The Key Metrics That Fintech Product Managers Can't Live Without: The Most Disruptive Trend of 2021: No Code/Low Code

The Key Metrics That Fintech Product Managers Can't Live Without: The Most Disruptive Trend of 2021: No Code/Low Code

In the ever-evolving world of fintech, product managers play a crucial role in developing and maintaining successful applications. These individuals are responsible for overseeing the development process and ensuring that the final product meets the needs and expectations of the users. To excel in this role, product managers must have a deep understanding of the key metrics that drive success in the fintech industry.

One of the most important sets of metrics that fintech product managers cannot live without is session-based data. By keeping track of session-related metrics, product managers can gain valuable insights into how effectively their app is retaining customers. Metrics such as session duration, user engagement, and app crashes can provide invaluable information on user behavior and satisfaction. Armed with this data, product managers can make informed decisions on how to improve the user experience and increase customer retention.

In addition to session-based data, customer feedback is another critical metric that product managers must pay close attention to. Understanding customer satisfaction is paramount in the fintech industry, as the success of an app often hinges on how well it meets the needs and expectations of its users. There are several metrics that product managers can use to analyze customer satisfaction, including the median customer rating, survey response rates, and the average Net Promoter Score®. By regularly collecting and analyzing customer feedback, product managers can identify areas for improvement and take proactive steps to enhance the user experience.

Technical metrics also play a vital role in the success of fintech applications. Crashes and errors can significantly impact user satisfaction and can lead to lost customers. Product managers must closely monitor metrics such as crashes per session, fatal over non-fatal crashes, and crash incidence per app version and platform. By identifying and addressing technical issues promptly, product managers can ensure that their app operates smoothly and reliably, enhancing user trust and loyalty.

Action stats are another set of metrics that product managers must track to gain a comprehensive understanding of their app's performance. Metrics such as network response times, median start traces, step completion rates, and average step completion time can provide valuable insights into the user journey and identify potential bottlenecks or areas for improvement. By analyzing these metrics, product managers can optimize the user experience, streamline processes, and drive higher conversion rates.

Lastly, revenue metrics are of utmost importance to product managers in the fintech industry. Ultimately, the success of an app is often measured by its ability to generate revenue. Metrics such as revenue per session, rolling monthly revenue, revenue by paying users, and the number of paying users provide product managers with a clear picture of the app's financial performance. By understanding these metrics, product managers can make informed decisions on monetization strategies, pricing models, and marketing campaigns to maximize revenue and drive business growth.

As the fintech industry continues to evolve, product managers must stay ahead of the curve and adapt to disruptive trends. One such trend that has gained significant traction in recent years is the rise of no code/low code software development. This trend represents a fundamental shift in how software is created, with a new class of software "assemblers" emerging as opposed to traditional software developers.

No code/low code software development has disrupted the industry in three important ways: embedded velocity, cost, and accessibility. With no code/low code platforms, product managers can build and deploy applications at a much faster pace. The visual interfaces and pre-built components offered by these platforms allow for rapid development and iteration, reducing time to market and increasing the potential for innovation.

Additionally, the cost of software development has drastically decreased with the advent of no code/low code platforms. Traditional software development is often a labor-intensive and costly process, requiring skilled developers and extensive coding. In contrast, no code/low code platforms democratize software development by enabling individuals with little to no coding experience to create functional applications. This reduction in cost opens up opportunities for startups and small businesses to enter the fintech space and compete with established players.

Lastly, no code/low code platforms make software development more accessible to a wider range of individuals. Previously, software development was limited to those with extensive coding knowledge and experience. With no code/low code platforms, individuals with diverse backgrounds and skill sets can contribute to the development process. This inclusivity fosters innovation and allows for the creation of more user-centric applications.

In conclusion, the key metrics that fintech product managers cannot live without provide valuable insights into the performance and success of fintech applications. By closely monitoring session-based data, customer feedback, technical metrics, action stats, and revenue metrics, product managers can make data-driven decisions and continuously improve the user experience. Additionally, the rise of no code/low code software development presents exciting opportunities for product managers to accelerate development, reduce costs, and increase accessibility. By embracing this disruptive trend, product managers can stay ahead of the curve and drive innovation in the fintech industry.

Actionable Advice:

1. Regularly collect and analyze customer feedback to understand and address user needs and expectations.
2. Proactively monitor and address technical issues to ensure a smooth and reliable user experience.
3. Leverage no code/low code platforms to accelerate development, reduce costs, and increase accessibility.