Best FinTech Analytics Tools – A Comprehensive List
Information is worth everything in the modern business world, but huge amounts of data simply cannot be handled by a human brain. We need machines to help us understand and process it. We need FinTech analytics tools.
Why we need FinTech analytics tools
We could generalise about how knowledge leads to power and success, but that would be boring. Let’s just sum up what you can actually learn by analysing data with FinTech analytics tools:
- number of active and paying users
- frequency and ways how they use the product
- behavior patterns of the users
- which functionalities are used the most and which are not popular
- how much information are the users willing to leave
- how to improve the app – basing on the real users’ in-app customer journey
- potential and real security problems
- how to optimise pricing plans
- what are the most common problems the users face (so they can be fixed)
The sheer amount of data collected may seem intimidating, but this is not a problem for good quality FinTech analytics tools – they are meant to manage it all.
The benefits of using FinTech analytics tools are aplenty
Best FinTech analytics tools are not just meant to collect data. Obviously, their main purpose is to help you manage the information you gather and have some meaningful conclusions. And right conclusions let you take action and make good business decisions.
- Uncovering market trends before the competition. Being the first one to notice new phenomenons and to adapt to ever changing market conditions is key to winning the game. When you notice that your customers start acting in a new way, something must be happening. Are they just getting used to recent changes in the app or were they forced to change their behaviour because of something from outside? FinTech analytics tools let you find out what is going on and react in time.
- Finding new revenue streams and optimising existing ones. By a thorough analysis of use patterns and popularity of various functionalities you are able to optimise the processes that bring many customers and cut costs on those which are not popular among your users. You can also find out what aspects to focus on in your promotional activities.
- Personalising the marketing campaigns. Only by knowing the most about your users and their preferences can you target new potential customers in the most accurate way and present them with marketing information that really attracts them. Data engineering and analytics services allow for this and so much more.
- Tracking suspicious activities. There are so many different compliance laws all over the world and most of them require FinTech apps operators to make sure their users do not commit any financial crimes, like money laundering. FinTech analytics tools let you easily track what is going on in the system and help recognise potential illegal activities.
How to choose only one of the FinTech analytics tools
The landscape of tools that you can use to aid your business is extremely wide, so how can you decide which one to use? Just consider a basic list of factors and pick the one that meets your needs. We’ll try to help you by keeping the list below up-to-date. But what is the most important thing about FinTech analytics tools?
- Business reasons – or why exactly you need the tool for
- What types of information you want to gather
- Product’s security
- Scalability and flexibility of the software
- Compatibility with your existing systems
- Customer support
- Price
All of these factors are important, but in order to minimise the risk – remember that saving on software that is supposed to help you make your money is not necessarily a good idea. Never forget that you want to use it to grow your business, so think about the future – will it still be sufficient in two or five years?
FinTech analytics tools – a comprehensive list
Without further ado, let’s get to the good part. We’ve prepared a comprehensive list of the best FinTech analytics tools available on the market and we’re keeping it up-to-date, so you don’t have to waste your precious time searching for information all over the Internet.
Oh, and if you’re interested in other types of financial software products, be sure to check other categories on our website:
Sov.ai Rearch Lab
- Machine Learning
- Investment Management
- Asset Management
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