1. Digital Analytics Best Practices for Financial Services Environments
Asian Banker Research
Digital Analytics Best Practices for Financial Services Environments 1 1

2. The Focus For Web Analytics
Web Analytics on properties you own
The Sweet Spot!
Web Analytics on external properties
Tracking
Surveying

3. What Web Analytics Can Do
Track user-intent. What is your most popular content?
Measure the effectiveness of your online marketing efforts
Understand how various segments of your users behave on your website
Find out how effective your new web design is
Focus on trends. Knowing that 20% more visitors converted following a marketing campaign is more powerful than knowing that exactly 1,234 people visited your site today.

4. What Web Analytics Can’t Do
Track users who block or delete cookies/Javascript
Provide personal information of each visitor
Find out if audience members have relevant backgrounds or interests
Accurately track unique visitors
No web analytics reporting tool is 100% accurate.

5. Best Practice 1: Define Effective Metrics
1. Is your model B2B Direct, B2B Engagement, B2C Direct or B2C Engagement?
2. What metrics can be used for basic measurement, correlation analysis, data linkage and offline analysis?
3. Are there details you require on every page, or will they need to be passed in a cookie?
4. Are there any metrics generated externally and passed to the website such as interest rates?
5. Are there “gaps” in your coverage, such as mobile web site tracking?
6. Useful, but not vital, metric collection is good, and may assist future analysis and integration with future technologies – so do it.

6. Best Practice 2: Measure Direct Conversion
You should identify visitor identification methods:
Login ID, Account ID, ID, Conversion ID, Conversion Activity, Products Converted, Conversion Value, Funnel Activity, IP-Organization, Source, Event Date/Time Stamps, Existing Customer ID, Mobile device ID, Social Media ID
You should identify your important metrics:
Pages Viewed, Page Elements Viewed and Utilized, Onsite Offers Presented, Visit Count, Products Browsed, Session Time, Geo Location, Non-Conversion Registrations or Downloads, Segment ID, Mobile device use, Social medial activity, Online Bill Pay and Scheduled Services
You should understand your important business drivers:
Revenue Growth: Average conversion value and number of conversions
Market Growth: Number of new converters and products per conversion
Profitability: Return on ad spend and cost per conversion
Loyalty: Customers are more sticky when using multiple services

7. Best Practice 3: Interact With Your Customers
If you leverage social media, who will respond to customers when they ask a question?
It is best to assign Facebook accounts and Twitter accounts to your customer support group.
Online banking, bill pay and mobile banking will require a login. Use this to build a customer profile in your CRM.
It is best to understand to whom you are speaking.

8. Best Practice 4: Deep Analysis
The most complex data models include multiple conversion channels, which creating complex analysis challenges.
You should correlate Vital Visitor Level Metrics without limit:
Login ID, Conversion ID, Conversion Activity, Products Converted, Conversion Value, Funnel Activity, IP Address and/or Organization, Source, Event Date/Time Stamps, Existing Customer ID, Pages Viewed, Page Elements Viewed and Utilized, Onsite Offers Presented, Visit Count, Products Browsed, Session Time, Geo Location, Registrations or Downloads, Segment ID
You should collect and integrate your Digital KPIs with your customer IDs:
Revenue Growth: Who have below average conversion values and conversion numbers?
Market Growth: Who are your new converters, how many products per conversion, number of registrations, and what is your cost per registration?
Profitability: What is your return on ad spend, cost per conversion, and cost per customer visit?
Engagement: What is each customer’s average visit length, average number of visits, average page views per visit, and average element interactions per visit?
You should use your BI tools, supplemented with Webtrends data, to calculate true ROI analysis from multiple conversion channels.