Hyper-specific (and privacy-preserving) customer analytics tools allow financial institutions to better understand their digital users, which can spur product tweaks, faster bug fixes, and better design choices.
FullStory – which just secured $25 million in equity financing – helps customers like KeyBank, Travelers Insurance, Fidelity Payment Services, and Metromile understand how people are using their apps and websites.
Its platform records a user’s interactions and then allows clients to analyze customer sessions either in aggregate or individually to root out moments of churn or friction (like repeated “rage clicks” if something isn’t working) and improve engineering efficiency (by helping tech workers pinpoint bugs, for example).
“We have helped clients find anything from millions to tens-of-millions in conversion opportunities, or lost customers through churn, or in costs for engineering and development,” FullStory chief marketing officer Kirsten Newbold-Knipp told Insights Distilled. For example, Finicity, a financial data aggregation firm owned by MasterCard, estimates that it increased its funnel conversions by 15% and reduced its ticket resolution time by 80% using FullStory.
“The fact that FinServ customers know they’re further behind on digital means that now is the time to leap-frog,” Newbold-Knipp added. With comprehensive, private-by-default customer tracking, FullStory helps clients find all the “unknown unknowns” and “marry the quantitative and the qualitative to get answers faster.”