From clicks to conversions — metrics that matter

You're staring at a dashboard full of impressive numbers—high opens, tons of impressions, solid click-through rates—and a bump in new account openings. Then someone asks the awkward question: "But how many of those new accounts are actually being used?"
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‍Crickets…

‍Here's the uncomfortable truth: many marketing metrics just make us feel busy without making us successful. This guide is about cutting through the noise and focusing on the numbers that move your institution’s business forward.

Stop chasing shiny objects

Let's be honest—not every number you can measure deserves your attention. We marketers love our dashboards because they give us that dopamine hit when the numbers go up. But here's the thing: high opens with zero activity? Your subject lines work, but your offers don't. People are clicking but finding no value.

Pro-tip: If you can't draw a line from that metric to actual dollars or genuine relationships, question whether it belongs in your report.

Engagement that moves people forward

We all want opens, clicks, and app visits. But surface-level engagement can be a total mirage—just because someone opens a new account doesn't mean they're on the path to becoming a profitable customer or member.

That's why it's not enough just to count actions; you need to connect them to outcomes that matter.

Click-to-Open Rate (CTOR)

• Formula: (Unique Clicks ÷ Unique Opens) × 100
• Target: Around 4-5% for financial services
• What it tells you: Whether your content is actually worth reading once someone opens it

Pro tip: Track the meaningful actions each person takes across all your channels. If someone devours your emails but completely ignores app notifications, that's a telling sign about their channel preference.

Conversions that count

This is where your marketing stops being "interesting" and starts being valuable. These are the moments when someone goes from curious to committed—and since every step between "thinking about it" and "funded account" is a chance to lose them, these metrics show you exactly where people are bailing out.

Application Completion Rate

• Formula: (Completed Applications ÷ Started Applications) × 100
• What good looks like: 30–40% for deposits, 60%+ for loans
• Why it matters: Shows you exactly where your process is breaking down

Funding Rate

• Formula: (Funded Accounts ÷ Approved Applications) × 100
• Benchmark: 70–80% with a smooth process
• The real deal: This is where money actually moves and relationships truly begin

Stickiness indicators (your crystal ball)

Opening an account is one thing. Turning it into a habit is something else entirely. These are your early-warning signals for whether someone will still be around (and profitable) a year from now.

Direct Deposit Setup Rate

• Sweet spot: 30-40%, but higher is always better (varies significantly by institution size and incentive programs)
• Why it's gold: One of the strongest predictors of long-term loyalty
• The biggest hurdle is making it easy to complete — ensure your UX design is as streamlined as possible for enabling direct deposit enrollment.

Mobile App Activation

• Formula: (Activated Users ÷ Downloads) × 100
• Activation rate for financial services mobile apps declines from 26% on the first day to 14% on day 30.
• Critical window: That first week after download—use it wisely to ensure engagement and habitual usage.

90-Day Activity Score: Create a weighted mix of logins, transactions, and product usage. Think of this as your early warning system for churn before it happens.

Connect the dots to real business impact

Here's where most marketing reports fall entirely flat—they show you "what happened" but never the "so what." A chart showing your click-through rate went up doesn't mean much unless you can tie it directly to account openings and real dollars.

The real litmus test is when you can draw a straight line: Email engagement → Applications → Funded accounts → Balance growth.

Pro tip: Think in dollars, not just percentages. That 5% improvement in completion rates might represent millions in new deposits.

Know your economics

It's not enough to track engagement and conversions—you need to know if those customers are worth what you spent to acquire them.

• Lifetime Value (LTV) = (Annual profit per customer × Average retention years) – Acquisition cost
• Cost Per Acquisition (CPA) = Total marketing spend ÷ New customers acquired

If your CPA is higher than your LTV, you have a problem that needs fixing immediately.

Set targets that make sense

Industry benchmarks are great starting points, but don't treat them as gospel. Your institution's size, market, and member or customer base can make those "averages" totally irrelevant — there is no one-size-fits-all.

Use benchmarks as your baseline, then layer in your own historical performance and real testing to set targets that are both realistic and ambitious.

Quick reference benchmarks:

• Email CTOR: ~4-5% (financial services typically fall in this range)
• Loan application completion: 60%+ (industry estimate - varies significantly by product and process)
• Direct deposit setup: 30-40% (varies by institution size and incentives)
• Account funding: 70-80% (industry estimate for approved applications)

Make your tools work for you

Let's be real—half the battle with marketing metrics is getting the data in a way you can practically use it. If your monthly reporting feels like a scavenger hunt through different platforms, no wonder the insights aren't driving action!

In your marketing platforms:

• Track engagement by channel and segment
• Map out funnel drop-off points
• Monitor product adoption milestones

Connect to core banking:

• Link campaign engagement to actual account behavior
• Track balance growth tied to specific campaigns
• Measure retention by acquisition channel

Build dashboards that leadership truly cares about:

• Show growth, retention, and revenue impact
• Skip the vanity metrics entirely

Remember: if you can't draw a line from that metric to actual dollars or genuine relationships, it’s a vanity metric. Ditch it.

Turn insights into action (where the magic happens)

A report that sits in a shared drive and never changes your behavior is just expensive wallpaper. The real power lies in using these metrics to make smarter, faster decisions.

When something's not working:

• Don't just send more—try different channels, messages, or timing
• Look at your successful segments and adapt their strategies elsewhere

When something's working:

• Put more budget behind it immediately
• Apply successful approaches to other products
• Document what made it work for future campaigns

Use data to get resources:

• Connect metric improvements to revenue potential
• Show ROI projections based on performance lifts
• Back up budget requests with concrete examples

Your quick-reference cheat sheet

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The bottom line

Stop celebrating being busy and start measuring impact. These metrics aren't just numbers—they're the story of how well you're serving your members and growing your institution.

Track what matters, tie it to business outcomes, and use those insights to improve continually. Because when you stop chasing vanity and start focusing on value, you don't just get better reports, you get better results.