In order to give financial services companies a sense of how their products are performing, we aggregated 34 billion events in 189 projects in five sub-verticals: personal finance, banking, trading & crypto, insurance and money transfer.
We captured commonly used product metrics in usage, retention, engagement and conversion to see what the state of the financial services industry is for average and elite products. Find out how your numbers compare to the competition’s in the most crucial metrics for determining the success of a financial services product.
We all remember Mr. Crypto’s Wild Ride at the end of 2017; what might be less apparent is that Bitcoin’s price fluctuations tracked very tightly with usage of crypto trading products.
When your product is a currency with no innate value, usage is evidently a very good proxy for how enthusiastic the markets are about it. It’s simple, but true: a currency is worth exactly what the markets say it is.
Keeping 40% of app users after a month is standard. This is a high number, but keep in mind that the switching costs for financial services products are higher, so there’s a higher threshold for what constitutes “good” retention.
Financial services products aren’t necessarily ones that expect users to come back every day, or even every week. In some cases an annual visit to do your taxes or update your insurance status is just fine.
Perhaps the most surprising result is mobile web’s relatively strong performance on Fridays. Is it possible that a night out on the town leads to unusual behavior in financial services apps? Keep an eye on your own usage patterns to understand when and where users are.
Interested in running a marketing campaign but don’t know when to do it? These results suggest that all else being equal Tuesday is the best day to move forward.
When it comes to getting users to perform key actions— a balance view or a transaction—it seems how much money users are expected to spend within a product has an inverse relationship with how likely they are to convert.
Banking and money transfer products seemingly have a lot in common, but personal finance products having similar conversion numbers is surprising since not all products in that sector necessarily have transaction events.
Frank Stanton - Vice President of User Experience, U.S. Bank
Igal Perelman - Former Director of Product Management, Intuit
Gil Sadis - Head of Product, Lemonade
Frank Stanton - Vice President of User Experience, U.S. Bank
Igal Perelman - Former Director of Product Management, Intuit
Gil Sadis - Head of Product, Lemonade
Download the full report to access all 26 graphs and read what the experts think.
We’ve emailed you your copy of the report. You can also download the report directly here.