End User Monitoring to Improve Banking Customer Experience

    Consumers are completely shifting towards a digital-driven banking environment. Paper-less transactions have exponentially increased since the past decade. Financial institutions must leverage the digital advantage and provide exceptional customer experience to stay ahead in the competition. One thing central to this whole process of digital transformation and application management is – Monitoring.

    Monitoring is the key to make your application perform to its full potential. From back-end developments to customer touch-points, banks and financial businesses can meticulously observe the bottlenecks and understand their application weaknesses that are affecting the customer experience. A consumer-first monitoring strategy can enable finance companies to gain a strong market hold with the technology advantage.

    Consider the following mobile banking statistics

    • The total value of payments made using mobile devices reached $503 billion in 2020 and is expected to reach $693 billion in 2021. - Dataprot
    • By 2021 there will be 7 billion mobile users, with 3 billion of them promising to utilize mobile banking. - Vxchnge
    • 88% of Financial Institutions have rigorously worked upon lagging digital capabilities post-Covid 19 pandemic. - Mckinsey

    While millennials prefer everyday transactions online, age is no longer a differentiator for digital retail banking. People are more inclined towards the agility a mobile banking app has to offer. Although, there are certain security issues as mobile app fraud transactions have increased by over 600% since 2015. Thus, monitoring is undeniably a fundamental component for banking service providers to upscale their digital offerings in a more secure manner.

    Banking Application Monitoring requires a 360-degree approach towards studying, analysing and improving the performance of your digital systems. The data gathered through real-user monitoring is highly valuable for making decisions regarding performance consistency and user experience. While there is a wide range of monitoring methods, end-user monitoring is the most recommended one for banking and finance apps.

    One of the most important aspects of end-user monitoring is to reduce downtime while conducting a transaction. For Indian banks and financial institutions, it’s highly critical to managing the downtime as RBI has issued guidelines for the same. Your bank may get penalized if your digital transaction downtime is higher. Thus, end-user monitoring is the key to follow the consumer mindset and streamline services according to their expectations.

    Why end-user monitoring is better?

    End-user monitoring enables you to detect and rectify API issues like never before. You get accurate performance data and alerts in real-time that helps your IT team to recover it quicker than ever. Gathering device-specific errors across any browser, third party service like payment gateways, captchas, OTP, SMS, Email etc. using end-user monitoring significantly helps in tracking and resolving technical issues with ease and flexibility.

    Benefits of End User Monitoring for banking and finance applications

    • Reducing Monitoring Noise - While there a lot of factors associated with monitoring analytics, end-user monitoring highlights the key issues and separates them from technical bottlenecks of less concern.
    • Enhancing App Capabilities - By rectifying the errors through end-user monitoring, you can consistently upscale the programming of your application to ensure optimum performance, including third party services.
    • Recovering Performance Slowdowns - Analysing and studying the user’s journey for a successful transaction enables you to perfect the digital mechanism and exceed customer expectations.
    • Configuring Synthetic Transactions - End-user driven synthetic monitoring helps you to overcome performance-related issues specific to transactions. You can gather real issues to resolve and enhance the transaction speed.
    • Maintaining Compliance - Complying with the terms and guidelines of RBI, Application Platforms as well as user-expectations is much easier when an end-user monitoring strategy is on the move.

    Getting ahead with End-user Monitoring

    End-user monitoring facilitates data for Banking CIOs to understand API limitations and optimise apps to exceed customer expectations for both user-friendliness and operational efficiency. Hence, end-user application monitoring is what you need in the first place to manage your banking digital experience.