How Financial Services Companies Can Boost Conversion with Analytics

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Have you ever wanted to juggle? Talk to a product manager in the financial services industry. To thrive in such a competitive environment, these professionals manage many macro-level pressures — all at the same time. For example:

  • Meeting soaring customer expectations
  • Providing a seamless omni-channel experience
  • Holding off fierce competition
  • Complying with constantly changing government regulations
  • Adapting to disruptive technologies such as blockchain

A failure to meet any of these challenges can mean failure to the business.

Even if you’re not in the financial services world, many of these driving forces are relatable. And because the pressure to hit your numbers can be intense, every opportunity for optimization becomes critical. Read on to see how two organizations have done just that. By using Heap for customer behavior analytics, they’ve identified friction in the customer experience and made data-driven micro-optimizations that have resulted in a big boost to conversion rate.

OppLoans Realized a 7-Figure Lift in Annual Revenue

Using a real-time, granular view of datasets — including credit reporting, loan performance data, and marketing and product analytics, OppLoans optimized its customer journey with data.

By using Heap to capture and analyze its customer behavior data, OppLoans can now identify and eliminate friction in product experience. They also enabled faster issue detection and reduced burden on the engineering team. But the most impressive ROI was a seven-figure lift in OppLoans’ annualized revenue.

“When Heap showed us, with specificity, how the fourth step in our funnel was broken, we were able to make meaningful improvements to our pre-pop experience. This resulted in a seven-figure lift in new issued principal annually and a 5% increase in conversion rate for direct mail,” says Matt Gomes, OppLoan’s Director of Marketing,

LendingClub Removed Friction in the Customer Experience

By collecting and capturing their user behavior data, the LendingClub team was able to make a big impact to product intelligence in the first few weeks of using Heap. In one big win, the team discovered small points of friction in the customer experience — a find that’s helped them to serve thousands of additional customers.

Additionally, LendingClub wanted to analyze friction points that users received when requesting loans, with a particular emphasis on validation errors in the loan application process. With Heap, the team could identify these errors, understand how many people were impacted by them, and prioritize which ones engineering should solve first.

In order to identify what were actually errors with the validation code (versus one-time user errors), the team needed to take a user’s email address and user ID, go into Heap, and see how many times they experienced errors and where they got stuck. After that, they could see how many users experienced the error and didn’t continue to the next step.

“The improvements we’ve been able to make are a big deal for us. They’re enabling thousands of people a week to have a slightly better experience using our site. A good number of people won’t be put off by these small frictions and will complete the task anyway, but if even 10 or 20 people a day get through who would otherwise have given up, that’s 10 or 20 more families that are one step closer to freedom from credit card debt or growing their business. That means a lot, for them and for us,” explained Alan D’Souza, Director of Product Analytics at LendingClub.

User behavior data can provide measurable improvements like these and more. To check out more data success stories, get our new e-Book: Bottlenecks to Business Insights.