7.3 Product Analytics Report: Yo Bank

Executive Summary:

The Analytics Phase is a crucial component in optimizing the performance and user experience of Yo Bank's digital banking platform. Through data analytics, user feedback analysis, and key performance metric monitoring, Yo Bank aims to derive actionable insights to enhance its platform's functionality, improve user engagement, and drive strategic decision-making. This report presents the objectives, methodologies, findings, and recommendations of the Analytics Phase to facilitate continuous improvement and informed decision-making for Yo Bank.

1. Objectives:

The primary objectives of the Analytics Phase for Yo Bank are:

Understand user behavior: Analyze user interactions, preferences, and patterns within the app to identify areas for improvement and optimization.
Measure platform performance: Monitor key performance indicators (KPIs) related to app usage, user engagement, conversion rates, and operational efficiency.
Inform decision-making: Provide actionable insights and data-driven recommendations to stakeholders for product enhancements, marketing strategies, and business operations.

2. North Star Metric and Success Metrics:

North Star Metric:

Daily Transactions (in Indian Rupees): The primary metric aligning with Yo Bank's core value proposition. It represents the total value of transactions conducted through the app on a daily basis, measured in Indian Rupees.

Success Metrics:

Metric	Formula	Description
User Engagement
- Average Session Duration	Total Session Duration / Number of Sessions	The average duration of user sessions in the app.
- Screen Views per Session	Total Screen Views / Number of Sessions	The average number of screens viewed by users during each session.
Retention Rate
- Weekly Retention Rate	(Number of Users Returning in a Week / Total Users) * 100	The percentage of users who return to the app at least once in a week after their initial installation.
- Monthly Retention Rate	(Number of Users Returning in a Month / Total Users) * 100	The percentage of users who return to the app at least once in a month after their initial installation.
Conversion Rate
- Account Creation to First Transaction Conversion Rate	(Number of Users Conducting First Transaction / Number of Users Creating Accounts) * 100	The percentage of users who conduct their first transaction within a specified time period after creating an account.

3. Key Features:

Product Definition:

Yo Bank is a digital banking application offering a wide range of banking services and features. Its key features include:

Account management: Users can view account balances, transaction history, and manage account settings.
Funds transfer: Users can transfer funds between accounts, pay bills, and send money to other users.
Savings and investments: Users can explore savings accounts, investment options, and financial planning tools.
Customer support: Users can access customer support services, FAQs, and chat support for assistance.
Security features: Yo Bank ensures robust security measures to protect user data and transactions.