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Use Cases · 5 min read

4 ways FullStory helps finance and insurance leaders build better digital experiences

The FullStory Team
Posted June 02, 2023
4 ways FullStory helps finance and insurance leaders build better digital experiences

Both the finance and insurance industries are fast-paced, competitive, and have an increasingly digital footprint. 

Data highlighted in a recent Forbes article shows that 78% of adults in the US prefer to bank digitally via a mobile app or website. As that trend continues to grow, organizations that aren’t focused on digital initiatives are likely to be abandoned. 

We dive into four ways that FullStory customers in the finserv and insurance spaces are using the platform to build better experiences—sometimes in areas that go above and beyond the role of traditional analytics.

Read more about our work with finance and insurance clients.

4 real-world use cases for DX analytics in the financial services industry

Fine-tune fraud and bot detection

Protecting against fraud is crucial for any online interaction—but it’s especially important when dealing with financials and banking data.

Finicity is a B2B open banking platform and financial data aggregation tool that allows customers to safely permission their financial data. In addition to delivering a 15% increase in conversions and an 80% reduction in ticket resolution time, FullStory was able to help them bolster their existing fraud prevention measures. 

Finicity uses Cloudflare to detect and block malicious activity like DDoS attacks, malicious bots, and other intrusions.

As a second line of verification, the company uses FullStory to identify “false positives,” or legitimate interactions automatically blocked by Cloudflare, enabling them to make sure all their connections are successful.

Learn more about how Finicity enhanced its customer experience with FullStory.

The pan-European pet insurer and pet health services provider Pinnacle Pet Group (PPG) covers more than 970,000 pets—and delivers peace of mind to their owners. 

FullStory was able to help PPG achieve a colossal 200% increase in conversions for its Everypaw subsidiary and provided a unique method to eliminate bot activity. 

How did PPG reach a 310% increase in sales?

Estimates vary, but some sources report that bots make up over 60% of total internet traffic, with the majority being so-called “bad bots” like web scrapers, spam bots, or click bots. PPG utilizes FullStory’s user segmentation functionality to detect bot activity patterns—like sudden traffic spikes or activity from unusual locations—and remove those sessions from key conversion rate reporting. 

Effectively connect with different audiences

Australia-based Jacaranda Finance helps credit-worthy customers access fixed-rate personal and car loans and sets themselves apart with 24/7 customer service. After building a successful brand handling small loans, the company is moving upmarket, requiring them to speak to a new customer base. 

After overhauling their loan application form to target these new customers, Jacaranda utilized FullStory’s digital experience analytics tools to analyze user response on a granular level. Subsequent small improvements to the application form have led to a 20% increase in conversions.

Learn more about Jacaranda’s success with FullStory.

With FullStory, Finicity is able to drill down to assess customer health. The company builds a templatized FullStory Dashboard for each customer account, allowing them to see how the customer moves through funnels and precisely what issues they may encounter. 

Figure out what to test for

It’s never been easier to collect a whole range of data points—but it can still be difficult to realize where the actual pain points are. 

Here are three FullStory customers on how the platform helped their brands identify issues or areas of improvement they were previously unaware of:

FullStory enables us to identify those small things—those little experience unknowns—that will have an outsized impact on our KPIs,” says Jacaranda Head of Marketing Nick Yang. “In the old days, if a user abandoned the application form, we’d sit at our desks and guess the reason—or worse, we’d have to call them and ask. With FullStory, we can see exactly what we need to do to make the user journey better.”

“Our marketing team has taken full advantage of FullStory’s conversion rate optimization program,” says PPG Marketing Project Lead Nicki Lesirge. “It has allowed us to come up with a data-driven hypothesis regarding the best tests to run to increase our conversion rate.”

Wellstar, a large health system based in Marietta, Georgia, uses FullStory to eliminate friction for patients across more than 300 office locations.

“Without FullStory, we found it difficult to architect all the different analytics platforms and recognize hidden patterns that weren’t obvious to look for and build for,” says Rob Zanin, Wellstar’s Executive Director of Digital Consumer Products. “FullStory allows us to spend less time doing retrospective setup so we can focus on future work.”

Detect issues at the source

Allowing you to see exactly what an individual user sees, FullStory’s Session Replay is the closest you can get to being in your customer’s shoes. 

Jacaranda uses Session Replay as an invaluable customer service tool—when faced with a complaint or question, their support team can quickly locate the exact issue and provide fast, hassle-free support. 

PPG’s marketing team uses the feature to investigate bugs and user issues themselves instead of using expensive dev time. Session Replay allows team members to fully document what’s happening and determine whether the fix requires team involvement in a fraction of the time. 

Curious about how FullStory can improve your digital experience? Request a free demo today.

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