7 Essential Customer Success KPIs to Track in Banking Apps

The banking industry is going through a radical shift, and the way we interact with banks has changed tremendously. Being a customer-centric industry, Banking and Financial Services (BFSI) apps offer superior functionality for businesses and individuals to succeed in this highly competitive landscape by continuously improving their customer experience.

This article will explore a range of banking KPIs (Key Performance Indicators) to help banks and financial institutions measure their overall health and performance. These KPIs will also help banks improve customer engagement, increase customer loyalty, and decrease churn rates.

Feature Adoption Depth

The Feature Adoption Depth metric shows how many different features of the app customers are using. This KPI will help you understand the value of individual features and whether or not your customers are able to make the most of their banking experience.

For example, in a banking app, adoption depth measures the number of features used per customer per month, such as:

-Transferring money

-Paying bills

-Checking balances

-Scheduling appointments with wealth managers


Feature Adoption Depth helps you determine how well your customers adopt the platform and how much value they derive from it. It helps to measure your customers’ overall satisfaction with the product. This metric can be used as a sign of customer health, especially when leveraged with other KPIs like retention and engagement.

Average Time to First Transaction

Average Time to First Transaction is the most important metric to track as it indicates how long or how many sessions it takes for a user to make his/her first transaction. The most successful banking apps are not just simple and intuitive but are also effective in guiding users through their first transactions.

To calculate this KPI, simply measure how long it takes for users to complete their first transaction after registering in the app. You can then look at the average time across all users in your app or segment it by user attributes like age, gender, or device type.

Fintech apps like Monzo, Revolut, and Starling have onboarding flows designed to get users to make their first transaction as fast as possible. It’s one of the major reasons why these apps have become so popular in such a short period.

Turnaround Time (TAT)

Turnaround time (TAT) is a metric used by financial institutions to measure the length of time to complete a specific business process. For example, clearing checks through the Federal Reserve takes three days, while processing an electronic payment can take up to 24 hours.

TAT is essential in the banking industry because it directly impacts fees and liquidity. The longer it takes for customers to receive funds from their transactions, the less interest they earn, and the lower your net interest margin becomes.

Monthly Active Users (MAUs)

Monthly active users (MAUs) are the number of users who access a specific software application or service at least once within 30 days. They are important key performance indicators (KPIs) in customer success because they can help you track customer engagement and retention.

The monthly active user metric tracks user engagement for any software, including banking apps. For example, if a bank has 100,000 customers and 20,000 users use its mobile app every month, then 20,000 users would be its MAU.

Abandon Rate

The Abandon Rate metric is the percentage of users who started a given process within the app but did not complete it. This metric helps measure how many users drop off during checkout and why they abandon their process. Abandon rate also provides insights on improving the customer experience online. In banking, abandonment rates are most commonly measured during financial transactions.

Allowing customers to complete a transaction in as few steps as possible can help reduce the abandoned rate and increase conversion. One way to do this is by ensuring your website is mobile-friendly and providing multiple payment options that are secure for each customer’s needs.

Net Promoter Score (NPS)

The banking industry’s key metric to evaluate customer satisfaction is the Net Promoter Score (NPS). This single question prompts customers to rate their likelihood of recommending a product or service to friends, family, or colleagues on a scale of 1–10.

Many banks have successfully deployed NPS to measure customer loyalty and increase retention. The score is calculated by subtracting the percentage of customers who are Detractors (those who give you a score of 6 or lower) from your percentage of Promoters (those who gave you 9 or 10).

NPS = % of Promoters — % of Detractors

Retention Rate

The Retention rate measures how many customers return to your app over a certain period. It’s an essential mobile app metric to track because it helps you understand if your customers are truly engaged and loyal to your product or service.

The user retention rate shows the number of users who return to the app at least once within a given time frame after their first visit. This metric is calculated by dividing the number of unique returning users by the total unique users in a specific period.

Wrapping up

Customer success is essential to maintaining customer relationships and driving engagement. By tracking the right KPIs, you can measure the health of your organization’s services in real-time, get valuable feedback about your offerings from the customers and get a thorough understanding of the processes you need to add or change, using which you can make critical business decisions.




Upshot.ai is an omnichannel, customer engagement and gamification platform that helps businesses to create amazing experiences to deepen customer relationships.

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Upshot.ai is an omnichannel, customer engagement and gamification platform that helps businesses to create amazing experiences to deepen customer relationships.

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