The Critical Role of Data and Statistics in Shaping Fintech Apps’ Success

The world of fintech is a complex and competitive one, with numerous startups entering the market with hefty promises of revolutionizing how consumers deal with finance online and streamlining anything from online payments to iGaming and more. 

Launching a fintech startup can be a risky endeavor. However, leveraging data and statistics can be the difference maker when it comes to the success or failure of a fintech app.

Leveraging Data and Statistics in Fintech

When a client signs up for a fintech service and downloads an app, many things can go wrong and feedback is incredibly important. However, the traditional forms of feedback generated directly from the end user is not the only method for companies to find out which features the clients like best and which ones they tend to neglect entirely.

By gathering usage data from your application, you can understand the journey your client typically takes when using the app and cut out some unnecessary steps to make the experience more streamlined, or to add some features to enrich the clients’ journey.

For this reason, gathering data and statistics that are not sensitive to the client is incredibly important and one of the most effective ways for companies to make the necessary adjustments to improve the quality of life of their digital products.

Data and Statistics in iGaming

On the other hand, a fintech app can also incorporate gamification elements into its service suite to make the experience more engaging for the end user.

For example, online gambling companies typically offer games of chance, such as craps, which is a dice game that involves players betting on the outcome of the roll, or a series of rolls of two six-sided dice. For more information about the game of craps, you can visit https://www.casinomeister.com/blog/. 

This game is entirely up to chance, which means that incorporating statistics provides the basis of the entire product:

• Similarly to the game of craps, fintech products also rely on probability and guessing the outcome while calculating risks and expected returns 

• Risk assessment is an integral part of both the game of craps, as well as any fintech service. For example, in craps, a player must decide whether to pick the Pass Line or Don’t Pass Line bets, which mean betting on a natural and craps, and vice versa 

• Data analysis - gathering and analyzing past data is a vital part of the fintech experience, which is also the same for the game of craps, as players look at the past outcomes, which often influences their judgment going forward

While the game of dice and fintech might seem worlds apart, prospective fintech startups can learn a lot from observing how players interact with such games and the rules set out by them.

From Data Gathering to Advanced Analytics

Once you have gathered sufficient data from client journeys on your fintech app, you can make the process faster by implementing machine learning into the analysis process.

For example, you can look at the client journey map and use machine learning to calculate the probability of a new client taking a particular journey while using your app.

When a client signs up and opens your app, where do they go from the home page? - You can use an infinite number of different routes for analysis to come up with the optimal ones and remove or change others to reduce clutter and reduce the time elapsed between the point of opening the app and finalizing the journey it takes for the client to execute an action.

A good example of this would be a banking application. Suppose the client opens your banking app and wants to pay an utility bill:

• How fast are the account setup and onboarding processes for first-time clients? How can you make it faster without skipping over essential client data steps?

• How easy is it for the client to find the specific utility on the app? (Gas, electricity, water, etc.)

• How clear and quick is the payment confirmation process?

• How quick is the app able to handle an error if it occurs?

These are all valid questions to ask and can help you reduce the time it takes your clients to use your app and be satisfied with the speed at which they are able to pay their bills. 

Machine learning can give you accurate statistics of how your clients use the app and help identify potential problems or areas of improvement for a more satisfying and efficient customer experience in the future.