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• A Guide to Bank Customer Segmentation

  18 juillet 2024, par Erin

  Banking customers are more diverse, complex, and demanding than ever. As a result, banks have to work harder to win their loyalty, with 75% saying they would switch to a bank that better fits their needs.

  The problem is banking customers’ demands are increasingly varied amid economic uncertainties, increased competition, and generational shifts.

  If banks want to retain their customers, they can’t treat them all the same. They need a bank customer segmentation strategy that allows them to reach specific customer groups and cater to their unique demands.

  What is customer segmentation ?

  Customer segmentation divides a customer base into distinct groups based on shared characteristics or behaviours.

  This allows companies to analyse the behaviours and needs of different customer groups. Banks can use these insights to target segments with relevant marketing throughout the customer cycle, e.g., new customers, inactive customers, loyal customers, etc.

  You combine data points from multiple segmentation categories to create a customer segment. The most common customer segmentation categories include :

  • Demographic segmentation
  • Website activity segmentation
  • Geographic segmentation
  • Purchase history segmentation
  • Product-based segmentation
  • Customer lifecycle segmentation
  • Technographic segmentation
  • Channel preference segmentation
  • Value-based segmentation

  

  By combining segmentation categories, you can create detailed customer segments. For example, high-value customers based in a particular market, using a specific product, and approaching the end of the lifecycle. This segment is ideal for customer retention campaigns, localised for their market and personalised to satisfy their needs.

  

  Matomo’s privacy-centric web analytics solution helps you capture data from the first visit. Unlike Google Analytics, Matomo doesn’t use data sampling (more on this later) or AI to fill in data gaps. You get 100% accurate data for reliable insights and customer segmentation.

  Try Matomo for Free

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

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  Why is customer segmentation important for banks ?

  Customer segmentation allows you to address the needs of specific groups instead of treating all of your customers the same. This has never been more important amid a surge in bank switching, with three in four customers ready to switch to a provider that better suits their needs.

  Younger customers are the most likely to switch, with 19% of 18-24 year olds changing their primary bank in the past year (PDF).

  Customer expectations are changing, driven by economic uncertainties, declining trust in traditional banking, and the rise of fintech. Even as economic pressures lift, banks need to catch up with the demands of maturing millennials, Gen Z, and future generations of banking customers.

  Switching is the new normal, especially for tech-savvy customers encouraged by an expanding world of digital banking options.

  To retain customers, banks need to know them better and understand how their needs change over time. Customer retention provides the insights banks need to understand these needs at a granular level and the means to target specific customer groups with relevant messages.

  At its core, customer segmentation is essential to banks for two key reasons :

  • Customer retention : Holding on to customers for longer by satisfying their personal needs.
  • Customer lifetime value : Maximising ongoing customer revenue through retention, purchase frequency, cross-selling, and upselling.

  Here are some actionable bank customer segmentation strategies that can achieve these two objectives :

  Prevent switching with segment analysis

  Use customer segmentation to prevent them from switching to rivals by knowing what they want from you. Analyse customer needs and how they change throughout the lifecycle. Third-party data reveals general trends, but what do your customers want ?

  

  Use first-party customer data and segmentation to go beyond industry trends. Know exactly what your customers want from you and how to deliver targeted messages to each segment — e.g., first-time homebuyers vs. retirement planners.

  Keep customers active with segment targeting

  Target customer segments to keep customers engaged and motivated. Create ultra-relevant marketing messages and deliver them with precision to distinct customer segments. Nurture customer motivation by continuing to address their problems and aspirations.

  Improve the quality of services and products

  Knowing your customers’ needs in greater detail allows you to adapt your products and messages to cater to the most important segments. Customers switch banks because they feel their needs are better met elsewhere. Prevent this by implementing customer segmentation insights into product development and marketing.

  Personalise customer experiences by layering segments

  Layer segments to create ultra-specific target customer groups for personalised services and marketing campaigns. For example, top-spending customers are one of your most important segments, but there’s only so much you can do with this. However, you can divide this group into even narrower target audiences by layering multiple segments.

  For example, segmenting top-spending customers by product type can create more relevant messaging. You can also segment recent activity and pinpoint specific usage segments, such as those with a recent drop in transactions.

  Now, you have a three-layered segment of high-spending customers who use specific products less often and whom you can target with re-engagement campaigns.

  Maximise customer lifetime value

  Bringing all of this together, customer segmentation helps you maximise customer lifetime value in several ways :

  • Prevent switching
  • Enhance engagement and motivation
  • Re-engage customers
  • Cross-selling, upselling
  • Personalised customer loyalty incentives

  The longer you retain customers, the more you can learn about them, and the more effective your lifetime value campaigns will be.

  Balancing bank customer segmentation with privacy and marketing regulations

  Of course, customer segmentation uses a lot of data, which raises important legal and ethical questions. First, you need to comply with data and privacy regulations, such as GDPR and CCPA. Second, you also have to consider the privacy expectations of your customers, who are increasingly aware of privacy issues and rising security threats targeting financial service providers.

  If you aim to retain and maximise customer value, respecting their privacy and protecting their data are non-negotiables.

  Regulators are clamping down on finance

  Regulatory scrutiny towards the finance industry is intensifying, largely driven by the rise of fintech and the growing threat of cyber attacks. Not only was 2023 a record-breaking year for finance security breaches but several compromises of major US providers “exposed shortcomings in the current supervisory framework and have put considerable public pressure on banking authorities to reevaluate their supervisory and examination programs” (Deloitte).

  Banks face some of the strictest consumer protections and marketing regulations, but the digital age creates new threats.

  In 2022, the Consumer Financial Protection Bureau (CFPB) warned that digital marketers must comply with finance consumer protections when targeting audiences. CFPB Director Rohit Chopra said : “When Big Tech firms use sophisticated behavioural targeting techniques to market financial products, they must adhere to federal consumer financial protection laws.”

  This couldn’t be more relevant to customer segmentation and the tools banks use to conduct it.

  Customer data in the hands of agencies and big tech

  Banks should pay attention to the words of CFPB Director Rohit Chopra when partnering with marketing agencies and choosing analytics tools. Digital marketing agencies are rarely experts in financial regulations, and tech giants like Google don’t have the best track record for adhering to them.

  Google is constantly in the EU courts over its data use. In 2022, the EU ruled that the previous version of Google Analytics violated EU privacy regulations. Google Analytics 4 was promptly released but didn’t resolve all the issues.

  Meanwhile, any company that inadvertently misuses Google Analytics is legally responsible for its compliance with data regulations.

  Banks need a privacy-centric alternative to Google Analytics

  Google’s track record with data regulation compliance is a big issue, but it’s not the only one. Google Analytics uses data sampling, which Google defines as the “practice of analysing a subset of data to uncover meaningful information from a larger data set.”

  This means Google Analytics places thresholds on how much of your data it analyses — anything after that is calculated assumptions. We’ve explained why this is such a problem before, and GA4 relies on data sampling even more than the previous version.

  In short, banks should question whether they can trust Google with their customer data and whether they can trust Google Analytics to provide accurate data in the first place. And they do. 80% of financial marketers say they’re concerned about ad tech bias from major providers like Google and Meta.

  

  Matomo is the privacy-centric alternative to Google Analytics, giving you 100% data ownership and compliant web analytics. With no data sampling, Matomo provides 20-40% more data to help you make accurate, informed decisions. Get the data you need for customer segmentation without putting their data at risk.

  Try Matomo for Free

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

  Start for free

  No credit card required

  Bank customer segmentation examples

  Now, let’s look at some customer segments you create and layer to target specific customer groups.

  Visit-based segmentation

  Visit segmentation filters audiences based on the pages they visit on your website and the behaviors they exhibit—for example, first-time visitors vs. returning visitors or landing page visitors vs. blog page visitors.

  If you look at HSBC’s website, you’ll see it is structured into several categories for key customer personas. One of its segments is international customers living in the US, so it has pages and resources expats, people working in the US, people studying in the US, etc. 

  

  By combining visit-based segmentation with ultra-relevant pages for specific target audiences, HSBC can track each group’s demand and interest and analyse their behaviours. It can determine which audiences are returning, which products they want, and which messages convert them.

  Demographic segmentation

  Demographic segmentation divides customers by attributes such as age, gender, and location. However, you can also combine these insights with other non-personal data to better understand specific audiences.

  For example, in Matomo, you can segment audiences based on the language of their browser, the country they’re visiting from, and other characteristics. So, in this case, HSBC could differentiate between visitors already residing in the US and those outside of the country looking for information on moving there.

  

  It could determine which countries they’re visiting, which languages to localise for, and which networks to run ultra-relevant social campaigns on.

  Interaction-based segmentation

  Interaction-based segmentation uses events and goals to segment users based on their actions on your website. For example, you can segment audiences who visit specific URLs, such as a loan application page, or those who don’t complete an action, such as failing to complete a form.

  

  With events and goals set up, you can track the actions visitors complete before making purchases. You can monitor topical interests, page visits, content interactions, and pathways toward conversions, which feed into their customer journey.

  From here, you can segment customers based on their path leading up to their first purchase, follow-up purchases, and other actions.

  Purchase-based segmentation

  Purchase-based segmentation allows you to analyse the customer behaviours related to their purchase history and spending habits. For example, you can track the journey of repeat customers or identify first-time buyers showing interest in other products/services.

  You can implement these insights into your cross-selling and upselling campaigns with relevant messages designed to increase retention and customer lifetime value.

  Get reliable website analytics for your bank customer segmentation needs

  With customers switching in greater numbers, banks need to prioritise customer retention and lifetime value. Customer segmentation allows you to target specific customer groups and address their unique needs — the perfect strategy to stop them from moving to another provider.

  Quality, accurate data is the key ingredient of an effective bank customer segmentation strategy. Don’t accept data sampling from Google Analytics or any other tool that limits the amount of your own data you can access. Choose a web analytics tool like Matamo that unlocks the full potential of your website analytics to get the most out of bank customer segmentation.

  Matomo is trusted by over 1 million websites globally, including many banks, for its accuracy, compliance, and reliability. Discover why financial institutions rely on Matomo to meet their web analytics needs.

  Start collecting the insights you need for granular, layered segmentation — without putting your bank customer data at risk. Request a demo of Matomo now.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

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• Accessibility Testing : Why It Matters and How to Get Started

  7 mai 2024, par Erin

  Nearly 96% of website homepages had failures with meeting web accessibility criteria in 2024. Aside from not complying with web accessibility laws and regulations, companies are failing a growing number of users with accessibility needs.

  With disabilities, chronic illnesses and ageing populations all rising, brands need to take accessibility more seriously. 

  In this article, we explain why accessibility testing is so important and how you can get started today.

  What is accessibility testing ?

  Accessibility testing optimises digital experiences to make them accessible for users with a range of disabilities and impairments. This includes users with vision impairments, hearing loss, neurodivergence, motor disabilities and cognitive conditions.

  The goal is to create inclusive experiences for everyone by implementing UX principles that address the usability needs of diverse audiences.

  To help developers create accessible experiences, the World Wide Web Consortium (W3C) created the Web Content Accessibility Guidelines (WCAG). The international WCAG standards define the Four Principles of Accessibility :

  • Perceivable : Information and user interface components must be presentable to users in ways they perceive.

  • Operable : User interface components and navigation must be operable.

  • Understandable : Information and the operation of user interfaces must be understandable.
  • Robust : Content must be robust enough to be interpreted reliably by various user agents, including assistive technologies.

  

  The current version of WCAG (2.2) contains 86 success criteria with three grades representing conformance levels :

  • Level A is the minimum conformance rating, indicating that web content is accessible to most users.

  • Level AA is the recommended conformance level to make content accessible to almost everyone, including users with severe disabilities.
  • Level AAA is the highest conformance rating, making content accessible to everyone, regardless of disability.

  

  Why is accessibility testing important ?

  With record numbers of lawsuits over online accessibility cases, it’s clear that companies underestimate the importance of accessibility testing. Here are seven key reasons you should pay more attention to it :

  1. Create inclusive experiences : Above all, accessibility testing creates inclusive experiences for all users.
  2. Adhere to accessibility regulations : Accessibility laws in most major markets — including the EU web accessibility policy — make it illegal for companies to discriminate against users with disabilities.
  3. Social responsibility : Companies have an ethical responsibility to cater to all users and consumers. 57% say they’re more loyal to brands that commit to addressing social inequities.
  4. Accessibility needs are growing : 16% of the world’s population (1 in 6) experience significant disability and the number will continue to grow as ageing populations rise.
  5. Improve experiences for everyone : Accessibility improves experiences for all users — for example, 80% of UK viewers aged 18-25 (2021) watch content with subtitles enabled.
  6. Maximise marketing reach : Platforms like Google prioritise accessibility yearly, making accessible content and experiences more visible.
  7. Accessibility is profitable : Inclusive companies earn 1.6x more revenue, 2.6x more net income and 2x more profit, according to Accenture (PDF).

  

  Who needs inclusive UX ?

  Accessibility testing starts with understanding the usability needs of audiences with disabilities and impairments. Here’s a quick summary of the most common impairments and some of the needs they have in common :

  • Visual impairments : Users may rely on screen readers, magnification software, braille displays, etc. or require certain levels of contrast, text sizes and colour combinations to aid visibility.
  • Hearing impairments : Users may rely on closed captions and subtitles for video content, transcripts for multimedia content and visual alerts/notifications for updates.
  • Motor or mobility impairments : Users might rely on adaptive keyboards, voice recognition and other assistive devices.
  • Cognitive and neurological impairments : Users may rely on technologies like text-to-speech software or require simplified user interfaces, contrast designs, etc., to aid comprehension.
  • Speech impairments : Users may rely on speech recognition and dictation software for any interaction that requires them to speak (e.g., automated customer service machines).

  While accessibility tools can alleviate certain accessibility challenges, inclusive design can remove much of the burden from users. This can involve using plenty of contrast, careful font selection, increasing whitespace and plenty of other design choices.

  Refer to the latest version of the WCAG for further guidance.

  How to run accessibility testing

  Now that we’ve emphasised the importance of accessibility, let’s explain how you can implement your own accessibility testing strategy.

  Create your accessibility testing plan

  Careful planning is crucial for making accessibility testing affordable and profitable. This starts with identifying the assets you need to test and optimise. This may include :

  • Website or web app
  • Mobile app
  • Videos
  • Podcasts and audio
  • PDFs
  • Marketing emails

  Map out all the assets your target audience interacts with and bring them into your accessibility testing plan. Optimising your website for screen readers is great, but you don’t want to forget your marketing emails and exclude vision-impaired users.

  Once you’ve got a complete list of assets, identify the elements and interactions with each one that require accessibility testing. For example, on your website, you should optimise navigation, user interfaces, layouts, web forms, etc.

  You also need to consider the impact of device types. For example, how touchscreens change the experience for motor impairments.

  Now that you know the scope of your testing strategy, it’s time to define your accessibility standards. Use external frameworks like WCAG guidelines and relevant legal requirements to create an internal set of standards.

  Once your accessibility standards are complete, train your staff at every level. This includes designers, developers, and content creators — everyone who works on assets is included in your accessibility testing strategy.

  Implement your accessibility standards throughout the design and development phases. Aim to create the most inclusive experiences possible before the accessibility testing stage.

  Implement accessibility practices at every level

  Treating accessibility as an afterthought is the biggest mistake you can make. Aside from neglecting the importance of accessibility, it’s simply not affordable to create assets and then optimise them for accessibility.

  Instead, you need to implement accessibility standards in every design and development stage. This way, you create inclusive assets from the beginning, and accessibility testing flags minor fixes rather than overhauls.

  By extension, you can take lessons from accessibility tests and update your accessibility standards to improve the quality of future assets.

  Set clear specifications in your accessibility standards for everyone to follow. For example, content publishers should be responsible for adding alt-text to all images. Make designers responsible for following contrast guidelines when optimising elements like CTA buttons.

  

  Next, managers can review assets and check for accessibility standards before anything is signed off. This way, you achieve higher test accessibility scores, and most fixes should be minor.

  This is the key to making accessibility testing manageable and profitable.

  Automate accessibility testing

  Automation is the other big factor in making accessibility efficient. With the right tools, you can run tests periodically without any manual workload, collecting data and flagging potential issues at almost no cost.

  For example, you can run automated accessibility tests on your website every month to check for common issues. This might flag up pages without alt-text for images, colour issues on a new batch of landing pages or a sudden drop in mobile loading times.

  Every automated test you can run reduces the manual workload of optimising accessibility. This frees up more time for the manual tests that require the attention of accessibility experts. 

  • Free up time for accessibility tasks that require manual testing
  • Identify issues with new content, assets, code, etc. faster
  • Run automated accessibility testing on new CRO changes

  Schedule manual accessibility reviews

  While it’s important to automate as much accessibility testing as possible, most accessibility standards require some form of manual testing. If we use the WCAG standards as a guideline, more than 70% of success require manual review and verification, including :

  • Testing websites with a screen reader
  • Navigating apps by only using a keyword
  • Quality assessing closed captions and subtitles
  • Testing web forms for people using speech input
  • Checking conversion actions for users with mobility issues (CTAs, forms, payments, etc.)

  Yes, you can automatically check all images for alt-text, but simply providing alt-text isn’t enough. You also have to review alt-text to make sure they’re descriptive, accurate and informative about the experience.

  Once again, the best way to minimise your time spent on manual testing is to implement accessibility standards throughout design and development. Train your content publishers to create alt-text that meets your criteria and editors to review them before pieces are signed off. 

  This way, you should always have the required alt-text before the content reaches the accessibility testing stage. The same applies to video transcriptions, web forms, website navigation, etc.

  Building a culture of accessibility makes the testing process as efficient as possible.

  What tools do you need for accessibility testing ?

  Now that we’ve covered the key essentials of accessibility testing, let’s look at some of the best accessibility testing tools to help you implement your strategy.

  accessiBe : AI-powered accessibility testing automation

  accessiBe is an accessibility testing automation and management system. It incorporates two core products : accessWidget for automating UI accessibility and accessFlow as an all-in-one solution for developers.

  

  Key features :

  • Automated accessibility testing
  • Accessibility widget for easy optimisation
  • Product accessibility for web, mobile and native apps
  • AI-powered accessibility insights
  • Compliance with WCAG, EAA and more

  As explained earlier, automation is crucial for making accessibility testing efficient and profitable. With accessiBe, you can automate the first line of accessibility checks so testers only need to get involved when manual action is necessary.

  Maze : Intelligent usability testing software

  Maze is a usability testing system that uses AI and automation to enhance traditional qualitative testing. You can run automated tests on live websites, capture survey feedback and recruit users to test experiences with real people.

  

  Key features :

  • Live website testing
  • Feedback surveys
  • Usability interviews
  • Test recruitment
  • Automated analysis

  While traditional usability interviews can provide in-depth insights, they’re expensive, time-consuming and difficult to run at scale. Maze’s solution is a hybrid testing system that automates data capture and analysis while supporting real user testing in one system.

  Matomo : Empowering people with ethical web analytics

  Matomo is a web analytics solution that gives you 100% data ownership while respecting user privacy. Think of this as a Google Analytics alternative that doesn’t use your visitors’ data for advertising purposes.

  

  Key features :

  • Privacy-friendly and GDPR-compliant tracking
  • Conversion rate optimisation features like heatmaps, session recordings, A/B testing and more
  • Accurate, unsampled data – see 40-60% more data than other analytics tools that sample data
  • Open-source

  Accessibility starts with creating quality experiences for everyone. Matomo reliably captures 100% of the data you need to optimise experiences without losing their trust. Instead of handing their personal info to Google or other tech giants, you retain full data ownership — fully compliant with GDPR, CCPA, etc.

  Try Matomo free for 21-days (no credit card required), or speak to our sales team for more info on how Matomo can enhance your site’s user experience and support your accessibility testing strategy.

  Try Matomo for Free

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

  Start for free

  No credit card required

  UserTesting : Video-based user testing software

  UserTesting is the more traditional system for running usability tests with real people. The platform helps you recruit users and manage usability tests with a series of sessions and video interviews.

  

  Key features :

  • Usability testing
  • Test recruitment
  • Live interviews
  • AI-powered insights
  • Usability services

  UserTesting is a slower, more expensive approach to testing experiences, but its video-based interviews allow you to have meaningful conversations with real users.

  Siteimprove : WCAG compliance testing

  Siteimprove automates website testing, accessibility and optimisation. It includes dedicated tools for checking WCAG and DCI compliance with an automated scoring system. This helps you keep track of scores and identify any accessibility and usability issues faster.

  

  Key features :

  • Automated accessibility checks
  • Inclusivity scores
  • Accessibility recommendations
  • Accessibility tracking
  • Marketing and revenue attribution
  • Usability insights

  Siteimprove provides a first line of accessibility testing with automated checks and practical recommendations. It also tracks accessibility scores, including ratings for all three WCAG compliance levels (A, AA and AAA).

  Find the value in accessibility testing

  Accessibility testing isn’t only a moral obligation ; it’s good business. Aside from avoiding fines and lawsuits, inclusive experiences are increasingly profitable. User bases with accessibility needs are only growing while non-disabled audiences are using accessibility resources like subtitles and transcripts in greater numbers.

  Accessibility improves everyone’s experiences, and this only does good things for conversion rates, revenue and profit.

  Start building your datasets for accessibility testing today with a Matomo 21-day free trial — no credit card required. Gain 100% ownership over your analytics data while complying with GDPR and other data privacy regulations.

  Try Matomo for Free

  21 day free trial. No credit card required.

  
  

  Your email address
  

  Your website address
  

  Your Analytics subdomain will be .matomo.cloud (change)

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  I accept the terms and conditions and data processing agreement (DPA)

  
  Your information will be used to create an account on our cloud service. For more information please consult our privacy policy.
  
  
  

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• Revision 32594 : plugins en minuscules, et alias pour les noms de sites

  1er novembre 2009, par fil@… — Log

  plugins en minuscules, et alias pour les noms de sites