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FinovateFall Recap

After a year of virtual conferences, remote work, and zoom happy hours, I was very excited about the return of in-person events. unitQ was honored to sponsor and attend FinovateFall 2021, one of the largest finance conferences in the industry. It was great to connect face to face with the fintech community, educate the importance of product quality, and showcase how we are helping category-leading companies drive growth and retention by identifying and fixing the right quality issues faster and smarter. 

If you were at the show, I hope you had the opportunity to watch some amazing live product demos from seed-stage startups to established leaders, attend thought leadership sessions, and network with fellow attendees and exhibitors. 

Look at all the amazing logos below – from sponsors to exhibitors to demo participants. It was a great turnout with 1,500+ attendees, 75+ demoers, and 130+ speakers.

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Team unitQ (Alix, Greg, and Chethan) was looking sharp at our amazing booth. Did they tell you why fintechs like Chime, DailyPay, and Truebill are using unitQ to boost their product quality and growth?

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One of the most exciting parts of FinovateFall is the live demo competition. Anthony Heckman, Head of Business Development, on the main stage seen below, presented our mission-critical product quality platform that empowers fintechs and banks to take a data-driven approach to product quality.

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We had an opportunity to participate in a thought leadership panel with 4 other fintech influencers discussing how new tech can help fintechs and banks drive digital transformation, boost product quality, and improve customer experience.

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Here were some cool swag we offered at the event. If you missed getting a unitQ mask or water bottle, reach out here

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Couldn’t attend FinovateFall this year to see our demo? We got you covered, book a personalized demo with our team here

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Industry

unitQ Score Industry Report: The State of Product Quality in H1 2021

Category-leading companies rely on unitQ for a data-driven approach to product quality. They’ve replaced anecdotal behaviors with actions based on granular data and can focus on Quality Issues that truly move the needle right now. And, with detailed insights tied to business metrics like net sentiment and app store ratings, it’s no surprise that our customers have shortened time to fix and improved their unitQ Scores across the board. Correspondingly, they’ve noticed their unitQ Score goes up when their time to fix decreases. This approach to product quality, one supported by granular data and tied to KPIs, is driving retention, engagement, and revenue for some of the fastest-growing companies in the world. Below, you’ll find what we’ve learned about the state of product quality across different industries and quality trends from the most downloaded mobile apps in the first half of 2021.

Quality Issues from Most Downloaded Apps

The data chart below represents an analysis of product quality data for 4,376 of the most downloaded mobile apps from January 1st through June 30th of this year. Our models identified 1,786,640 Quality Issues (16%) within this data set out of 11,116,351 user reviews from the App Store and Google Play Store.

Amount of Feedback Evaluated Across iOS App Store and Google Play Store

iOS App Store and Google Play Store user reviews for 4,376 most downloaded apps

Percent of Quality Issues Across All User Feedback Data

16% of user feedback contained Quality Issues 

unitQ Score Industry Averages

70% of the 4,376 most downloaded apps fell within Social, Gaming, Music, Health and Fitness, Education, Finance, Shopping, Food and Drink, Travel, and Dating industries. We’ve analyzed the average unitQ Scores across these industries. 

The unitQ Score represents the fraction of feedback that contains a Quality Issue (bugs or user friction). Using machine learning models, we normalize data to provide a unitQ Score between 0 and 100. The average unitQ Score across sectors was 81, Education had the highest score at 87, and Food and Drink had the lowest score at 72.

Average unitQ Score Breakdown – Top Industries

Average unitQ Score by industry 
  • Social: 83
  • Gaming: 86
  • Music: 84
  • Health and Fitness: 80
  • Education: 87
  • Finance: 75
  • Shopping: 82
  • Food and Drink: 71
  • Travel: 78
  • Dating: 82

Quality Issue Trends Across Top Industries

Users never stop leaving valuable feedback. See below for the four Quality Issues they cared about the most in the first half of 2021.

The Top 4 Trending Quality Issues Based on User Feedback Data

Quality Issues from trending categories across industries

A. Installation Quality Issues (39%)

40-50% of user feedback for the Social, Gaming, Music, Health, and Fitness industries were related to installation issues, with the majority of that feedback on downloads and updates. Gaming had the most Quality Issues in this category with 53% while Shopping had the least at 23%.

B. Application Quality Issues (24%)

3 industries (Social, Gaming, and Education) had the most Quality Issues detected in this category. Users mentioned problems relating to glitches, crashes, and speed. Gaming had the most reported issues with 31% in this category, while Shopping had the lowest at 16%.

C. Account Quality Issues (19%)

-Shopping and Dating Industries saw the highest amount of Quality Issues in this category. Users had concerns regarding Quality Issues like password reset, login, verification issues, and shipping errors. Although Gaming saw the highest reported amount of Quality Issues in the categories above, only 8% pertained to account issues.

D. Billing Quality Issues (18%)

Food and Drinks, Music, Finance, and Travel industries saw the highest amount of Quality Issues in this category ranging from 27%-32%. Users raised their concerns about payment, discounts, and promotion code errors in their feedback. While Food and Drinks saw the most Quality Issues (32%) in this category, Social app users saw fewer concerns at 5%.

Drive Product Quality with unitQ

No matter the category, users gravitate to those apps with the best product quality. When they’re delighted with high-quality products, they will keep coming back. And this will accelerate conversion cycles, margins, and profits for companies. unitQ customers Chime, Pandora, Strava, The RealReal, Quizlet, NerdWallet, and AppLovin continue to see significant growth in retention, engagement, and revenue by leveraging data-driven insights from unitQ.

Test drive unitQ Monitor and get your unitQ Score today. Immediately see how they’ll help your teams align around product quality, get accurate insights on product health, and elevate user satisfaction.

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Industry

The First Metric to Measure Your Product’s Health

Product quality is the heart of every company. Yet it has been an ambiguous characteristic to measure for many product and engineering teams. unitQs’ founders understood first hand how product quality can make or break a company from their successful nine year tenure at a mobile social network company, Skout. In their efforts to quantify product quality, they created the world’s first quality metric, the unitQ Score. The proprietary metric is a key performance indicator that represents the current state of a product’s health. It’s designed to equip businesses to take a data driven approach to their product quality efforts, act fast on user issues before they become widespread, and leverage indisputable data to pave fruitful avenues towards their product’s growth.

Technology Behind the unitQ Score and its Core Focus on Product Health

The unitQ Score is built from cutting edge NLP techniques and AI models that are constantly monitoring a wide-range of online feedback sources. One of its core capabilities include the ability to assimilate data that’s interspersed across channels, regions, and languages. Unlike any other metrics like star ratings or classifications, the unitQ Score is derived from data that meticulously focuses on reported online feedback related to product quality. It’s then able to provide prompt and imminent signals that businesses can utilize to drive quick action in triaging user issues and validating key product related decisions.

unitQ Score vs. Star Rating

Star classification is one way to capture a weighted average of how respondents rank businesses, typically from a one to five star scale, but it can take weeks for this rating system to aggregate feedback without prioritization of different reports. There’s also room for misunderstood information, mistranslations, skewed data, and misinterpretation of the ratings. Moreover, gamification aspects can come into play. They can be an amalgam of influences and incentives ranging from popularity, news and media, gift card or financial rewards. At times, there might not be any tangible rhyme or reason why a star rating has gone up or down. Consequently, businesses don’t get a concrete assessment or valuable signals that pertains to their product’s health. 

The unitQ Score equips businesses with the biggest lens on all their user feedback across popular channels and 100+ languages. Teams can expect a single source of truth and actionable signals that’s directly correlated with product quality to quickly resolve user issues and foster product growth. Below are two demonstrations using current examples of how the unitQ Score can provide the most precise findings on a product’s health.

  1. We looked at an app that recently had a total of 1,783 reviews with a 4.5 average star rating in the iOS store. Although the overall rating was close to 5 stars (the highest score), which universally would indicate that a brand and product are doing great, there might be missed opportunities and signals to drive product growth without the unitQ Score Model. In the graph below, you’ll see that our AI performed an analysis on the 1,783 iOS reviews. Our NLP techniques are able to pick up on the context of languages and the general sentiment of every review with precision. Simultaneously, our machine learning models can filter out the noise and only focus on feedback related to product quality. As it analyzed each of those 1,783 reviews, the unitQ Score model found 51.5% of those reviews had actionable product quality issue signals (even with the higher star reviews), 21.4% had poor company sentiment, and 27.2% had no actionable description. A comprehensive report like this can help businesses fully capture and understand everything their users are saying about their product quality then leverage those insights to unlock their product’s fullest potential.
  1. Our team also examined recent data comparing the star rating and unitQ Score by looking at a free app in the Google Play Store. Earlier this quarter, Company A was tracking a low 2 star rating, while their unitQ Score ranked a high 97. Looking at their reviews on the Google Play Store would reveal their 2 star rating was influenced by an influx of recent feedback based on the company’s recent actions. While those reviews were relevant feedback, it didn’t represent anything about the product’s current health. The unitQ Score Model looked across all of the app’s recent product related feedback and determined everything was in very good standing when it came to its product quality.


Customer Taking Quick Action with unitQ Score

Recently, one of our customers had a severe drop in their unitQ Score. Our machine learning models were able to quickly pick up a spike in user data and feedback that helped them indicate an outage with their product. From there, their product and engineer teams were able to take swift action and fix the issue at hand. 

In the graph below, you’ll also see a comparison between the unitQ Score and a star rating during the outage. As it was occurring, the star rating remained unchanged. Meanwhile, the unitQ Score provided an actionable signal early in the outage. 

How to Check Your unitQ Score

Product quality matters more than ever. And now there’s an effective way to measure it. We encourage businesses to use the unitQ score to help drill down on your product’s health. We offer unitQ scorecards and update them monthly so you can benchmark your product quality efforts over time. Check your unitQ Score today to see how you compare to others within your industry.