31 Mar Banks to adopt YouTube metrics
Banks will have to examine a new metric – customer “dwell time” on their smartphone apps – to determine if they are winning a battle for customer engagement, says Emma Gray, group executive of data and automation at ANZ Bank.
Banks will also need to get better at providing “experiences” for customers, a shift in strategic thinking from merely selling them products, Ms Gray added.
Websites such as YouTube look at metrics such as “dwell time” to measure how long customers stay on their site, and banks will need to do the same for their apps to keep them competitive.
“I think you’ll start to see that kind of dwell time metric becoming much more critical to banks than it is today,” she told The Australian Financial Review Banking Summit on Tuesday.
Source: Financial Review newsfeed, March 31 2021