MoEngage Case Studies Freo's Personalized Customer Engagement and Higher Conversion Rates with Flows and Affinity Segments

Edit This Case Study Record

	Freo's Personalized Customer Engagement and Higher Conversion Rates with Flows and Affinity Segments MoEngage

Freo's Personalized Customer Engagement and Higher Conversion Rates with Flows and Affinity Segments

MoEngage

Applicable Industries	Consumer Goods Utilities
Applicable Functions	Sales & Marketing
Use Cases	Leasing Finance Automation Time Sensitive Networking
Challenge	Freo, a full-stack mobile neobank for millennial consumers in India, was facing significant challenges in driving higher engagement and conversion rates. The company was experiencing high abandonment rates among consumers during the Know Your Customer (KYC) process, a crucial step that cannot be skipped for fintech apps. Additionally, Freo was struggling with segmenting customers into different cohorts and determining the optimal time and channel for communication. Post-onboarding, the company faced difficulties in activating customers and identifying category buckets that customers would fall into, such as dormant, inactive, champions, and power users. Read More
About Customer	Freo is a neo-bank that operates as a full-stack mobile bank for millennial consumers in India. The company offers a range of applications that serve as saving accounts, credit lines, credit cards, and pay later apps, helping to optimize financial utilities for its customers. Freo's primary challenge was to lead users through certain steps during the KYC process without experiencing high abandonment rates. The company also aimed to effectively segment customers into different cohorts and determine the best time and channel for communication. Read More
Solution	To address these challenges, Freo implemented automated campaigns on MoEngage, creating different customer journeys from onboarding to major milestones. This strategy aimed to reduce abandonment and drop-offs during the customer journey. Furthermore, Freo ran an affinity model on the customer segments to determine the right time to send SMS or email to various segments. This omnichannel approach was crucial for engaging the millennial audience of the neobank. For instance, they were able to identify segments that opened emails at 4 PM, thus optimizing their engagement strategy. Freo also experimented with RFM (Recency, Frequency, Monetary) models and strategized communication accordingly over a period of 3-5 months. Read More Log in to view content
Contents

Applicable Industries

Consumer Goods

Utilities

Applicable Functions

Sales & Marketing

Use Cases

Leasing Finance Automation

Time Sensitive Networking

Challenge

Freo, a full-stack mobile neobank for millennial consumers in India, was facing significant challenges in driving higher engagement and conversion rates. The company was experiencing high abandonment rates among consumers during the Know Your Customer (KYC) process, a crucial step that cannot be skipped for fintech apps. Additionally, Freo was struggling with segmenting customers into different cohorts and determining the optimal time and channel for communication. Post-onboarding, the company faced difficulties in activating customers and identifying category buckets that customers would fall into, such as dormant, inactive, champions, and power users.

About Customer

Freo is a neo-bank that operates as a full-stack mobile bank for millennial consumers in India. The company offers a range of applications that serve as saving accounts, credit lines, credit cards, and pay later apps, helping to optimize financial utilities for its customers. Freo's primary challenge was to lead users through certain steps during the KYC process without experiencing high abandonment rates. The company also aimed to effectively segment customers into different cohorts and determine the best time and channel for communication.

Solution

To address these challenges, Freo implemented automated campaigns on MoEngage, creating different customer journeys from onboarding to major milestones. This strategy aimed to reduce abandonment and drop-offs during the customer journey. Furthermore, Freo ran an affinity model on the customer segments to determine the right time to send SMS or email to various segments. This omnichannel approach was crucial for engaging the millennial audience of the neobank. For instance, they were able to identify segments that opened emails at 4 PM, thus optimizing their engagement strategy. Freo also experimented with RFM (Recency, Frequency, Monetary) models and strategized communication accordingly over a period of 3-5 months.

Impact #1	The implementation of automated flows, RFM models, and affinity segments significantly improved Freo's operational results. The company was able to reduce customer abandonment during the KYC process and effectively segment customers into different cohorts. This allowed for more targeted and effective communication strategies. Furthermore, the company was able to identify and activate different customer categories post-onboarding, such as dormant, inactive, champions, and power users. The omnichannel approach to engagement, crucial for Freo's millennial audience, resulted in higher conversions at any given time.

Impact #1

The implementation of automated flows, RFM models, and affinity segments significantly improved Freo's operational results. The company was able to reduce customer abandonment during the KYC process and effectively segment customers into different cohorts. This allowed for more targeted and effective communication strategies. Furthermore, the company was able to identify and activate different customer categories post-onboarding, such as dormant, inactive, champions, and power users. The omnichannel approach to engagement, crucial for Freo's millennial audience, resulted in higher conversions at any given time.

Benefit #1	Improved conversion rates from 12-13% to 23-24% through leveraging automated flow campaigns and experimenting with journeys.
Benefit #2	Observed a movement of 60% of customers from low to high performing segments over 3-5 months by experimenting with RFM models and strategizing communication.
Benefit #3	Achieved a 4X improvement in email open rates and a 3X increase in SMS and email Click Through Rates (CTRs) after implementing Affinity Segments.

Benefit #1

Improved conversion rates from 12-13% to 23-24% through leveraging automated flow campaigns and experimenting with journeys.

Benefit #2

Observed a movement of 60% of customers from low to high performing segments over 3-5 months by experimenting with RFM models and strategizing communication.

Benefit #3

Achieved a 4X improvement in email open rates and a 3X increase in SMS and email Click Through Rates (CTRs) after implementing Affinity Segments.

Download PDF Version

Overview

Freo's Personalized Customer Engagement and Higher Conversion Rates with Flows and Affinity Segments

Operational Impact

Quantitative Benefit