. It’s crucial for financial service companies to develop effective SEO strategies that align with the opportunities and challenges unique to this sector. 

  Certain benefits of a well-executed SEO strategy, namely, better search engine rankings, driving more search traffic, delivering a better user experience, and maximising ROI and promoting business growth, are “universal.” 

  

  Financial services SEO efforts can provide a number of benefits. It can help you : 

  • Improve lead generation and customer acquisition ; the more search traffic you get, the higher the chances of converting visitors into potential clients 
  • Build a strong online presence and brand awareness, which comes as a result of increased visibility in organic search results and reaching a wider audience 
  • Increase your credibility and authority within the industry, primarily through high-quality content that shows your expertise and backlinks from authoritative websites 
  • Gain a competitive edge by analysing and outranking your main competitors 

  That said, financial services companies face some unique challenges :

  High competition : The digital arena for financial services is highly competitive, with numerous companies vying for the same business.

  YMYL (Your Money or Your Life) content : Google’s YMYL framework places higher scrutiny on financial content, demanding higher standards for experience, expertise, authoritativeness, and trustworthiness. We’ll cover this topic in greater detail shortly.

  Regulatory changes and compliance : The financial services sector is characterised by constant regulatory changes and new compliance requirements that businesses must navigate. Sometimes this makes it difficult to gather insights and market to your audience. 

  As a privacy-fist, compliant web analytics solution Matomo can provide valuable insights to support your SEO efforts. Matomo ensures compliance with privacy laws — including GDPR, CCPA and more — and provides 20-40% more comprehensive data than Google Analytics.

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  8 proven strategies for implementing SEO for financial services 

  SEO for financial services involves a wide range of strategies — including keyword optimisation, technical SEO, content marketing, link building and other off-page SEO activities — that can help your website rank higher in SERPs. 

  Of course, it’s not just about better search rankings. It’s about attracting the right search traffic to your website — potential clients interested in your financial services.

  Here are some proven financial services SEO strategies you should implement : 

  1. Build trust and topical authority 

  Financial services content typically covers more complex topics that could impact the reader’s financial stability and well-being — or, as Google calls them, “Your Money or Your Life” topics (YMYL). As such, it’s subject to much stricter quality standards. 

  To improve your YMYL content, you’ll need to apply the E-E-A-T framework — short for “Experience, Expertise, Authority, and Trust”. 

  This is a key part of Google’s search rater guidelines for evaluating a website’s quality and credibility. 

  The E-E-A-T standards become even more relevant to financial topics such as investment strategies, financial advice, taxes, and retirement planning. 

  In that sense, the overarching goal of your content strategy should be to build customer trust by demonstrating real expertise and topical authority through in-depth educational content. 

  2. Earn reputable external links through link-building 

  You also need to monitor your off-page SEO—factors outside your website that can’t be directly controlled but can still build trust and contribute to better ranking in SERPs. 

  These include everything from social media engagement and unlinked brand mentions in blog posts, news articles, user reviews and social media discussions — to inbound links from other reputable websites in the finance industry.

  That brings us to high-quality backlinks as a significant factor for YMYL content that can improve your financial services website’s SEO performance : 

  Earning external links can improve your domain authority and reinforce your brand’s position as a reliable source in the financial services niche — which, in turn, can contribute to better search engine rankings and drive more website traffic. 

  Here are a few link-building strategies you can try : 

  • Use tools like Ahrefs and Semrush to look for reputable websites and then request for them to link to your site
  • Demonstrate your expertise and get backlinks from reputable media outlets through Help a Reporter Out (HARO) 
  • Reach out to authoritative websites that mention your company without linking to you directly and ask them to include a link to your websit

  3. Conduct an SEO audit 

  An SEO audit is a key step in developing and implementing a successful financial SEO strategy. It sets the foundation for all your future efforts — and allows you to measure progress further down the line. 

  You’ll need to perform a comprehensive SEO audit, covering both the existing content and technical aspects of your website — including : 

  • Indexing issues
  • Internal linking and site architecture 
  • Duplicate content 
  • Backlink profile 
  • Broken links 
  • Page titles and metadata 

  It’s possible to do this manually, third-party tools will allow you to dig deeper and speed up the process. Ahrefs and Screaming Frog — to name a few — can help you evaluate your website’s overall health and structure. And, with a web analytics platform like Matomo you can easily measure the success of your SEO efforts.

  But this shouldn’t be a one-time thing ; be sure to perform audits regularly — ideally every six months. 

  4. Understand your target audience

  You can’t create helpful content without learning about your customers’ needs, pain points and preferences. 

  For example, a financial service provider focusing on individuals nearing retirement would prioritise content that educates on retirement planning strategies, investment options for seniors, and tax-efficient withdrawal strategies, aiming to guide clients through the transition from saving to managing retirement funds effectively.

  In contrast, a provider targeting small business owners would emphasise content related to small business loans, funding options, and financial management advice tailored to entrepreneurs seeking to expand their businesses and navigate financial challenges effectively.

  So, before you dive into keyword research and content creation, ensure you have a deep understanding of your target audience. 

  Identifying different audience categories and developing detailed customer personas for each segment is crucial for creating content that resonates with them and aligns with their search intent. 

  Matomo’s Segmentation tool can be of huge help here. It allows you to divide your audience into smaller groups based on factors like demographics and website interactions : 

  

  In addition to that, you can : 

  • Engage with your frontline teams that interact directly with clients to gain deeper insights into prospects’ needs and concerns
  • Track social media channels and other online discussions related to the financial world and your audience
  • Gather qualitative insights from your site visitors through the Matomo Surveys plugin (questions like “What financial services are you most interested in ?” or “Are there any specific financial topics you would like us to cover in more detail ?” will help you understand your visitors better)
  • Watch out for financial trends and developments that could directly impact your audience’s needs and preferences 

  5. Identify new opportunities through keyword research 

  Comprehensive keyword research can help you identify key search terms — specific phrases that potential customers may use when looking up things related to their finances. 

  It’s best to start with a brainstorming session and assemble a list of relevant topics and core keywords. Once you have an initial list, use tools like Ahrefs and Semrush to get more keyword ideas based on your seed keywords, including : 

  • More specific long-tail keywords — and often less competitive — indicate a clearer intent to convert. For example :

  • • “low-risk investment options for retirees”
    • “financial planning for freelancers”
    • “small business loan requirements”

  • Keywords that your competitors already rank for. For instance :

  • • If a competing investment firm ranks for “best investment strategies for beginners,” targeting similar keywords can attract novice investors.
    • A competitor’s high ranking for “life insurance quotes online” suggests potential to optimise your own content around similar terms.
  • Location-specific keywords (if you have physical store locations)

  Google Search Console can provide information about the search terms you’re already ranking for — including underperforming content that may benefit from further optimisation. If you want deeper SEO insights, you can import your search keywords into Matomo. 

  While you’re at it, try Matomo’s Site Search feature, too. It will show you the exact terms and phrases visitors enter when using your website’s search bar — and you can use that information to find more content opportunities.

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  Of course, not all keywords are equal — and it would be impossible to target them all. Instead, prioritise keywords based on two factors : 

  • Search volume, which indicates the “popularity” of a particular query
  • Keyword difficulty, which indicates how hard it’ll be to rank for a specific term, depending on domain authority, search volume and competition 

  

  6. Find your main organic competitors 

  Besides performing an SEO audit, finding your core keywords, and researching your target market, competitor analysis is another crucial aspect of SEO for finance companies. 

  Before you start, it’s important to differentiate between your main organic search competitors and your direct industry competitors : 

  You’ll always have direct competitors — other financial services brands offering similar products and services and targeting the same audience as you.

  However, regarding search results, your financial services business won’t be in a “bubble” specifically reserved for the financial industry. Depending on the specific search queries — and the search intent behind them — SERPs could feature a wider range of online content, from niche finance blogs to news websites, and huge financial publications.

  Even if another company doesn’t offer the same services, they’re an organic competitor if you’re both ranking for the same keywords. 

  Once you determine who your main organic competitors are, you can analyse their websites to : 

  • Check how they’re getting search traffic 
  • See which types of content they’re publishing 
  • Find and fill in any potential content gaps 
  • Assess the quality of their backlink profile 
  • See if they currently have any featured snippets

  7. Consider local SEO

  According to a 2023 survey, 21% of US-based consumers report using the internet to look up local businesses daily, while another 32% do so multiple times a week. 

  Local SEO is worth investing in as a financial service provider, especially with physical locations. Prospective clients will typically look up nearby financial services when they need additional information or are ready to engage in financial planning, investment, or other financial activities.

  Here are a few suggestions on how to optimise your site for local searches : 

  • Create listings on online business directories, like Google Business Profile (previously known as Google My Business)
  • If your financial service company operates in more than one physical location, be sure to create a separate Google Business Profile for each one 
  • Identify location-specific keywords that will help you rank in local SERPs
  • Make sure that your name, address, and phone number (NAP) citations are correct and consistent 
  • Leverage positive customer reviews and testimonials as social proof

  8. Optimise technical aspects of your website 

  Technical SEO — which primarily deals with the website’s underlying structure — is another crucial factor that financial services brands must monitor. 

  It’s an umbrella term that covers a wide range of elements, including : 

  • Site speed 
  • Indexing issues 
  • Broken links, orphaned pages, improper redirects 
  • On-page optimisation 
  • Mobile responsiveness

  In 2020, Google introduced Core Web Vitals, a set of metrics that measure web page performance in three key areas — loading speed, responsiveness and visual stability. 

  Given that they’re now a part of Google’s core ranking systems, you should consider using Matomo’s SEO Web Vitals feature to monitor these crucial metrics. Here’s why :

  When technical aspects of your website — namely, site speed and mobile responsiveness — are properly optimised, you can deliver a better user experience. That’s what Google seeks to reward. 

  Plus, it can be a critical brand differentiator for your business. 

  Conclusion 

  Investing in SEO for financial services is crucial for boosting online visibility and driving organic traffic and business growth. However, one thing to keep in mind is that SEO efforts shouldn’t be a one-time thing : 

  SEO is an ongoing process, and it will take time to establish your company as a trustworthy source and see real results. 

  You can start building that trust by using a web analytics platform that offers crucial insights for improving your website’s ranking in SERPs and maintains full compliance with GDPR and other privacy regulations. 

  That’s why Matomo is trusted by more than 1 million websites around the globe. As an ethical alternative to Google Analytics that doesn’t rely on data sampling, Matomo is not only easy to use but more accurate, too — providing 20-40% more data compared to GA4. 

  Sign up for a 21-day free trial and see how Matomo can support your financial services SEO strategy. No credit card required.

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