{"id":41786,"date":"2021-11-08T13:25:13","date_gmt":"2021-11-08T21:25:13","guid":{"rendered":"https:\/\/www.kochava.com\/?p=41786"},"modified":"2022-08-29T09:25:13","modified_gmt":"2022-08-29T16:25:13","slug":"how-to-improve-your-fintech-app-kpis","status":"publish","type":"post","link":"https:\/\/www.kochava.com\/ko\/blog\/how-to-improve-your-fintech-app-kpis\/","title":{"rendered":"How to Improve Your Fintech App KPIs"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\r\n

Metrics to measure for helpful insights<\/span><\/h3>\r\n[\/vc_column_text][vc_row_inner column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” text_align=”left” row_position=”default” row_position_tablet=”inherit” row_position_phone=”inherit” overflow=”visible” pointer_events=”all”][vc_column_inner column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][\/vc_column_inner][\/vc_row_inner][vc_column_text]Fintech app downloads increased by <\/span>15%<\/span><\/a> in 2020. How did your app do? If it didn\u2019t perform as you had hoped, consider looking into your <\/span>fintech app’s key performance indicators<\/span> (KPIs) and find ways to alter those metrics to improve user retention and lifetime value (LTV).<\/span>\r\n\r\nWith so many subverticals<\/a> within the fintech space, it\u2019s important to determine your app-specific business goal(s) and measure KPIs that reflect those objectives. From there, it will be easier to hone in on effective solutions to improve those particular KPIs.<\/span>\r\n\r\nFor most fintech apps, though, metrics such as monthly active users (MAU), retention rate, churn rate, and customer satisfaction all provide valuable insights into your app\u2019s performance.<\/span>\r\n

1. MAU<\/strong><\/h3>\r\nThe MAU metric shows you how many unique users engage with your app monthly. As opposed to daily active users (DAU), this is an insightful metric for fintech apps specifically because users typically engage with fintech apps, like mobile banking and money transfer, at a monthly rate instead of on a daily basis.<\/span>\r\n\r\nKeep in mind that while MAU (and DAU) have been used to measure user engagement, these KPIs alone don\u2019t show an accurate assessment of growth. Pairing these metrics with other KPIs, such as LTV, retention rates, and\/or conversion rates, will provide a more precise view of your app growth.<\/span>\r\n

Boost MAU with Audience Activation & Targeting<\/span><\/h3>\r\nWhat better way to improve your MAU than acquiring more of the same type of users? By looking at your current monthly active userbase, you can determine what kind of users interact with your app most consistently. Of those users, you can segment them for lookalike modeling to find new users who have high potential to utilize your app.<\/span>\r\n\r\nConsider utilizing a<\/span> data marketplace to gather privacy-first, quality data for audience targeting and enrichment. Explore different audiences within multiple verticals, countries, and partners. <\/span>After exploring audiences, you can activate pre-built audience segments, upload your own audiences, or build custom audiences for lookalike targeting.<\/span>\r\n\r\nGathering metrics of your monthly active users shows a well-rounded picture of how you are doing at getting people to use your app. If this number is not where you want it to be, consider finding new audiences to target your marketing efforts toward.<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]\r\n

2. Retention Rate and Churn<\/strong><\/h3>\r\nRetention rate is helpful when determining user satisfaction. High retention is a good indication that your users are happy with the app and will continue to use it. On the flip side, churn is the rate at which a user stops using an app, service, or product. While these two metrics measure different things, they still tell the same story of how engaged users are with the product.<\/span>\r\n

Increase Retention and Decrease Churn with User Engagement Tools<\/span><\/h3>\r\nWhen it comes to finance, knowing the status of payments, transfers or investments is essential. Fintech apps streamline this process by offering a variety of notifications so that their users always know when, where, what, and how their money is being used. Aside from this, notifications get users back into the app which increases retention rates.<\/span>\r\n\r\nIf you are looking for ways to engage your users, consider push, email or in-app notifications.<\/span>[\/vc_column_text][image_with_animation image_url=”41810″ image_size=”full” animation_type=”entrance” animation=”None” hover_animation=”none” alignment=”center” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”75%” max_width_mobile=”default” margin_top=”50″ margin_bottom=”50″][\/vc_column][\/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Learn more about how Kochava can help manage and optimize user engagement methods <\/span>here<\/span><\/a>.<\/span>\r\n\r\nAs you increase retention, you can also decrease churn by monitoring uninstall tracking and utilizing predictive churn modeling. These Kochava tools allow you to analyze trends of users who have uninstalled your app and compare that behavior across different audiences, events, and campaigns.\u00a0<\/span>\r\n\r\nPredictive churn modeling helps determine the likelihood a user will churn and applies a churn score to each user. You can then use that information to create reengagment audiences to get those users with a higher churn score back into your app.<\/span>\r\n\r\nLearn more about what churn solutions Kochava offers <\/span>here<\/span><\/a>.<\/span>\r\n

3. Customer Satisfaction\u00a0<\/strong><\/h3>\r\nThere are multiple ways to measure customer satisfaction. You can look at customer support analytics or the Net Promoter Score (NPS) which indicates how likely a customer is to recommend the product or service. Knowing that your users are happy with the product is one of the best indicators of a successful business.<\/span>\r\n

Improve Your User\u2019s Trust with Seamless Customer Support<\/span><\/h3>\r\nThe functionality of fintech apps is expansive, which can be both helpful and confusing. Providing your users with multiple support methods whenever they need it will help retain and gain new users. Communication methods such as chatbots are a common implementation in fintech apps, making it easier for your app to assist users with simple tasks in a more efficient way.\u00a0<\/span>\r\n\r\nJust as Kochava provides extensive support for their customers, your app should too. Consider adding chat functionality to your app as well as the ability to call or email a support agent.<\/span>\r\n\r\nDepending on the subvertical of your fintech app, other KPIs could include LTV, DAU, conversion rate, and cost per install (CPI). Clearly define your goals and analyze the KPIs that best fit.<\/span>\r\n

Summing it Up<\/strong><\/h3>\r\nStand out from other fintech apps by optimizing your app\u2019s KPIs. These performance metrics will help show you what areas need improvement and what features are currently working. By looking at MAU along with user retention rate, churn rate, and customer satisfaction, you will be able to increase your user\u2019s LTV.\u00a0<\/span>\r\n\r\nIn addition to those KPIs, consider measuring DAU, CPI, and any other metrics that reflect your app goals.<\/span>\r\n\r\nOnce your KPIs are defined, look at how you can improve them with audience activation and user engagement tools while incorporating ways for your customers to engage with you through multiple support channels. Consider utilizing a central measurement platform to gain a holistic understanding of your app’s performance, analyze marketing campaigns, and further your app growth.<\/span>\r\n\r\nDo you have questions about ways to measure and improve your fintech app KPIs? Contact us at <\/span>support@kochava.com<\/span><\/a> or visit us at <\/span>kochava.com<\/span><\/a>.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]","protected":false},"excerpt":{"rendered":"

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