WebEngage's retention operating system a game-changer for FinTech and BFSI
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s a new-age Retention Operating System, a single suite for marketers to store user data, provide actionable insights, and orchestrate omnichannel campaigns by leveraging user insights to provide a hyper-personalized end-user experience. The platform helps brands drive more revenue from existing customers and anonymous users across 10 communication channels.
22 per cent increase in transactions in 6 months
Set up in the year 2019, FamPay, India's first neo-bank for teenagers, aimed to raise a new financially aware generation of Indians who understood the fundamentals of personal finance and are capable of making decisions in their best long-term interest.
With FamPay and its numberless card, even minors are capable of making online and offline payments without the need to set up a bank account. Parents can top up the child's FamPay account and let them spend, under their supervision.
The process
FamPay enrolled in the WebEngage Startup Program where it was provided with mentorship for strategy building for customer analytics and engagement. The program helped FamPay improve their customer engagement through the WebEngage dashboard.
The team at FamPay also had access to a hub of resources including help guides, industry expertise and technology support to aid them to take swift decisions and actions.
FamPay was able to run campaigns using channels like Push, SMS and WhatsApp and witness the difference in conversions from day one itself.
300 per cent increase in value of loans disbursed
CASHe is India's most accessible credit lending app which instantly underwrites and disburses short-term loans to people who have never had a credit history. Through this app, any person above 18 years of age with valid employment proof and an income of more than Rs 12000 per month can avail of a loan.
There were two challenges that the company was facing. Firstly, there was a lack of unified view of each potential borrower. Secondly, the company was facing the challenge of keeping a track of the borrower's action at scale.
CASHe also wanted to have a maximum conversion rate of their leads into borrowings. Additionally, they wanted to increase the percentage of their repeat customers.
The process
CASHe deployed WebEngage's Customer Data Platform (CDP) and Omnichannel Campaign Manager, to engage and retain maximum borrowers.
To solve the challenge of encouraging the leads to convert into borrowers, WebEngage collaborated with the teams at CASHe to consolidate the leads' data on the WebEngage dashboard with an aim to have a unified view of each lead.
To ensure a repeat in loan customers, CASHe started an event trigger 'Loan Status Change.' This was a custom event defined by CASHe on the WebEngage dashboard triggered when a borrower's loan status changes from loan approved to amount disbursed, the amount disbursed to amount repaid, and so on.
After the event trigger, the journey would check if the borrower who has requested a loan is eligible for another loan, and more. If all these conditions are satisfied, then the journey proceeds and waits for some time for the borrower to avail a loan without a nudge. If the borrower doesn't avail the loan themselves, they receive contextual communication across different channels like Email, SMS, Mobile Push, and IVR.
Creating a multi-channel business
Established in 2011, Edelweiss Tokio Life, a joint venture between Edelweiss Financial Services and Tokio Life, was looking for ways to make their customer's journey interactive and simple at every touchpoint.
Their challenges included communicating with customers, especially via mobile, leveraging customer data, qualifying, and segmenting prospects. The organisation was also looking at ways to lower its costs while increasing efficiencies throughout their customer lifecycle.
The process
To successfully nurture each lead, WebEngage equipped Edelweiss Tokio Life with the right technology support at every step of their lead nurturing process. Edelweiss Tokio Life used a personalized approach to lead nurturing, creating unique experiences and tailored content using WebEngage's Journey Designer. The result was an enormous uplift in conversions and customer loyalty.
Today, with a robust integration with WebEngage, Edelweiss Tokio Life sends out more than thousands of emails each day to their massive user base, resulting in impressive click-through and conversions.
This story is provided by Mediawire. ANI will not be responsible in any way for the content of this article. (ANI/Mediawire)
✔️ WebEngage's retention operating system a game-changer for FinTech and BFSI
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