By rob eagar 
In the rapidly evolving financial technology (FinTech) industry, a proactive approach to user experience and application performance optimization is required to attract and keep new clients while achieving long-term business success.
FinTech businesses rely increasingly on data-driven insights to optimize their mobile applications and provide outstanding user experiences as they fight against competitors to increase their user base and transform how customers handle their finances. Application event analytics can be useful in this situation.
The FinTech sector benefits greatly from app event analytics, which allows businesses to gather, monitor, and evaluate event data (such as user engagement, transactional data, etc.) inside their mobile apps.
FinTechs can make data-driven decisions to optimize the user experience, boost application performance, encourage user acquisition and retention, improve security, and guarantee regulatory compliance by utilizing the abundance of event data produced by users throughout the customer journey and recorded through app event analytics.
Comprehending App Event Analytics
The process of gathering, handling, and evaluating event data from a web-based or mobile application is known as app event analytics. Machine-generated logs are automatically created each time a user acts as the FinTech app make-up event data.
A date that shows the exact moment the event occurred, a unique event code that identifies the occurrence, and a description of the incident and its severity are just a few of the numerous data pieces found in event logs. A User ID and associated user data (such as first and last name, email address, country/region, session ID, etc.) may be linked to event logs that are the consequence of user-generated actions.
FinTechs can employ app event analytics to examine transactional and application performance data plus user behavior and engagement data. Event logs can be produced in response to an unexpected application fault, crash, or transaction that occurs within the application.
While transaction logs assist FinTechs in measuring customer value, forecasting future customer behaviors, and managing risk, user activity and engagement log data may optimize the user experience, client acquisition process, and overall customer journey. FinTech businesses can also identify and fix software flaws that negatively affect the client experience via analyzing data from application faults or crash events.
What Can FinTechs Use App Event Analytics to Monitor?
App event analytics may help FinTech product teams understand the user journey and how users engage with the app.
Application event logs automatically record the events that occur when users interact with the app, such as creating an account, accessing a particular feature, or finishing a transaction.
FinTech app development teams utilize app event tracking to record in-app transactions identify application performance issues (such as errors, crash reports, timeouts, high latency events, etc.), and record user engagement and interactions. Let’s examine the kinds of events that app event analytics can monitor.
1. User Engagement Events
FinTech organizations must comprehend how users interact with the application to accomplish their objectives to improve product-market fit and maximize user experiences.
FinTech product teams can gather information on a range of user activities via in-app event tracking, such as:
- Launching the app on any gadget,
- To access any aspect of the application,
- Swiping or scrolling within the application after clicking on any button.
- Unproductive user actions can also be recorded as events.
2. User Activation Events
Increasing new user activations is a key objective for FinTech start-ups hoping to build their clientele and market share using a product-led growth strategy.
FinTech businesses can get information about user activation and onboarding events by using application event analytics. This involves monitoring things like:
- Installing the application on a device,
- New sign-ups and registrations,
- Finishing the email verification process,
- When a registered user logs into the app for the first time, doing a first transaction on the platform or connecting a user profile to a credit card or bank account.
3. User Retention Events
Increasing user retention by making sure that consumers are receiving true value from the product is just as important to corporate growth as bringing in new clients. FinTech businesses can evaluate user retention by examining the behavior of specific users or user cohorts over time using app event analytics. This may entail combining event data to pose queries such as:
- How many people use the application on a daily or weekly basis?
- How many times a month does the typical current user (or a member of a designated user cohort) open the application?
- In the last week or month, what proportion of users have accessed their accounts?
- What is the typical duration of a user session?
4. Conversion Events
Any user action that benefits your company is considered a conversion event. FinTechs use their distinctive goods and services to determine conversion events:
- A user’s approval for a new loan or credit line could be considered a conversion for a FinTech company operating in the lending industry.
- When a person opens a new account and deposits money for the first time, that might be considered a conversion for a digital bank.
- A user’s first trade could be considered a conversion for a cryptocurrency exchange or stock-buying product.
How Can FinTech Business Growth Be Driven by App Event Analytics?
1. Simplifying the Process of User Activation
User activation for most FinTech apps is a multi-step process that guides new users through downloading the app, setting up an account with their personal information, verifying their identity via phone or email, and completing their first transaction on the platform. The following actions could be included in a normal user activation:
- A new user downloads the application.
- The user creates a new profile.
- The user validates their identification by answering an email or text message.
- The user has linked their bank account to their profile.
- The user puts money into the platform.
- The user makes their first transaction.
App event analytics enables FinTech product teams to apply funnel analysis to the user activation process, assess conversion rates at each level of the funnel, and discover the most significant drop-off points for new users. From there, FinTech product teams may implement focused enhancements to the user activation process that will have the greatest impact on increasing new user activation rates.
2. Reduction Friction in the Customer Journey
Regular use of a FinTech application by active users will help them achieve some objectives. User objectives may vary depending on the app and may involve checking account balances, examining stock or cryptocurrency values, making withdrawals or deposits, or placing trades.
The customer journey may be defined as the series of steps a user takes to achieve their objective. Product teams can ask the following questions using app event analytics:
- What are the most popular things that people do on the platform?
- Which objectives do consumers most frequently have? When users open our application, what do they want to achieve?
- To help users achieve their objectives more quickly and easily, how can we improve or simplify the customer journey?
3. Fixing Performance Problems in Applications to Increase Conversions
Any FinTech app’s conversion rate may suffer from crashes, failures, or performance problems, particularly if they happen while users are actively trying to complete a transaction or another conversion step. FinTech product teams may track error and crash reports, find faults that are reducing revenue, and effectively deploy resources to fix those issues by using app event analytics.
Conclusion
In the FinTech sector, data analytics has become essential. FinTech businesses may provide a more individualized, safe, and effective financial experience by utilizing their ability to comprehend clients, reduce risks, and streamline operations.
Adopting data-driven tactics will be crucial for long-term success and cultivating a devoted clientele as the market changes.