Listen to marketing and product leaders from Freo, a neo-bank for Indian millennials, leverage Flows and Affinity Segments to drive higher engagements and conversion rates.

About Freo

Freo operates as a full-stack mobile neobank for millennial consumers in India. It offers a range of applications that serve as saving accounts, credit lines, credit cards, pay later apps, and that help to optimize financial utilities.

Tackling Challenges in the Fintech Industry to Drive Higher Engagement

For fintech apps like Freo, it is crucial to lead users through certain steps (during the KYC process) that can’t be skipped. The team at Freo was noticing high abandonment among consumers while completing KYC applications. They were also facing issues segmenting customers into different cohorts and figuring out the best time and the best channel to communicate with them.

The Solution: Automated Flows, RFM Models, and Affinity Segments

To reduce abandonment and drop-offs that happen during the customer journey, Freo automated campaigns on MoEngage, creating different journeys from onboarding to major milestones.

After the customer had been onboarded, Freo was facing challenges around activation of customers and identifying category buckets that customers would fall into, i.e., dormant, inactive, champions, power users

For a neobank like Freo, with millennial audiences, it is crucial to have an omnichannel approach to engagement. The team wanted to drive higher conversions at any given time and ran an affinity model on the customer segments and were able to figure out the right time to send SMS or email (among other channels) to various segments. For example, they could identify segments that opened emails at 4 PM, thus helping them engage customers better.

The Results

  • As a result of leveraging automated flow campaigns and experimenting with journeys, Freo was able to improve conversion rates from 12-13% to 23-24%
  • By running experiments with RFM models and strategising communication accordingly for 3-5 months, Freo was able to observe a movement of 60% of customers from low to high performing segments, significantly improving their North Star metrics.
  • After implementing Affinity Segments, Freo observed a 4X improvement in email open rates with a 3X increase in SMS and email CTRs

Experience with MoEngage’s Insights-led Engagement Platform

When getting introduced to MoEngage, I didn’t take a lot of time to understand how to create campaigns, analyze reports, develop different segments. As a customer engagement platform, it was very easy to use – Roopal Purohit, Product Marketing Lead, Freo

MoEngage has been a crucial part of our marketing stack while we were scaling the business to what we are today, offering great experience to our consumers. We’re happy that MoEngage has been a part of our journey, especially because the team at MoEngage understands our needs, while evolving the product over time coming up with more features, completing core updates, eventually helping us save a lot of costs. They’ve been a great growth partner for us! – Hitarth Saini, Head of Marketing, Freo

Further Reading

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