The problem is even more complex for institutions with a global presence: due to the different regulations in force, more or less strict, they prefer to operate with as little information as possible about their customers and support their advertising campaigns with the help of third-party data. However, the announced disappearance of third-party cookies completely calls this strategy into question. This is why, despite initial skepticism and concerns about privacy and data security, banks and financial institutions have followed the trend and incorporated web analytics into their strategy. Going further, and using analytical suites, banks can directly collect data from their customers, throughout the user journey. For this, you have to invest in a tool you can trust. A brief overview of the important criteria in order to choose an effective analytical suite that meets security requirements.
Choose a tool that meets the constraints
Most analytics tools work in a cloud environment, which usually means storing data on third-party servers, with more or less unclear locations, as well as sharing data with the web analytics service provider. For some, the data may even be used directly by the supplier to improve its products and services. For players such as banks, these particularities become significant risks. This is why it is important to ensure a maximum level of control over the data tracked, for example by keeping it within their own infrastructure, without sharing it with anyone. In addition, banks can also implement additional security measures such as single sign-on or data encryption.
At this point, many companies that have realized their need for secure analytics are considering whether to build their own on-premises analytics software or seek out a reliable vendor. The first option has many advantages and allows you to have software adapted to your specific needs and requirements, but also requires significant resources. Opting for a tool designed in-house increases the risk of having very limited reporting capabilities and no integration with other marketing modules (customer data platform, email marketing system, etc.). Therefore, in some cases, it is worth considering an off-the-shelf web analytics solution from a specialist vendor, hosted on-premises, that meets security requirements and offers a variety of data types. ‘integration.
This is the case of a platform like Piwik PRO Analytics Suite, which allows banks to deploy an analytical suite both on-premise (on-site) and in the private cloud for each country with strict data residency laws. In addition, the Piwik PRO analytical suite is exempt from consent by the CNIL, which has recognized it as being respectful of privacy and compliant with the regulations in force.
A holistic view of the customer journey
A comprehensive analytics platform allows companies to map the customer journey across different channels and track user flow, integrating data from a variety of different systems – CRM, advertising platforms, transactional banking systems, via API or CSV imports. The company then gets an overview of user behavior from all these relevant sources, not just websites or apps. With this vast amount of customer data at their disposal, banks can better identify existing customers and, by extension, target their audiences.
Piwik PRO Analytics Suite thus allows banking institutions to monitor the behavior of their customers at each stage of their journey. Thanks to advanced reporting tools, this data is then easy to visualize via any BI tool.
The analytics suite provides five additional products, making up a secure ecosystem of effective marketing tools:
– Custom reports
– Tag management system
– On-site retargeting
– Customer data platform
– GDPR Consent Manager
Better monitoring of the advertising budget
Another important criterion is visibility into the company’s advertising spend: the information, collected from many touchpoints, including advertising platforms and marketing websites, provides insight into user behavior and facilitates calculating the appropriate cost of customer acquisition per channel.
By setting and measuring similar goals on every company website, mapping them, and assigning a monetary value to each goal conversion, you can monitor ad campaign performance and adjust your budget.
Additionally, by using a single analytics platform, banks don’t need to spend their entire budget on multiple tools and licenses to track. With the Piwik PRO analytics suite, they have an all-in-one platform to collect data from multiple sources and put it to good use, saving both time and money.
There is no reason for the banking industry to be left out of marketing initiatives around customer data. Using first-party data collected by an analytics suite will allow institutions to build accurate audiences, but also get a full picture of user behavior at every stage of the customer journey and better measure customer acquisition costs. Understanding the entire user journey is key to creating better marketing campaigns and building lasting relationships with customers. However, this should never come at the expense of customer data security; for this, it is imperative to find business partners who guarantee an appropriate level of confidentiality and data security. With the right software, it is easy to ensure this follow-up while ensuring total security for each client’s data.