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Analytics Guide CUs' Focus In Mobile Channel
PLANO, Texas (8/13/13)--Catalyst Corporate's mobile banking solution features analytics that allow credit unions to track about 450 actions connected to member usage. User data are packaged in several reports.
 
"Tracking everything that happens within the mobile banking application ensures the product remains dynamic and relevant," said Chris Amador, director of consumer product management for Malauzai Inc., Catalyst Corporate's mobile banking app developer. "We turn analytics into action by modifying the app to complement the way consumers are using it."
 
Among the types of information that credit unions can track using Catalyst Corporate's mobile banking reports are:
  • User community statistics, including the number of registered users, app store downloads, and active users;
  • End-user session information that provides insight into a particular mobile session for a member;
  • Money movement details that allow the credit union to understand how much money is being moved through mobile use by a particular feature or platform; and
  • Usage details that allow the credit union to better understand which areas of the application are being used the most, for tracking return on investment.
Information in the mobile banking reports can be applied across the organization, Amador said. "For example, the marketing department may use the feature-usage report to understand how often a member is clicking on a banner advertisement," he added. "This can help in determining how often resources are dedicated to creating a new advertisement."
 
Another department might analyze the user community report to determine the penetration rate of mobile users, compared with other channels or with the entire member base, as well how many are active users who stay with it after a 90-day period, Amador said.
 
Tracking the success of a particular feature can help a credit union identify areas for improvement within the app, as well find opportunities to provide additional member service. For example, if a report indicates that a member had to submit a mobile deposit twice before it was deposited successfully, "the app developer can look to make the experience more intuitive and the credit union can reach out to assist members in resolving the issue," Amador said.


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