How Top Lenders Are Using Web Analytics Software

These days, virtually all companies understand that they should be measuring and analyzing their app and website activity. With that in mind, the majority of businesses who find or do business online are using web analytics software to track visitors and users. In fact, 68 percent of the top 1 million websites and 88.5 percent of the top 10,000 websites use Google Analytics to measure the customer experience on their online properties.

Nevertheless, knowing is only half the battle, and many businesses are still struggling to generate and leverage meaningful data about their online presence. For instance, a 2016 study found that just 10 percent of marketers are able to measure the customer experience “extremely well,” while 24 percent said they could do so “moderately well.” Meanwhile, 78 percent of ecommerce decision-makers say they don’t understand why customers struggle with their websites. 

To understand how mortgage lenders are using web analytics and other solutions, NestReady surveyed the top 500 mortgage lenders in the U.S. about their use of technology. Read on to learn how the most successful financial institutions and mortgage brokers are using web analytics tools to improve their websites—and what they could be doing better.

Web Analytics Results from the “Top 500” Report

 

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Web analytics is one of the largest technology segments in our “Top 500” report—in fact, Datanyze has identified over 260 tools and platforms in use by U.S. companies. It’s also one of the most mature categories, with solutions for web analytics first emerging more than two decades ago. Unlike some of the other technologies in our report that lenders have been slow to adopt (e.g. demand-side platforms), nearly every top lender we surveyed is using some kind of web analytics solution to measure their online presence.

NestReady’s study considered 30 different web analytics tools, and found that top lenders were using at least one of 17 major platforms.

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Mirroring the overall market, top lenders prefer Google Analytics over other tools by a large margin, with 76 percent using the platform. Despite Google’s dominance, however, mortgage lenders are actually using an average of two web analytics platforms at the same time. Why? The answer has to do with the wide variety of functionality in analytics software. 

For instance, Google Analytics offers a range of valuable macro-level features, including robust reports on where visitors are coming from, which pages they visit, and how long they spend there. However, the tool doesn’t offer much micro-level insight into how visitors are interacting with specific content and elements of your pages. 

Meanwhile, other popular solutions popular like HoverIntent, Hotjar, and CrazyEgg offer a host of features designed to show marketers how the content and design of their websites influences visitor actions. Those features include: 

  • Heatmaps: Visual representations of visitor mouse movements and clicks on all the elements of your web page.
  • Scrollmaps: Similar to heatmaps, these illustrate how visitors scroll through a web page, and break down how much time users spend on each section.
  • Session recording: Videos of actions taken by visitors as they navigate across multiple pages of your website.

 

While the widespread adoption of web analytics software among top lenders is an encouraging sign, there is still room for improvement. For instance, companies in the retail sector use 4-5 web analytics tools on average. This enables them to fill the functionality gaps in each of their solutions and generate more actionable data from their sites. 

By limiting their stable of web analytics tools, lenders are also limiting their ability to improve their ability to create a data-driven customer experience that leads to more conversions.

Get the Full “Top 500” Report

To learn more about how top mortgage lenders are using web analytics and other technologies, be sure to download NestReady’s complete report. It offers valuable insights on hundreds of solutions across 11 different technology categories, including data management, A/B testing, video marketing, and more. Click here to get your copy of the report.