Analytics Guide Credit Union Focus in the Mobile Channel
August 15, 2013
Aug. 15, 2013
Today, financial institutions are beginning to see great value in tracking consumer behavior in the mobile channel.
“Tracking everything that happens within the mobile banking application ensures the product remains dynamic and relevant. We turn analytics into action by modifying the app to complement the way consumers are using it,” said Chris Amador, during Catalyst Corporate’s recent webinar on mobile banking analytics and benchmarking. Amador is the director of consumer product management for Malauzai Inc., Catalyst Corporate’s mobile banking app developer.
“The ability for credit unions to understand their members is vital to the success of any channel. In mobile services, analytics can include information about member behavior and their success rate when using different features,” Amador said. “By analyzing details on the use of a particular feature, a credit union can determine where it should—or should not—focus its resources.”
Catalyst Corporate’s mobile banking solution collects real-time user data on an ongoing basis for approximately 450 different “events” connected with its mobile banking application. User data is packaged in a variety of reports. Among the types of information that credit unions can track using Catalyst Corporate’s mobile banking reports are:
- User community statistics, including the number of registered users, App Store downloads, and active users
- End user session information that provides insight into a particular mobile session for a member
- Money movement details that allow the credit union to understand how much money is being moved in mobile by a particular feature or platform
- Feature usage details that allow the credit union to better understand which areas of the application are being used the most, for tracking return on investment
Information in the mobile banking reports can be used across the organization, Amador said. “For example, the Marketing department may use the Feature Usage Report to understand how often a member is clicking on a banner advertisement. This can help in determining how often resources are dedicated to creating a new advertisement.”
Another department might analyze the User Community Report to determine the penetration rate of mobile users compared to other channels or to the entire member base, as well how many are truly active users, which is defined by those who stay with it after a 90-day period, Amador said.
In addition, Amador said that analyzing usage of features helps credit unions determine where to focus their investment dollars for future enhancements.” If a particular feature is being used by two percent of registered users in comparison to another feature that has a 75 percent usage rate, the credit union may want to focus their efforts on providing a better member experience for the feature that is used more.”
Tracking the success of a particular feature can help a credit union identify areas for improvement within the app, as well find opportunities to provide additional member service. For example, if a report indicates that a member had to submit a mobile deposit twice before it was deposited successfully, “the app developer can look to make the experience more intuitive and the credit union can reach out to assist members in resolving the issue,” Amador said.
“Ultimately, it’s all about the member experience,” said Brad Ganey, Catalyst Corporate’s chief operating officer. “A key reason that we chose Malauzai as Catalyst Corporate’s mobile banking provider, in addition to the robust application itself, was the analytical capability the service provides for credit unions in their quest to optimize the member experience. Combined with the storehouse of data that Malauzai collects from the larger mobile banking community, credit unions will be well-positioned to achieve success in what is becoming an increasingly important channel.”
For more information, contact Karen Coble at 800.442.5763 or firstname.lastname@example.org.
Catalyst Corporate is a wholesale, cooperative credit union with a national field of membership headquartered in Plano, Texas. Catalyst Corporate and its wholly-owned Catalyst Strategic Solutions subsidiary offer more than 1,500 credit unions competitively priced payment, investment, and liquidity services.
Strategic Link is the NWCUA’s wholly-owned service corporation, using the power of aggregation to provide the Association’s member credit unions with exclusive high-quality, competitively-priced products and discounted services. Contact Director of Strategic Partnerships Craig Reed today to find out how Strategic Link can help your credit union save money while meeting its goals in 2013 and beyond: 206.340.4789, email@example.com.
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