RangDe, India’s first and pioneering social peer-to-peer (P2P) lending platform, aims to revolutionize credit access and enable financial inclusion for every individual in India.
Rang De utilizes technology, human resources, and design thinking to create an efficient and user-friendly platform for credit accessibility and social investment. The platform is designed to make credit affordable for investees (borrowers) and enhance the investment experience for social investors (lenders).

Rang De operates within the peer-to-peer lending space, offering a digital platform for individuals and micro-entities in India, like farmers, artisans, and small business owners, who are typically excluded from formal financial institutions. The platform provides low-interest loans, thus promoting economic growth and income generation, and aims to promote sustainable growth for enterprises and investees by providing access to low-cost credit.

Objectives:

Support team based:

1. An easy-to-use, robust solution for promotional and customer service emails
2. Setting up user journeys and funnels to reactivate lapsed/inactive users
3. Setting up segments according to demographic and behavioral data

Marketing and growth based:

1. Need for high user retention through content marketing through channels like email and web/app content
2. Personalization of a high degree for marketing communication to user segments
3. Tracking the success of marketing and growth efforts aimed at the existing user base
4. Driving engagement through targeted communication

Product based:

1. Tracking high-level as well as granular analytics of products as per a variety of events set up
2. Triggering funnels and journeys according to the usage trend of the product
3. Setting up and tracking user cohorts and analyzing their interactions with the product
4. Need for secure setups across data and processes

Challenges:

1. Inability to attract sufficient users to the platform
2. Getting users who are dropping off the platform to complete their KYC & initiate repeat purchases
3. Converting maximum registrations into social investors
4. Automate user engagement initiatives
5. Retain existing social investors
6. Lack of an advanced and real-time user segmentation

Results?

To know more about how RangDe managed to achieve their objectives, download the case study.

To begin your journey with WebEngage’s Startup Program, take a demo now.

A financial doctor in the making, Glide Invest is a ‘guided investment platform’ for retail investors across India. This fintech startup helps its customers make smarter investing decisions by making investing expert-driven, low-cost and stress-free.

Several wealth-tech platforms within the fintech space today target those who know the ins and outs of investing, and want to enable customers to simply transact and earn a quick buck. But very few personalize the journey for their customers, based on their risk-taking abilities, goals, and financial capacities. Glide Invest wants to help its customers understand the importance of financial goals and make it easy for them to set up and invest in them through low-cost, commission-free mutual fund baskets (or plans).

Glide Invest manages its users’ portfolios while its customers invest in their dreams and aspirations. They encourage customers to develop a healthy financial habit of long-term investing via SIPs, which is the first step in becoming financially independent. They eliminate the process of choosing from 8000+ mutual funds available through 40+ mutual fund companies, and leave it to their expert research team to help with asset allocation followed by fund selection for customers based on their goals, tenure, risk appetite, and investment potential.

USPs:

Glide Invest-
1. Is a goal-based investment app that handholds retail investors through their wealth creation journey, both through online and offline advisory.
2. Personalizes investments based on what the user wants, based on the purpose, investment tenure, risk appetite, and investment potential for each goal.
3. Helps customers understand the concepts of

• goal-based investing,
• low-cost investing via passive funds,
• asset allocation, and building a diversified portfolio.

GLIDE INVEST’S OBJECTIVE

• Seamlessly setting up personalized goals and enabling users to invest
• Keeping customer engagement at all times
• Driving successful KYC completion and install-to-sign-up journeys

GLIDE INVEST’S CHALLENGES

• Inability to get dynamic daily/weekly requirements from product and marketing teams
• Increased manual intervention in programming communication through backend systems
• Lack of flexibility to engage with their customers through multiple channels with A/B variants
• Inability to measure traction in real-time with smart reports

Download the Impact Story to know how Glide Invest used WebEngage’s journeys, funnels, and segments to scale up their business.

CASHe is a credit-enabled financial technology platform that offers consumer lending products like short-term personal loans, buy now pay later and credit line services to salaried millennials.

Launched in 2017, CASHe provides hassle-free financial assistance utilizing its proprietary decision models that are powered by its AI/ML-backed platform called the Social Loan Quotient (SLQ). SLQ assesses a person’s true ability and willingness to repay, leading to a considerable reduction in the average cost of credit. Since the launch of operations, CASHe has disbursed loans worth $1,5500 million to over 10 million registered users and more than 20 million app downloads with over 30,000 downloads and 3,000 loan applications witnessed every day. The company’s loyal customer base of over 5,00,000 comprises over 75% repeat users.

Objective

CASHe offers unsecured loans to users via its AI-based credit scoring mechanism regardless of the user’s credit history. CASHe aimed to deliver omnichannel campaigns to reduce user drop-offs and engage existing users to complete their profile journeys for instant loan disbursement.

Challenges

• Exhaustive sales funnel
• Increase in user churn from different stages of the customer lifecycle

Why WebEngage?

In order to boost campaign performance and nudge more and more users towards profile completion on the CASHe app, the brand wanted to inculcate different types of communication channels and strategies.

Along with the existing channels (SMS, Email, and Push) CASHe also wanted to add another channel in terms of voice and thus the Interactive Voice response System also called IVR was adopted.

WebEngage in action

The team at WebEngage recommended CASHe to build different IVR specific omnichannel journeys to engage dormant users who dropped out of the user journey without completing their profile. With WebEngage’s funnel analysis feature the brand was able to identify leakage in the journey and plug in an IVR communication real-time. This strategy led to reduction in user’s drop-offs, redirecting the users towards further steps based on where they are in the journey.

The WebEngage Impact

With WebEngage’s consistent support and robust automation efforts, the brand was able to run multiple campaigns at scale and effectively achieve its business KPIs.
Here’s what CASHe achieved in terms of results:

• 35% users routed via IVR and redirected further down the funnel
• 47% growth in MAUs in a year
• 75% increase in repeat user base in a year

Scripbox is India’s leading digital wealth manager. Founded in 2012, it is recognized for creating simple and elegant user experiences in a complex domain. Scripbox uses proprietary algorithms to deliver a full-stack of wealth management solutions.

Scripbox is led by Atul Shinghal, Founder and CEO, and Sanjiv Singhal, Founder, and Chief Product Officer. Scripbox has been recognized as the 2nd most influential financial services brand globally by LinkedIn and has received the Financial Express’ Best Bank Award.

What makes Scripbox stand out from the crowd?
Users can:

• Consolidate and track their wealth in one place
• Review and modify their investments to ensure that their wealth grows
• Explore multiple investment options to choose and invest well

Scripbox’s Objective

• Leveraging automated workflows to drive engagement and retention
• Leveraging contextual and personalized communication strategy to deliver value-driven content
• Using communications as a viable acquisition strategy while making sure no customer is spammed with notifications

Scripbox’s Challenges

• Advanced campaign management requirements using multiple channels to cater to the audience
• Lack of an advanced and real-time action-driven user segmentation
• Unable to optimize marketing attributes to boost acquisition and retention efforts
• Lack of an automation mechanism to deliver personalized content

Why did Scripbox pick WebEngage as its marketing automation platform?

The most fundamental problem that WebEngage solved for Scripbox was attribution.
Understanding and mapping which customer was converting against which event, getting more clarity about the customer, and seeing what channels they were engaging with was something they hoped to understand with WebEngage.

Scripbox also wanted to ensure that no communication was spamming the customer. And this is where WebEngage stepped in to help Scripbox attain its business goals.

Solution

Having used WebEngage’s services before, Scripbox wasted no time onboarding u1s and beginning their user engagement journey. Using Journey Designer, they automated their omnichannel services and engagement tactics to achieve the best results. WebEngage further acted as an analytics platform giving direct insights into the audience’s properties and behaviors.

Initially, Scripbox began with their segmentation based on user demographic like age groups, however, they didn’t get the desired results.
Later they built user segments based on domestic and NRI residents, which was a successful campaign and produced significant results.

Bifurcating customers into segments allowed the brand to capture their traits and actions separately, which gave Scripbox a jump toward solving its user segmentation woes. Moreover, the dashboard features like ‘Send Intelligently,’ ‘A/B testing,’ and personalization opportunities contributed to leveraging communication channels more effectively, enabling the brand to communicate the right message to the right users without any hassle. It also helped the brand measure and compare the campaign performance to optimize the best-performing ones.

Furthermore, Scripbox engaged its users with enriching marketing campaigns using rich media and personalization elements, thereby avoiding the risk of spamming users with non-contextual messages.

Key Results

With the help of WebEngage’s Retention Marketing Platform, Scripbox saw:

• A 3X rise in user engagement – leading to more retention and conversion in the 2nd quarter
• Less user spamming – sending users more relevant pieces of content
• 25-30% growth in email open rates
• Detailed insights about the users and their behavior
• Frequency capping in the campaigns leading to a reduction in the unsubscribe rate by 25% in Q1 2022

Merolagani is a fintech platform, that provides its end users with live stock quotes, news, announcements, annual and quarterly reports, analysis, and portfolio management tools. They aim to spread financial literacy, information and training to the general public about the scenario of the share markets in Nepal and the NEPSE.

Merolagani is a part of Asterisk Technology, an IT company promoted to build systems for the Nepalese capital market. The financial company intends to achieve transparency and clarity through a customer-centric approach, in which the customer’s business objectives enjoy top priority.
In a nutshell, they don’t intend just to market and sell their products and services but also to provide the best services and products that enable their customers to optimize their output and assist in attaining their goals and objectives.

Merolagani also poses as a media platform for news pieces related to the share market, corporate, automobile, and other sectors.

Merolagani provides six primary services:

• Portfolio tracker
• Analyze market
• Analyze watchlists
• Newsletters published
• Technical lesson and analysis
• Suggestions for what’s good to buy and sell

USPs:

• Accuracy of information provided
• More than 80% of its predictions are accurate
• The user base of Merolagani – 36 lakhs of repeat engagers (known and unknown users)

Objective

To increase Merolagani’s active user base by retaining dormant users and sending campaigns to educate general people.

Challenges

After the share market crashed, fewer people wanted to keep up-to-date with news/information related to stocks, hence:

• Getting people to engage with push/email notifications was hard
• Incentivizing people to engage with the brand became a task
• Retaining dormant users and working with their portfolios turned out to be a hurdle

Features Used

• Push notifications
• Email marketing
• SMS

Solution

WebEngage was the first marketing platform in use for Merolagani. The fintech brand was able to engage with the rural audience after onboarding WebEngage. Trying to reach tier 2 and tier 3 areas has always been a task, but by leveraging the dashboard analytics, journey designer, and A/B testing, Merolagani could crack through the shell.

Moreover, known and unknown users saw good engagement and conversion rates. There was increased engagement time on the website and a sharp increase in reactivating dormant users/unknown users.

They were able to track known and unknown users, understand the journey (through Paths), and devise a conversion strategy.

CASHe is a credit-enabled financial technology platform that offers consumer lending products like short-term personal loans, buy now pay later and credit line services to salaried millennials.

Launched in 2017, CASHe provides hassle-free financial assistance utilizing its proprietary decision models that are powered by its AI/ML-backed platform called the Social Loan Quotient (SLQ). SLQ assesses a person’s true ability and willingness to repay, leading to a considerable reduction in the average cost of credit. Since the launch of operations, CASHe has disbursed loans worth $300 million to over 1.5 million borrowers across India.

Adopting the right retention platform that meets CASHe’s needs

CASHe adopted the WebEngage Retention Operating System to:

• Deliver a seamless credit experience
• Increase the percentage of repeat loans

Goals

• Convert potential leads into prospective borrowers
• Increase the percentage of repeat loans

Challenges

• Lack of a unified view of each lead (potential borrower)
• Keeping track of borrowers’ actions at scale

Solutions

Hyper-personalized, omnichannel campaigns at scale

The Customer Success Manager (CSM) at WebEngage suggested that the Marketing team at CASHe to consolidate the leads’ data on the WebEngage dashboard and have a unified view of each lead.

Subsequently, CASHe leverages the WebEngage Journey Designer to engage leads on their preferred channels and encourage them to become borrowers.

Event-based, relevant nudges at the right time

To increase the percentage of repeat loans, the team at CASHe decided to create an event-based journey on the WebEngage dashboard. Using this journey, they send automated, timely communication to existing borrowers to take repeat loans for their needs.

Nishant Mehta

Executive - Digital Marketing, CASHe

Using the WebEngage dashboard, we’ve been able to automate our user engagement initiatives and save massive human hours. We are now well-equipped to send data-backed, hyper-personalized campaigns at scale. Some of the campaigns we’ve sent have resulted in more than 40% growth in repeat loans by borrowers.

Results

CASHe has been able to automate its borrower engagement and retention initiatives, convert potential leads into prospective borrowers, and increase the percentage of repeat loans. CASHe continues to utilize WebEngage’s Retention Operating System and deliver a seamless credit experience to salaried millennials.

Angel One is India’s leading retail stockbroking house that offers a gamut of retail-centric services -ranging from E-broking and Investment Advisory to Portfolio & Wealth Management Services, Commodities Trading, and much more.

Angel One provides its value-added services to over a million retail investors through its nationwide network. It has one of the largest trading terminal bases in the country. It also has the largest sub-broker network on the National Stock Exchange. With over 1.4 million active NSE clients, Angel One is among the top 3 retail broking businesses in India.

Adopting the right retention platform that meets Angel One’s needs

Angel One adopted the WebEngage Retention Operating System to educate its users with best investment practices. This resulted in an inevitable increase in the inflow of leads.

Goals

• Convert anonymous visitors into customers
• Engage with users in their preferred language for maximum conversions

Challenges

• Lack of a unified customer view
• Manual approach to building a lead funnel

Solutions

1. Identification of ‘unknown website visitors’ through nurturing workflows

The team at Angel One leverages Web Push Notifications on the WebEngage dashboard to engage with unknown website visitors. And encourage them to share their contact information using a content-led approach.

They have a pool of knowledge-sharing articles that help in addressing user concerns. These are based on FAQs and stages of the user journey. Once a user visits any of the knowledge-center pages to seek information, a series of resources are shared over a period of 5-days. Which encouraging users to sign-up and create a free Demat account.

2. Running welcome campaigns via web push notifications

Angel one wants the maximum number of leads to open a Demat Account and start trading. Now, to nurture these leads, Angel One sends a welcome campaign using WebEngage’s Journey Designer. A user is sent a series of web push notifications educating them about the basics of stock trading. This helps build trust, credibility, and comfort in the minds of the users. Which eventually increases their stickiness on the website.

3. Delivering localized user engagement

To boost engagement on the Angel One website, the team at Angel One sends communication in users’ preferred language like Malayalam, Kannada, Telugu, Tamil, Hindi, and Gujarati by leveraging WebEngage’s personalization engine. This ensures their users relate well with the content which eventually leads to an increase in lead influx.

4. Implementing interactive/enticing lead forms using multimedia/rich content

Angel One leverages rich notification content like gifs, images, videos, etc. using the WebEngage dashboard to attract more leads. And encourage them to open a Demat Account and start trading by offering free coupons and discounts through WebEngage’s on-site survey forms.

5. Retaining users that block web push notifications

Web push notifications play a crucial role when it comes to delivering stellar user engagement at Angel One. To re-activate users who block access to Web Push Notifications, Angel One introduces FOMO in the minds of the website visitors. They use onsite notifications with rich media to encourage users to re-enable push notification access. They also provide a step-by-step process to do it.

Results 

Acko is a general insurance company that started in 2017 as India’s leading digital insurer and is currently the fastest-growing insurance company in India with over 60 million policyholders. They make it easier for their users to buy/renew insurance policies online, wiping out the need for paperwork. Users can secure insurance for cars, two-wheelers, taxis, and health using Acko’s website and mobile app.

Adopting the right retention platform that meets Acko’s expectations

Acko adopted the WebEngage Retention Operating System to:

• Convert maximum leads into policyholders
• Automate user engagement initiatives
• Retain its policyholders

Goals

• Win-back dropped leads
• Increase the number of policy renewals
• Automate the claim settlement process

Challenges

• Lack of consolidated lead data
• Contextually reaching out to policyholders at the right time
• Monitoring policyholders’ actions at scale

Solutions

Data-driven, action-based win-back campaigns

The Customer Success Manager (CSM) at WebEngage suggested that the Marketing team at Acko implement data-backed win-back campaigns to engage the dropped leads.

Acting upon the suggestion, they’ve created action-based journeys using the WebEngage Journey Designer to encourage the dropped leads to purchase their preferred policies.

Timely, contextual communication using user journeys

The Marketing team at Acko wanted to increase the policy renewals by sending timely, contextual communication to the policyholders. To do this, they adopted a multi-channel engagement approach using the WebEngage Journey Designer.

With the help of user actions (events), Acko sends timely, contextual messages to policyholders, reminding them to renew their policies on time. To ensure maximum engagement with the communication, they also leverages WebEngage’s Send-Time optimization functionality.

Suraj Raika

Assistant Manager - Digital Marketing, Acko

With multichannel targeting capabilities in a single platform, WebEngage has helped us identify the right opportunities for growth and act upon them to deliver an end-to-end insurance experience to our prospects and policyholders.

Event-based, automated claim settlement process

To automate the claim settlement process, Acko takes an event-based approach to track user actions on its app/website and then map relevant events (user actions) on the WebEngage dashboard. Using this events data, they then send contextual communication to the policyholders whenever they raise a claim request on the app/website.

Results

The team at Acko has been able to automate its user engagement initiatives, convert leads into policyholders and boost its policy renewals. Acko continues to deliver a seamless insurance buying experience and drive exponential business growth.

FamPay is India’s first neobank for teenagers. Backed by Y Combinator and Sequoia Capital alongside other prominent investors, the startup was founded in 2019 by IITians Sambhav Jain and Kush Taneja. With FamPay and its numberless card, minors can successfully make online (UPI & P2P) and offline payments without the need to set up a bank account. Parents can top up their child’s FamPay account and let them spend the funds under their supervision. FamPay aims to raise a new, financially aware generation of Indians who understand the fundamentals of personal finance and are capable of making decisions in their best long-term interest.

Joining the WebEngage Startup Program’s Class of 2020-21

FamPay was coming out of stealth mode in early 2020. Enrolling for the WebEngage Startup Program’s Class of 2020-21 seemed like the perfect choice to get the growth mode fired up right from the initial phase. With a host of facilities provided on the app, it was also the right time for FamPay to start leveraging a full-stack marketing automation platform.

What is the WebEngage Startup Program?