Best Practices for BFSI

This guide is designed to help Banking, Financial Services, and Insurance (BFSI) companies effectively set up a digital experience solution like Glassbox. It outlines the initial steps required to ensure a robust, efficient and secure digital platform.

Define KPIs

Before setting up Glassbox, we strongly recommend identifying your business objectives and key performance indicators (KP|s) relevant to your BFSI organization. Determine your primary goals, such as improving customer retention, reducing fraud, enhancing user engagement or increasing conversion rates.

Work with your Account Manager during onboarding to align these KPIs with specific Glassbox metrics, such as linking customer retention to struggle scores, session duration or repeat visits. Track these metrics using Glassbox and plan for continuous improvement by adjusting KPis based on data insights and evolving business goals, ensuring they stay aligned with market conditions.

Create Segments

Segmenting your audience helps you refine your approach for various customer groups, boosting the effectiveness of your Glassbox analysis. You can easily define segments in the Segment Center to better understand your audience and address their needs and behaviors. Here are three types of segments to start with:

• Segmentation by Product Type: Create segments based on different product types, such as credit cards, loans and other financial products.
• Customer Demographics: Create segments based on available customer demographics, such as geographic location, device used, and account login status. You can also import demographic data such as age, gender and household income by integrating with Adobe Analytics or Google Analytics and using them as segments within Glassbox.
• Behavioral Segments: Segment users by their interaction patterns, struggle scores or engagement levels with your app or website. Identify high-value customers, frequent users, as well as those with irregular activity patterns.

Page Naming

Whether you use the Augmented Journey Map™, funnels, heatmaps or any other Glassbox module, page naming makes tracking and understanding user journeys much more straightforward. This is especially true when URLs are numerical or consist of random strings. Clear page names simplify user behavior analysis and improve insight accuracy.

Defining and naming the different steps within a user journey is crucial, particularly for single-page applications (SPAs) where the URL does not change but the page content does.

In these cases, collaborate with your Customer Experience Manager to create accurate journey steps using page names, window properties or other attributes to identify each step in the user's journey.

Unique Identifiers

A unique identifier is a specific event or set of events that can be easily searched for, eliminating the need to build complex filters each time. For example, if a user selects a specific loan type, sends a support request, or tries to submit an application without uploading documents. Creating these identifiers is crucial for searching and understanding sessions in Glassbox.

These unique identifiers can be created by adding a custom attribute, which could be stored in a cookie or sourced from Adobe, Google or a custom event. Once defined, this unique identifier can be used throughout Glassbox to search for sessions, filter the Augmented Journey Map™, analyze struggle scores and much more.

Set Up Reports

Setting up reports is crucial for tracking key metrics and KPIs, providing insights that drive informed decision-making and strategy adjustments. Reports help you understand user engagement, identify pain points, monitor conversion rates, detect fraud and ensure overall business health. Here are a few ways to get started:

• Create Dashboards: Develop dashboards to monitor engagement, struggles and conversion rates for each product.

• Define Business Flows: Identify critical business flows, such as making payments (e.g., credit card or loan payments) and account creation (e.g., registration for a bank account or loan). Determine the conversion points for these flows to measure success and track revenue loss at each step of the funnel.

• Fraud Detection: Build reports to detect fraud using anomaly-based alerts. Set thresholds for certain data points, and when these are exceeded, the system will alert you of potential fraud.

Establish an Al Policy

As a BFSI organization, you understand the importance of compliance and regulations.

Responsible Al ensures that your Al systems are implemented and deployed ethically and legally, promoting fairness, accuracy, transparency, privacy, and security. Define your company's Al policy to avoid biased decision-making, privacy violations, and other negative effects. This involves maintaining human oversight, protecting sensitive data, and involving diverse stakeholders in Al development and testing.

Enabling Glassbox's Al, specifically the Glassbox Insights Assistant (GIA), can greatly enhance your analysis capabilities. GIA simplifies session search and session analysis by allowing for natural language session queries and providing session summaries with actionable insights.

Mobile Data

All Glassbox features available for web are also available for native mobile apps.

This includes page naming, session recording, GIA, comprehensive reporting and more. These functionalities ensure you can analyze user behavior, improve engagement, and maintain high standards of privacy and security across all platforms.

Additionally, the Glassbox SDK for mobile makes it easy to mask PlI and customize exactly what you need to protect. You can quickly implement changes to the SDK code to update masking rules, without having to update the app version. This flexibility allows you to adapt to changing requirements without the need for redeployment, streamlining your mobile app management and enhancing user privacy.

Training

To maximize your use of Glassbox, ensure your team signs up for Jukebox, our interactive learning platform. Additionally, explore our Knowledge Center for comprehensive resources and participate in our webinars to stay updated on the latest features and best practices.

These training resources will help your team effectively use Glassbox and improve your digital experience strategies.

The Glassbox Advantage

Glassbox is the Al-fueled customer intelligence platform that proactively transforms data into decisions, BFSI firms create seamless and safe digital journeys on mobile apps and websites. Designed for compliance in data-sensitive environments, Glassbox provides real-time insights to deliver effective digital business models.

Our fast, tagless deployment allows firms to adapt swiftly to digital demand, while features like compliance monitoring and alerts ensure businesses and their customers stay ahead of change.