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Lessons From the Fintech and BFSI Masterclass by BharatPe and ICICI Bank

Lessons From the Fintech and BFSI Masterclass by BharatPe and ICICI Bank

Fintech (financial technology) is an exciting and ever-evolving industry. As digital payments become increasingly popular, there’s been an increased demand for financial services to implement the latest technology, which is disrupting traditional financial ecosystems. 

To decode engagement and retention strategies for fintech along with banking, financial services, and insurance (BFSI), we recently conducted The Big Leap Retention Masterclass, a virtual event in conjunction with BharatPe and ICICI Bank. On the panel were Prakash Verma, Manager – Performance Marketing and Growth at BharatPe and Mayur Walunj, Product Manager, ICICI Bank, who leads CRM initiatives. The masterclass focused on strategies and tactics that brands can use to create digital hooks for their customers. 

An Unparalleled Opportunity to Engage

Consumers depend on fintech and banking apps for assistance and advice at every step of the journey. This presents marketers with an unparalleled opportunity to engage customers that are primed to act. 

But how do you crack the code to increase digital adoption, customer engagement, order transactions, and personalize customer experiences to drive higher retention and lifetime value?

Fintech and banking services are being revolutionized by brands that follow the four E’s:

  • Educate: Draw from a deep understanding of data and insights to individualize onboarding and encourage frequent app engagement and use.
  • Empower: Combine marketing automation and personalization to help customers reach personal finance goals
  • Encourage: Harness data to power more proactive, predictive, and personalized customer communications that drive engagement and retention. 
  • Expand: Build on proven success to fuel long-term retention and shape a more customer-centric ecosystem.

“Netflix-style” banking is the future — one where hyper-personalization is crucial for driving customer experience and increasing customer lifetime value. 

During the 90-minute session, the speakers from BharatPe and ICICI Bank touched upon several aspects that drive and increase conversions. 

BharatPe: Connecting Meaningfully Increases Conversions

Launched in 2018, BharatPe enables merchants to accept payments from their customers through a QR code, using any of the Unified Payment Interface (UPI) apps available in India. In addition to payments, their product portfolio includes other financial products like gold, loans, bookkeeping, and insurance services.

With over six million active users, the company had to anticipate user needs, segment users, and engage them with contextual and personalized messages. Prakash commented that, “by partnering with CleverTap, we’re able to connect with users in much more meaningful ways to drive retention and growth.”

The most effective way to onboard new merchants onto the app was to educate the users. BharatPe emphasized that educating users improved the user onboarding experience and increased the weekly registration by 22%. 

Prakash also discussed analyzing user drop-offs through funnels and creating a journey for the Know Your Customer (KYC) process. Along with that, Funnels, Events and Trends were also showcased to understand the behavior of merchants in terms of transactions.  

But analyzing user behavior is just the beginning. BharatPe showcased how they engaged with these users in the most personalized way by understanding their preferences and interest in services and products through vernacular languages and user attributes. They targeted users through different channels using push notifications, app inbox, in-app banners, WhatsApp and SMS channels. 

The masterclass showcased what strategies were used to design these campaigns that led to a 40% increase in CTRs through vernacular communication and a 20% increase in CTRs through user attribute personalization. 

ICICI Bank: Catch Them Before They Drop Off

ICICI Bank Limited is a multinational bank and financial services company. They currently have a network of 5,418 branches and 13,343 ATMs across India.

Mayur remarked that, “CleverTap’s in-app analytics and marketing capabilities have allowed us to execute personalized, targeted campaigns based on customers’ propensity. CleverTap has become a critical tool for us to engage with customers and augment traffic to cross-sell products. Automated drop-off campaigns and configured events permit us to nudge the customer in a timely manner.”

ICICI bank focused on how to create targeted campaigns using propensity to engage with the customer and drive traffic. By analyzing funnels, automated, personalized drop-off campaigns are created to educate users about any eligible offers.  

These are just a few learnings the experts shared in the session! To watch the full recording, please click here

Talk to our growth experts today to see how you can begin your retention journey with CleverTap.

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Posted on October 3, 2022