MoneyTap (a Freo brand) Records Industry High Open Rates of 30% and Optimizes Customer Engagement | MoEngage
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BANKING & FINANCE | ENGAGEMENT

MoneyTap (a Freo brand) Records Industry High Open Rates of 30% and Optimizes Customer Engagement

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30%

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

5.4%

Average stickiness and conversions with total conversions of 31,000

Moneytap
ABOUT MONEYTAP

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.

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One of the biggest challenges was streamlining our communication. MoEngage’s insights-led engagement platform coupled with an efficient email suite enabled us to consolidate customer attributes in one centralized view and send effective email communication to our customers.

Hitarth Saini

Hitarth Saini

Head Of Marketing, Freo

Delivering Real-time Customer Engagement

MoEngage harnesses AWS's powerful infrastructure for its real-time engagement platform, ensuring 99.99% uptime and scalability. This partnership caters to over 1,350 clients, managing billions of profiles and messages daily, highlighting the reliability and global reach of MoEngage with AWS.
MoEngage integrates with AWS CDS (SMS, Email, WhatsApp) to provide brands with Message Orchestration, journey management, and Advanced AI for marketing campaign optimization, ensuring high security and deliverability. Additionally, MoEngage offers a Warehouse Native integration with Amazon Redshift, featuring zero-copy data personalization for secure, direct data access without data movement.

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The Problem
For an app-based credit line like MoneyTap, consistency in customer communication is very important. The clutter arose from multiple teams sending out various campaigns with different objectives. This was affecting the open rates and the retention rates.
MoEngage Solution
The teams at MoneyTap (a Freo Brand) started implementing Flows campaigns to resolve the challenge and reach out to customers across multiple channels with consistent messaging. They also leveraged Smart Trigger campaigns which performed substantially well, in fact, 9-10X better than general campaigns.

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