MoEngage Case Studies MoneyTap's Successful Optimization of Customer Engagement and High Open Rates

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	MoneyTap's Successful Optimization of Customer Engagement and High Open Rates MoEngage

MoneyTap's Successful Optimization of Customer Engagement and High Open Rates

MoEngage

Technology Category	Analytics & Modeling - Machine Learning Networks & Connectivity - 5G
Applicable Industries	Finance & Insurance Utilities
Applicable Functions	Sales & Marketing
Use Cases	Behavior & Emotion Tracking Livestock Monitoring
Services	System Integration
Challenge	MoneyTap, an app-based credit line in India, faced several challenges in maintaining consistent and relevant communication with its customers. The company's business goal was to encourage people to use the credit line and withdraw money from it, requiring communication to be relatable, interesting, and relevant. However, the company was dealing with a high volume of communication across various channels, including SMS, push notifications, and emails. The communication sent to customers needed streamlining and fine-tuning to ensure consistency across all channels. The clutter arose from multiple teams sending out various campaigns with different objectives. Additionally, there was a significant drop-off post-registration, with customers not completing applications for loan approvals. MoneyTap needed a consolidated platform that would dissolve silos and ensure that all teams were in sync with the outgoing communication. Read More
About Customer	MoneyTap, a Freo Brand, is India’s first app-based credit line that aims to make credit accessible to millions of Indians when they need it. With a presence in 80+ cities, MoneyTap provides small-medium cash loans, quick credit on mobile, affordable interest rates, and flexible EMIs. MoneyTap offers faster and affordable credit access to customers and lets them bypass the cumbersome loan application process and avoid high interest rates on credit card loans. The process of applying for credit is dramatically simplified to a few taps on the MoneyTap mobile app making it easier for any individual, with a smartphone and a PAN, to apply for a personal credit line. Started in 2016, MoneyTap has grown its business in the last 5 years with the app-based credit line disbursing INR 4,000 crores in loans. Read More
Solution	To overcome these challenges, MoneyTap implemented Flows campaigns to reach out to customers across multiple channels with consistent messaging. The company also identified email as the prime channel to send the major chunk of communication, focusing on open rate, click-through rate, and event tracking to measure the success of email communication. MoneyTap used MoEngage, a platform where multiple dashboards running various campaigns could be consolidated with connected events, making it easier to identify customer behavior and attributes. This enabled the app-based credit line to create a 360-degree customer view. MoneyTap also used an insights-led engagement approach to build a deeper understanding of the customer. Using MoEngage Analytics, MoneyTap analyzed the customers onboarded, predicted their preferred communication channels, content preferences, and the likelihood to churn. Once the analysis was completed, MoneyTap created customer segments based on geographical location, content affinity, and preferred language and added layers of personalization on top of it. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Machine Learning

Networks & Connectivity - 5G

Applicable Industries

Finance & Insurance

Utilities

Applicable Functions

Sales & Marketing

Use Cases

Behavior & Emotion Tracking

Livestock Monitoring

Services

System Integration

Challenge

MoneyTap, an app-based credit line in India, faced several challenges in maintaining consistent and relevant communication with its customers. The company's business goal was to encourage people to use the credit line and withdraw money from it, requiring communication to be relatable, interesting, and relevant. However, the company was dealing with a high volume of communication across various channels, including SMS, push notifications, and emails. The communication sent to customers needed streamlining and fine-tuning to ensure consistency across all channels. The clutter arose from multiple teams sending out various campaigns with different objectives. Additionally, there was a significant drop-off post-registration, with customers not completing applications for loan approvals. MoneyTap needed a consolidated platform that would dissolve silos and ensure that all teams were in sync with the outgoing communication.

About Customer

MoneyTap, a Freo Brand, is India’s first app-based credit line that aims to make credit accessible to millions of Indians when they need it. With a presence in 80+ cities, MoneyTap provides small-medium cash loans, quick credit on mobile, affordable interest rates, and flexible EMIs. MoneyTap offers faster and affordable credit access to customers and lets them bypass the cumbersome loan application process and avoid high interest rates on credit card loans. The process of applying for credit is dramatically simplified to a few taps on the MoneyTap mobile app making it easier for any individual, with a smartphone and a PAN, to apply for a personal credit line. Started in 2016, MoneyTap has grown its business in the last 5 years with the app-based credit line disbursing INR 4,000 crores in loans.

Solution

To overcome these challenges, MoneyTap implemented Flows campaigns to reach out to customers across multiple channels with consistent messaging. The company also identified email as the prime channel to send the major chunk of communication, focusing on open rate, click-through rate, and event tracking to measure the success of email communication. MoneyTap used MoEngage, a platform where multiple dashboards running various campaigns could be consolidated with connected events, making it easier to identify customer behavior and attributes. This enabled the app-based credit line to create a 360-degree customer view. MoneyTap also used an insights-led engagement approach to build a deeper understanding of the customer. Using MoEngage Analytics, MoneyTap analyzed the customers onboarded, predicted their preferred communication channels, content preferences, and the likelihood to churn. Once the analysis was completed, MoneyTap created customer segments based on geographical location, content affinity, and preferred language and added layers of personalization on top of it.

Impact #1	The implementation of Flows campaigns and the use of MoEngage platform significantly improved MoneyTap's communication with its customers. The company was able to streamline and fine-tune its communication across all channels, ensuring consistency and relevance. The use of email as the prime communication channel and the insights-led engagement approach allowed MoneyTap to build a deeper understanding of its customers, predict their preferred communication channels, content preferences, and the likelihood to churn. This resulted in improved customer engagement and increased active user count. The company was also able to retain customers by informing them about incomplete applications and other similar abandonments, send personalized offers and deals, nudge to complete registration using reminders, and announce relevant offerings at the right moment. The use of MoEngage also helped MoneyTap understand the demographic attributes of customers, identify appropriate segments and display offerings accordingly.

Impact #1

The implementation of Flows campaigns and the use of MoEngage platform significantly improved MoneyTap's communication with its customers. The company was able to streamline and fine-tune its communication across all channels, ensuring consistency and relevance. The use of email as the prime communication channel and the insights-led engagement approach allowed MoneyTap to build a deeper understanding of its customers, predict their preferred communication channels, content preferences, and the likelihood to churn. This resulted in improved customer engagement and increased active user count. The company was also able to retain customers by informing them about incomplete applications and other similar abandonments, send personalized offers and deals, nudge to complete registration using reminders, and announce relevant offerings at the right moment. The use of MoEngage also helped MoneyTap understand the demographic attributes of customers, identify appropriate segments and display offerings accordingly.

Benefit #1	30% average open rate for all campaigns compared to the average industry benchmark of 23%
Benefit #2	5.4% average stickiness and conversions with total conversions of 31,000
Benefit #3	Disbursed INR 4,000 crores in loans over 5 years

Benefit #1

30% average open rate for all campaigns compared to the average industry benchmark of 23%

Benefit #2

5.4% average stickiness and conversions with total conversions of 31,000

Benefit #3

Disbursed INR 4,000 crores in loans over 5 years

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Overview

MoneyTap's Successful Optimization of Customer Engagement and High Open Rates

Operational Impact

Quantitative Benefit