Quicken helps its customers to live healthy financial lives by allowing them to track their spending, pay their bills, and monitor investments all in one place.

The team recently pivoted from selling traditional licensed software to a subscription-based SaaS model. This change frees customers from an annual upgrade process and allows the product teams to shift from supporting multiple, different “versions” to delivering continuous improvement to a single code base. To help customers transition to this superior model, Jeff Parker, VP of Product Strategy & Design at Quicken says “Mixpanel is instrumental, because in order to understand what our customers need, we need to know what is going on in the product. This allows us prioritize our roadmap around our customers’ needs and allocate resources wisely to move KPIs based on data rather than gut instinct.”

Why Quicken Chose Mixpanel

Quicken was using Adobe Analytics (Omniture), but Product Managers found it difficult to analyze their data, build dashboards, and see real-time reports. Mixpanel, on the other hand, had intuitive reporting and custom dashboards that allowed teams to quickly find actionable insights. They were so happy with Mixpanel that they moved off the Omniture platform altogether. Now, Mixpanel fulfills Quicken’s analytics needs across Product, Marketing, Engineering and Analytics.

“The data we get from Mixpanel is vital to what we do, day in and day out. Teams across the company are able to answer their own analytics questions easily, without any developer skills. ” - Jeff Parker, VP of Product Strategy & Design, Quicken

Business improvements with Mixpanel

Insights for superior outcomes

In order to improve customer experience, the Quicken product team needed to understand what was working and not working for customers. By sending Mixpanel data to Amazon Web Services, Quicken was able to unify behavioral data with customer profiles in order to create fine-grained cohort reports. This allowed Jeff and his team to see what features and user behaviors correlated with higher engagement, and ultimately higher retention. They visualized areas or flows that needed improvement, and then measured the impact of changes. Insights made possible by Mixpanel inform many aspects of Quicken, from the product roadmap and marketing messaging to setting strategic direction.

Providing users with a seamless experience

Mixpanel insights help Jeff and his team retain users by providing them with a seamless experience. Connecting to 14,000 financial institutions, it’s important to be able to track that customers are successfully aggregating their financial data into Quicken. Monitoring aggregation success rates lets Jeff’s team know what’s working, and what’s not in the setup process. This allows them to identify the issues impacting the most customers, so they can allocate resources smartly while directly measuring the results of any changes.

Arming cross-functional teams with data

Mixpanel data is used across functional areas, from weekly finance and business reviews, to behavior tracking, product testing and API monitoring. Engineering uses Mixpanel to help surface and fix errors in the product. Marketing relies on Mixpanel funnel analysis to identify drop-off points in the purchase process. As Jeff said “Mixpanel is an accessible tool that helps answer ad hoc questions across the company. It’s hugely valuable.”

What’s Next?

Quicken is excited to use Mixpanel to determine the influence they are having on their customers’ financial wellbeing. They are developing a metric to quantify “financial health” to go beyond measuring engagement to measuring impact. This will help Quicken help even more customers lead healthy financial lives.