Revitalizing Online Investments with WhatsApp Chatbot: A Case Study on Upstox
Technology Category
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Education
Applicable Functions
- Sales & Marketing
Use Cases
- Chatbots
About The Customer
Upstox is Asia's largest investment platform with a growing user base. Despite their success in attracting new customers, they faced a challenge with a significant number of dormant users. The company aimed to engage these inactive users, drive financial education, and encourage trading activity. They also sought to explore new marketing channels like WhatsApp to attract and onboard new users while improving the trading experience for their existing clients. Upstox aimed to offer a distinct value proposition in a highly competitive market by becoming the first investment platform to support IPO applications on WhatsApp.
The Challenge
Upstox, Asia's largest investment platform, was facing a challenge with a growing number of dormant users despite an increase in overall platform users. While the company had a successful strategy for attracting new customers, they needed to find a way to better engage with their existing, inactive customer base. The goal was to drive financial education, encourage trading activity, and convert these latent clients into frequent traders. Upstox also aimed to explore new marketing channels, such as WhatsApp, to attract and onboard new users while improving the trading experience for their existing clients. They wanted to offer a distinct value proposition in a highly competitive market by becoming the first investment platform to support IPO applications on WhatsApp. Furthermore, they wanted to ensure that every incoming lead was promptly responded to in a timely and efficient manner.
The Solution
Haptik provided a solution by creating a WhatsApp chatbot for Upstox users to apply for IPOs with minimal effort. The chatbot allowed users to start a conversation with the brand, verify their mobile number, enter an OTP, bid and select lots, and complete the process with UPI ID verification. Haptik’s Proactive Messaging feature also enabled Upstox to send WhatsApp notifications to users, resulting in a 20% increase in the number of trades. The AI-powered WhatsApp chatbot was instrumental in onboarding new users and guiding them with personalized workflows. The chatbot also provided features such as account activation, step-by-step guidance for placing trades, applying for an IPO, and answering general customer support questions.
Operational Impact
Quantitative Benefit
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