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

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.

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

Head Of Marketing, Freo

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.