"The Key Metrics That Fintech Product Managers Can’t Live Without" + "2021 Edtech Outlook: Where we’ve been and where we’re going"

"The Key Metrics That Fintech Product Managers Can’t Live Without" + "2021 Edtech Outlook: Where we’ve been and where we’re going"

In today's fast-paced digital world, both fintech product managers and edtech companies are constantly seeking ways to improve their offerings and provide a better user experience. To achieve this, they rely heavily on key metrics that help them understand their customers, track performance, and drive growth. While the industries may differ, there are commonalities in the metrics they use to measure success.

One of the essential metrics for both fintech and edtech product managers is session-based data. By analyzing this data, they can gain insights into how well their app or platform is retaining customers. In the fintech industry, session-based metrics can provide valuable information about user engagement and whether the app is meeting customer expectations. Similarly, in the edtech sector, session-based data can reveal how students and learners are interacting with the platform, indicating areas of improvement or potential drop-off points.

Customer feedback is another critical metric for both fintech and edtech product managers. Understanding customer satisfaction is vital for any company, and there are various metrics to analyze this. In fintech, metrics such as median customer rating, survey response rates, and average Net Promoter Score® can provide insights into how well the product is meeting customer needs. Similarly, in edtech, gathering feedback through surveys or ratings can help identify areas where learners might be struggling or where improvements can be made.

Technical metrics play a significant role in both industries as well. For fintech product managers, tracking metrics such as crashes per session, crash incidence per app version and platform, and errors per session can help identify and resolve technical issues that may be impacting user experience. In the edtech sector, technical metrics like network response times, latency, and step completion rates can provide insights into the performance of the platform and identify areas where improvements can be made to enhance the learning experience.

When it comes to driving growth and revenue, both fintech and edtech product managers focus on specific metrics. In fintech, revenue per session, rolling monthly revenue, revenue by paying users, and the number of paying users are key indicators of the financial success of the product. In edtech, metrics such as the delay between each conversion and the number of conversions can provide insights into the effectiveness of marketing efforts and the overall revenue generation of the platform.

As we move into 2021, there are some actionable pieces of advice that fintech and edtech product managers can consider to stay ahead of the curve:

1. Embrace social and community-driven learning experiences: Both industries can benefit from incorporating social learning features into their products. Fintech companies can create communities where users can share insights and experiences, fostering engagement and loyalty. Edtech companies have the opportunity to tap into the power of social learning, allowing students to collaborate and learn from each other, ultimately driving better retention and knowledge retention.

2. Focus on verticalized education: In both fintech and edtech, there is a growing demand for specialized and tailored experiences. By catering to specific niches within their industries, product managers can create targeted solutions that address specific pain points and cater to the unique needs of their customers. This can lead to increased adoption and customer satisfaction.

3. Prioritize parental involvement and communication: In the edtech sector, parents and other stakeholders play a crucial role in the decision-making process. Product managers should focus on developing features that keep parents informed and involved in their child's education journey. This can include regular progress updates, communication tools, and resources to support parental involvement.

In conclusion, while the fintech and edtech industries may seem different on the surface, there are common metrics and strategies that product managers can leverage to drive success. By understanding and analyzing session-based data, gathering customer feedback, tracking technical metrics, and focusing on revenue generation, product managers can make informed decisions and continuously improve their offerings. Additionally, by embracing social learning, verticalized education, and prioritizing parental involvement, product managers can stay ahead of the curve and meet the evolving needs of their customers.