The critical UI/UX metrics FinTech SaaS founders need to track to improve user engagement and retention
As a founder of a FinTech SaaS product, you understand the importance of delivering an exceptional customer experience through UIUX design. However, in order to ensure the success of your app, it is crucial to track key UI/UX metrics that provide insights into user behavior and retention. In this blog post, we will discuss the critical UI/UX metrics that FinTech app founders must track to improve user engagement and retention.
Product Management and Design
One of the critical aspects of designing a successful FinTech SaaS application is to ensure that it meets the user's needs and offers an excellent customer journey. The apps must provide a seamless experience for the target audience, and product design should incorporate the latest trends and digital transformation strategies. Product management plays an essential role in guiding the product development process, and it must include customer feedback and analytics to ensure that the app aligns with the user's needs and expectations.
UX Design for Countable, an accounting software available for use in Canada and USA
User Acquisition Metrics
Tracking user acquisition metrics is the first step in measuring the success of your FinTech SaaS web/mobile app. Conversion rate and bounce rate are two essential metrics to focus on:
Conversion Rate: This measures the percentage of users who complete the desired action, such as signing up or making a purchase. A good conversion rate for a FinTech SaaS app is typically around 10%.
Bounce Rate: This measures the percentage of users who leave your app after visiting just one page. A high bounce rate could indicate that your user interface design is not appealing or confusing. A good bounce rate for a FinTech SaaS app is typically around 40%.
To enhance the conversion rate and decrease the bounce rate, you must focus on simplifying the user interface design, optimizing landing pages, and providing incentives for users to sign up or make a purchase.
User Engagement Metrics
This measures how your customers interact with your FinTech SaaS application. Time on site and session duration are two key metrics to focus on:
Time on site: This measures the amount of time users spend on your app during a single visit. A good time on site for a FinTech SaaS app is typically around 2-3 minutes.
Session duration: This measures the amount of time users spend on your app across multiple visits. A good session duration for a FinTech SaaS app is typically around 5-10 minutes.
To improve time on site and session duration, consider adding personalized recommendations, simplifying navigation, and creating more engaging content.
User Retention Metrics
This measures how well you are retaining your customers over time. Churn rate and repeat usage rate are two key metrics to focus on:
Churn rate: This measures the percentage of customers who stop using your app over a given time period. A good churn rate for a FinTech SaaS app is typically around 5%.
Repeat usage rate: This measures the percentage of customers who continue to use your app over a given time period. A good repeat usage rate for a FinTech SaaS app is typically around 20%.
To enhance churn rate and repeat usage rate, consider adding gamification elements, providing proactive customer support, and offering incentives for customers to continue using your app.
Tracking these key User experience and user interface design metrics/analytics will help FinTech SaaS founders gain valuable insights into how their customers are using their app and identify areas for improvement. Whether you are looking to improve user acquisition, user engagement, or user retention, there are many strategies that you can use to optimize your FinTech SaaS app for success. By putting in the effort and attention to detail, you can create an app that delivers a great UX (user experience) and drives revenue growth for your business.