Introducing product analytics inside Tink Console
We’re launching new dashboards and powerful analytics tooling inside the Tink Console to give customers a granular, near real-time view on performance. Track and benchmark your completion rate over time, break it out per bank, get detailed error reports, and more. Read on for the highlights, or log in to see for yourself.
We’re introducing a new analytics feature in the Tink Console.
The analytics tool is currently available for select products and and gives customers a better understanding of performance.
The new dashboards include more (and fresher) data points, including daily reports on the overall completion rate, conversion at different steps of the user journey, and an overview of error types and performance per bank.
Since it launched in 2019, Tink Console has become the hub for over 10,000 developers to build real-life use cases powered by open banking, whether they’re at a multinational organisation or a small startup.
Customers using Account Check, Income Check, Payment Initiation and Transactions can now get deeper insights into their open banking flows inside the Console, including step-by-step conversion rates and bank performance comparisons.
More data, better insights
Previously, Console reports showed a snapshot of product usage at a given time, such as the number of completed actions (like verified accounts or initiated payments) over the last seven days.
Now we’re adding both more data points and more ways to visualise your data, including daily reports on the overall completion rate, conversion rates at each stage of the user journey, and a granular analysis of the completion rate per bank and error types.
The data is fresher, too. Reports inside the Console are refreshed every 5 minutes, while the data is gathered and aggregated once per hour – so you know what you’re seeing is accurate and up-to-date as of the last hour.
Track conversion rates at every step of the flow
In addition to tracking product conversion on a day-to-day basis, we’ve made it possible to measure the conversion rate at each stage of your Tink flow with full transparency.
You can see how many users initialised the Tink flow, how many proceeded to authentication, and how many completed the flow successfully. This gives you quick insights into where you can optimise the flow to increase your conversion rate.
The events are tracked within Tink Link, and while it’s not possible to track events in the bank’s own interface, you can see the percentage of users that authenticated and returned to Tink’s flow successfully.
See how individual banks are performing
Banks across Europe differ in their API quality and the usability of their customer interfaces. Now you can see the performance of each and every single bank that your customers use, broken out by bank and by the conversion rate at each step, from authentication to completion.
You can use this data to spot low-performing bank flows and optimise your bank selection list, for example, or troubleshoot possible issues or outages together with the team at Tink.
Find the root cause behind errors
One of the best ways to optimise your conversion rate is to understand the top causes of errors and mitigate them in your UX design. Now you can see a detailed breakdown of all errors by bank and by error type, letting you identify the root cause and take action
Around 90% of the errors we see at Tink are what we call ‘user errors’, which are caused primarily by users failing to complete the flow due to friction in the bank’s own interface. The good news is that this can be mitigated by optimising Tink Link and your own user journey, such as by properly preparing the user with relevant messaging, or preselecting their bank or source account to reduce the number of steps. Learn more in our extensive UX guide.
Some error responses we receive from banks can be fairly generic, but we strive to be as granular as possible. For Payment Initiation, for example, we’ve defined error codes to help you troubleshoot and optimise for the top causes of errors.
New reports need a new metric
Open banking is a relatively new space, and without established industry benchmarks it can be difficult to properly measure and compare conversion rates or the real value your open banking partner delivers.
This is complicated by the fact that in any given open banking flow there are multiple interplaying variables: a user starts in your product or service, enters Tink’s flow, is redirected to the bank’s interface, and so on. The uptime and user experience of each stage can have a major impact on the overall conversion rate, and different providers interpret this differently.
That’s why we’re introducing a new metric called Completion Rate, which gives customers a clear and transparent view of the actual performance of their Tink integration.
Introducing Completion Rate
Completion Rate refers to the percentage of users that successfully complete any open banking flow through Tink, from the moment they land in Tink’s flow until the desired action is completed (such as the payment being initiated or their account verified).
Importantly, this metric extends to the authentication process in the bank’s own interface, accounting for any bank or user errors. We believe that for a metric to be useful to our customers, it has to accurately measure real-world conversion and the actual value that Tink delivers.
As much as we wish all banks provided high-quality APIs and user interfaces, understanding the impact of errors outside our immediate control is an important part of assessing overall performance and benchmarking it. We invest significant resources in optimising for less-than-perfect bank flows, and proactively suggest improvements to banks across Europe, so this metric will help show the impact of that work too.
The new analytics and reporting features inside the Console will roll out to all Tink products over the coming months. There are plenty more improvements on the way, too, including country-by-country reports, daily and hourly reports, CSV downloads, device and browser breakdowns, and API reporting. For now, take a look inside the Console yourself or get started with Tink here.
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