When the word “fintech” was first coined, it was used to describe the technology used in the back-end systems of established financial institutions. However, the definition has since then evolved to become more customer-oriented. The term now signifies different sectors and industries such as education, retail banking, fundraising and nonprofit, and investment management, to name a few.
As a result of the introduction of new payment methods and technologies like digital currency, blockchain, and other distributed ledger systems over the last ten years, the banking industry has undergone tremendous change. India, which has the second-largest online population in the world, has quickly adapted to the state of the financial technology landscape. Needless to say, the foundation of fintech development in the country is technological advancements and innovation, which also fuels new, disruptive business models. Businesses that can cater to consumers’ financial needs on a molecular level.
One such disruptor is Freo, India’s first full-stack neobank with products in deposits & savings, payments, & credit. In addition to these offerings, they also facilitate gold loans, credit cards, insurance, and other financial services through a marketing engine. With an industry-leading proprietary data engine to understand its customers & prospects granularly, the fintech was looking for a platform that could cater to their granular and highly personalized marketing needs. All this required a fool-proof marketing funnel that could help Freo deal with the complexities of multiple products, sub-products, and partners while helping them upsell, cross-sell, earn referrals, and acquire new customers.
Additionally, it is crucial for fintech apps like Freo to lead users through certain steps (during the KYC process) that can’t be skipped. At this point in the customer journey, the chances of abandonment are quite high. Furthermore, the team at Freo was also facing issues segmenting customers into different cohorts and figuring out the best time and channel to communicate with them. Here’s where MoEngage stepped in to support.
“MoEngage has been an essential part of our marketing stack as we scaled the business to where it is today, providing excellent experiences for our customers. To drive higher conversions at any given time, we ran an affinity model on our customer segments and figured out the right time to send an SMS or email (among other channels) to various segments. After implementing Affinity Segments, we observed a 4X improvement in email open rates with a 3X increase in SMS and email CTRs! We’re delighted that MoEngage has been a part of our journey, especially because they truly understand our needs. The product has evolved over time, releasing exciting new features and eventually helped us save a lot on costs”, -said Hitarth Saini, Head of Marketing, Freo.
Speaking about the importance of creating a customer-centric banking experience, MoEngage’s Chief Business Officer (APAC & EMEA), Yash Reddy, said, “We are in the era of the connected digital customer. People expect communication to be seamless, flawless, and agile. As banks and financial institutions become more digital, they must work harder to connect with their customers in new ways to build solid relationships and retain them in the long run. Intelligent customer engagement for the mobile-first world is the key. Connecting with your customers across multiple channels seamlessly using an integrated platform can truly help brands in the Fintech industry achieve tremendous success and set them apart from their peers”.
About Freo
Founded in 2015, Freo operates as a full-stack mobile neobank for millennial consumers in India. It offers a range of products, including savings accounts, credit lines, credit cards, pay-later apps, and financial utilities.
About MoEngage
MoEngage is an insights-led customer engagement platform, trusted by more than 1,200 global consumer brands such as Big Basket, Future Retail, McAfee, Flipkart, Domino’s, Nestle, Deutsche Telekom, OYO, and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social, and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 1 billion customers every month. With offices in ten countries, MoEngage is backed by Goldman Sachs Asset Management, B Capital, Steadview Capital, Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast, and Helion Ventures.
To learn more, visit www.moengage.com.
