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Ujjivan Small Finance Bank Drives Digital Adoption Among Unserved Customer Segments Uplifting Conversions From 2% to 18%

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About Ujjivan Small Finance Bank

With more than 57 lakh customers, 575+ banking touchpoints, across 24 states, Ujjivan Small Finance Bank is building a mass-market bank to serve the unserved and underserved customers. USFB aims to provide convenient alternative channels and digital footprint across internet banking, mobile application, tablet-based origination, and phone banking among others, and 24x7 access to full banking services.

Business Challenge

Traditional EMI collection via physical meets for micro-banking customers was affected by the pandemic-induced restriction of movement. Ujjivan Small Finance Bank realized the need for driving digital adoption and an insights-led engagement platform to achieve that.

MoEngage Solution

Apart from setting up payment integrations and networks, Ujjivan Small Finance Bank encouraged digital repayments by segmenting customers and running targeted campaigns using SMS as a channel. The Small Finance Bank also gamified engagement campaigns to build balance base.
2% to 18%
Uplift in conversions from digital channels
123+
Crores of EMI collected in just 5 months via digital mode

Ujjivan Small Finance Bank realizes the need for omnichannel engagement amid the pandemic

The traditional EMI collection process via physical meets for micro-banking customers was affected by restriction of movement owing to the pandemic. There was a need for digitizing the EMI payments which not only was more convenient but also saved time. 

With a substantial retail base, one of the key opportunities was to increase the balance base for the bank to have float. The Small Finance Bank identified customers who are more likely to build balance, based on past expenditure patterns and ran engagement campaigns (leveraging gamification) to increase balance.

Ujjivan Small Finance Bank’s 4-pronged approach to building digital payments ecosystem and driving adoption

  • Set up payment integrations with BBPS aggregator, SETU, which aided in increasing digital repayments.
  • Encouraged digital repayments by segmenting and running targeted campaigns in 12 regional languages via SMS.
  • Staff training to build and spread awareness about online transactions among micro-banking customer segments.
  • Gamification of engagement campaigns utilizing exclusive offers encouraging higher deposits and online bill payment.

How Ujjivan Small Finance Bank increased the usage of digital transactions

The team segmented customers based on:

  • Monthly Average Balance (MAB)

  • Recent expenditure pattern

  • Average monthly balance movement, and

  • Probability to respond to offers sent earlier

Different pools were created like Champions, Loyal Customers, Potential Loyal Customers, and more. Ujjivan Small Finance Bank then utilized exclusive offers to encourage higher deposits and customers to pay bills online.

What They Say About Us

Using MoEngage, we sent targeted campaigns to those who weren’t transacting digitally, urging them to pay their dues online. As a result, we saw over 4.5 lakh customers onboarded to digital payments, more than ₹123+ Crores of EMI collected and a jump in conversions from digital channels from just 2% to 18%!
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Sriram Srinivasan
Head Of Digital Banking

Drive Higher Conversions using MoEngage

Download Ujjivan Small Finance Bank's detailed success story below 👇