Data. Your company probably has access to it. But are you using it to its full potential?
Apriva works with many leading financial institutions in the United States to offer mobile payment solutions to their customers. Through these relationships, we have access to a great deal of analytical data. Behavioral data; anonymized demographic, user-specific data; market and device-specific data; engagement statistics; geographic data – it’s all interesting to us. But it’s also incredibly useful.
By dissecting and analyzing this information, both Apriva and our branded customers learn valuable things about their user base and mPOS application through behavioral patterns. Often data will tell you that your audience may not be utilizing your product in the way you had imagined. For example, a typical mPOS solution suite consists of a mobile phone application, a tablet application and a web companion portal. Users interactions on each of these platforms will differ based on the device and user experience which raises the question should product features be consistent across a product suit or should they be ‘adaptive’ based on user behavior? Analysis of user behavior derived from analytics analysis allows us to understand and tailor the product suite user experience according to user preference and behavioral patterns.
In addition to user interaction, product design can also be developed and modified from gathered demographic data, such as device language locale. With the data that we have available, we’ve determined that Spanish-speaking end users are aggressively represented in mobile payments, based on both device locale as well as geographic location within the United States. Specifically, California, Florida and Texas represent some of the highest usage rates in the country when evaluated against language and device locale. If you have customers in these areas, you may consider offering language capabilities to meet this group’s needs, which you can then market to the local areas with the highest concentration of Spanish-speaking end users (based on geographic location statistics, of course).
These are just a few examples to demonstrate the endless potential of mobile data analysis. But in order for these opportunities to work for you, you need to know what data is most important to your business. It’s easy to get overwhelmed by the sheer amount of information that is available, and that’s where key performance indicators (KPIs) come into play. By establishing KPIs to monitor and benchmark over time, you can track positive and negative trajectories that can be analyzed and utilized or improved upon, ultimately achieving your business goals. Are product usage behaviors a priority? What about language and geographic location demographics? Take note of these things from the get-go, and analyzing the data will be much easier and more beneficial in the long run.
I will be speaking on this topic during my presentation ETA TRANSACT 15 next week. If you’re at the show, I encourage you to join the session to learn more. And if you have any questions about mobile data analysis now or in the future, feel free to reach out to Apriva on Twitter or LinkedIn.
Ben Hurley, Director, Mobile Product Management