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
About The 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.
The 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.
The 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.
Operational Impact
Quantitative Benefit
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