UX analytics for designing financial products
Advanced analytics and analysis of interaction with digital products are very helpful in exploring user experience. The best action to find out what will work or what is currently working or what is already out of date and is not used is to use analysis tools for your product. It is extremely important to correctly identify the problems faced by users of Fintech products. It is equally important to have access to analytical data for quick analysis, since the time factor is crucial. Problems, and therefore their solutions are relevant only for a very short period of time, then the situation will change, and it will be necessary to revise the status of the problems associated with the interaction. There are many ways to learn more about the user of a financial product. Users may be asked about their emotions, but it is wiser and more practical to collect quantitative data using analytics tools.
What are the types of analytics?
Descriptive analytics, which shows the numerical indicators of the frequency of interaction. These figures help to understand how many bounce rates the main page has, what is the average session time, and so on. These indicators are very easy to interpret and immediately see the weaknesses of the product.
Diagnostic analytics, which helps to track the dynamics of changes in quantitative indicators and see possible trends. It is very important to be able to interpret the obtained indicators, take into account possible amendments related to seasonal trends, random single news stories, and so on.
Prescriptive analytics examines previously established trends, on the basis of which possible optimal models for changing the development strategy of a product are then developed.
Predictive analytics helps assess current scenarios for improving product design. The result of intellectual analytics is a proposal for subsequent changes or improvements to the prototypes of the tested products.
It should be noted that the combination of careful work with analytical data and user research process gives the product the most valuable recommendations for its improvement.
Tools used for analytics.
Web analytics Web analytics tools provide a wide range of quantitative data to analyze the behavior of site visitors. These results allow us to evaluate and compare the effectiveness and quality of the content, the convenience of the menu structure, the failure rate of key pages, etc.
Heatmap analytics These tools are very important for assessing the effectiveness of individual elements of web pages. The final report is a visualized picture collected from various user visits. The report shows which elements of a web page are most often clicked by users and which are not in demand at all and can be removed from the project so as not to embarrass users of the product. This report provides a clear picture of the usability of the product as a whole and of each of its elements in particular.
Session Playback A tool for viewing user activity records on a website or in a product application window helps you understand user activity. In fact, the recorded video allows you to better understand the decision-making motives of the user of the product, better understand how he searches for information on the site and evaluate the convenience of interacting with the product.
What metrics are important for evaluating UX
Behavior analysis This report can help you understand the user of your product and identify possible pain points. Based on the report, you can understand how users behave on your site at certain points of their general visit, what they do in the first place, when they get to your site, which parts of the site confuse them or force them to make additional clicks on the path to achieving the goal.
Goal analysis Simple tracking of page views by users cannot directly tell about the success of the product. Goal setting for tracking can bring more clarity to the picture of the visits. For example, we can easily measure the number of requests to create a transaction that clearly shows the effectiveness of the design work. A visual report helps you quickly recognize the points of pain in a user’s path to achieving a goal.
Event analysis The event report makes it clear that the group of conditions is satisfied, in other words, the event is a completed user action on the product site with clearly defined parameters. For example, the user has opened a request to create a transaction with an amount of more than 5 BTC.
When testing hypotheses, it is very important to have as much information as possible about the points of pain and new trends in the target audience of the project. Research data and based on the conclusion provide an opportunity to make a better forecast for the future development of the product. In combination with the results of third-party resources, it is possible to analyze the correctness of the hypothesis put forward. Thus, one can very well evaluate the seasonality and the emergence of new trends in the market, aided by analytical resources such as Semrush, Google Trends and others. The data collected with their help can be easily used to find solutions for pain points of users from the selected target audience of the project.