Importance Of Web Analytics In Financial Sector

Cost optimization has become a very big concern to every business from start and

with changing landscape from monopoly to perfect competition it has become a very big concern for financial sector. With increase in FDI in banking sector pan India, domestic banks needs to compete with multinational banks. So in order to drive a profitable business, there is a serious need to do cost optimization.

In order to reduce the cost banks are providing alternate channels to customers to interact with the banks. As, we are aware that the most costly channel is branch for a bank, everyday banks are coming up with alternate channels such as internet banking, mobile banking and phone banking etc. But as of now, most adopted by customers is internet banking. In order to reduce the cost, banks want to divert the customers to Internet Banking. Everyday banks are creating strategies to increase the customer base using Internet Banking. Every bank even public sector banks are realizing the importance of Internet Banking and thus adopting it rapidly.

With increasing importance of Internet Banking and Web for banks, the importance of Web Analytics also increased tremendously. Banks continuously needs to track all the activities of customers on internet banking prior and post login. The insights on visitors, products, service, load, error will help the banks in understanding what are the services, products customers are interested in Web Analytics will also help to understand the customer type, day and duration of a day. This will give complete traffic analysis on the website.

It will help us to realize the trends in terms of traffic, website usage behaviour, popular merchants as well as popular services. This will also help in tracking the load on the website. This will real time reports on errors which will further help in reducing customer dissatisfaction.Web Analytics helps in analysing each action of customer on the website post and prior to login. It helps to assess the quality of user interface you are providing to the customer.

Web Analytics significantly helps in error debugging, load balancing by continuous tracking at system level. Web Analytics captures the data at each session level. This provides enormous information at various levels which further helps in generating insights which helps in business decisions which will help in increasing the internet base. Web Analytics over the social media channels helps in understanding the linkages across the users. This will further help in understanding the hot zones or users who drives the public image of the business. This will help to collaborate with these users in order to drive a positive image of the business.

As of now, everybody is using internet the importance of web analytics has increased tremendously. Further every business is using web analytics for the same. Not only banks, even ecommerce companies like Ebay etc. are using web analytics tremendously. They provide offers over social media channels, in order to get a good response you need to completely understand the user behaviour over the channel. Tracking of the behaviour will further provide feedback loop in order to reassess the system and improving the conversions tremendously.

Usage of Web Analytics has been increased tremendously with time, as the channel is less costly compared to other channels. And it has higher chances of conversions compared to other channels. With time web analytics will increase further.

by: Business: Marketing and Advertising: Market Research

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