Freo's Personalized Customer Engagement and Higher Conversion Rates with Flows and Affinity Segments
- Consumer Goods
- Utilities
- Sales & Marketing
- Leasing Finance Automation
- Time Sensitive Networking
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.
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.
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.
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