7 Essential Customer Success KPIs to Track in Banking Apps

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The banking industry has undergone many changes. The way they work has changed drastically in favor of the users. The Mobile Banking App is a modern innovation for both businesses and individuals. Individual users can save time and effort, while businesses can offer more to their customers and remain competitive in a technology-driven market.

But how do you measure the success of your banking app? There are a few important KPIs that you should know. 

Feature adoption depth

Do you want to know how our customers use the app features? This key metric reveals to which extent they use your app. You will understand which features are used more than the others. The feature adoption depth can reveal if your users rely more on money transferring, paying bills, or scheduling appointments with finance managers. 

And what does this mean for you? You can measure the overall customer health and satisfaction with this metric.

Average time to first transaction

How long does it take for the user to complete their first transaction? You need more than just a simple and intuitive app for the transaction process. Guiding the user through the steps is another thing to have in mind. 

For this metric you need to measure the time it takes to complete the transaction after registering. You can also divide this by device type and demographics for more precise insights.

Did you know that major apps like Revolut and Monzo got it right by speeding up the process for beginners? That’s why these apps became popular in a short time. The onboarding steps were made to guide the user seamlessly through the process.

TAT

How does the turnaround time impact the customer’s success? First, we need to explain the basics. The TAT is the time that financial institutions need to complete a request. For example, the turnaround time for electronic payments in 24 hours. And why does it matter? When customers receive their funds sooner, they can earn interest on that amount. The longer it takes, the less interest they take. 

Monthly active users

As the name says, this KPI refers to the active users for a month. And why does this matter? It reveals customer retention and engagement. 

Abandon rate

This metric includes the percentage of users who started an action but didn’t complete it. Why is it so important? It measures how many users completed the checkout and why they did it. And let’s not forget that this allows you to improve the customer experience. 

In the banking apps this can be measured as abandoned transactions. What can companies do to improve customer success with this metric? What they can do is make the process very simple with fewer steps possible.

Net promoter score

Have you been asked to rate a service from 1 to 10 on how likely it is to recommend it to a friend? This is called the net promoter score. It is calculated when you subtract the number of detractors from the number of promoters you get in such questionnaires. This is a key indicator of customer loyalty and retention.

Retention rate

Do you want to understand how many users return to your app after some time? You should have the retention rate in mind. Analyze this KPI when you wish to understand more about customer loyalty. It measures the number of users that return after their initial contact with the app.