February 5, 2024

Many financial institutions have already implemented technology that allows for account opening and loan applications to be processed online. 

Although many FI’s have implemented this technology, there are still others searching for solutions to maximize the number of applications and account openings they acquire. One of the most tried and true ways to gain an understanding of customer behavior is to deploy event tracking within Google Analytics.

What Is Event Tracking? 

Event tracking can be used to analyze the number of clicks on CTAs (call-to-actions), such as an “Open Now” button for a new checking account or an “Apply Now” button for a mortgage application, within certain webpages. Event tracking makes it possible to determine which advertising campaigns are bringing in the most website traffic, in addition to deciding which ads are generating the most results. For instance, it might appear that display ads are providing the most page views, however, an in-depth investigation of the analytics might reveal that it is actually text ads that are driving the most account openings. 

Unlike Universal Analytics events, which were set up based on event category, label, and action - GA4 events have the ability to be set up in a multitude of ways. Using Google Tag Manager, you can select any aspect within the Data Layer to be sent to Google Analytics, such as click text, page path, click element and more. To make the most out of an individual event, we opt for a more advanced avenue where we create a custom look up table based on your click classes and collect the associated click text information. This can help us see what the text was in association with a users interaction, and allows us to identify if the action was on a button or a link on the page all within one individual event name in GA4.      

Many financial institutions have embraced online account opening and loan applications, yet some are still seeking ways to optimize their acquisition processes. Implementing event tracking via Google Tag Manager can provide valuable insights into customer behavior, particularly in analyzing clicks on key CTAs.  Ensuring the correct implementation of event tracking is vital for financial institutions to make informed decisions and drive successful outcomes in their digital strategies.