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Srinivas Gurram
Srinivas Gurram May 24, 2022

As the number of applications continues to grow for consumers, it becomes difficult for companies to acquire and retain users. Mobile users want an easy and fast experience yet powerful and engaging enough to satisfy their needs. Just because they installed an app does not mean they are making business value. So, it is important to focus on inactive users in BFSI.

It’s challenging to keep users engaged. But, with the right engagement strategy, you can re-engage users and bring them back.

In this article, let’s discuss what we mean by inactive users and ways to re-engage them.

Who is an Inactive User?

Inactive users are people who haven’t performed any action within a specified period of time, and the accounts that have discontinued performing key value-based actions on your app.

Most businesses focus on increasing their user database by attracting new customers. For example, let’s say you have 1000 users, and 30% of them are inactive. That means there are still 300 potential users who could be spending money with you if you actively re-engage them.

Why do they become Inactive?

Users may become inactive or leave the app when they do not see the product’s value.

It’s essential to identify when and where your subscribers are becoming inactive. Your data should break down the reasons into categories, such as app experience, lack of engagement, and low perceived value. These will help you figure out what is triggering them to do.

Reasons Why Users Become Inactive

  1. Absence of onboarding process
  2. Lack of tutorials – that help to deal with complex user interface
  3. Relevant updates
  4. Too many in-app advertisements
  5. Lack of value

Ways to Re-engage Inactive Users in BFSI

#1 Never let Users Skip your Onboarding

The first impression one gets when using an app is critical in determining the life span of that relationship. If you want your users to get the most from your product and become long-term customers, you’ve got to make that great initial impression.

The user onboarding experience is a unique opportunity to showcase your product features and benefits.

Without it, people may miss key elements of the app that can leave them questioning if your tool fits all their needs and helps them understand what problems it will solve, whether it be transferring money online, purchasing insurance, or trading stocks.

Send a welcome email to new users that encourages them to engage with your app. Send emails/in-app messages to users who have not completed onboarding. Identify and re-engage with them and assist them with tutorials in completing KYC, adding bank account details, and setting up a complete user profile.

Talk to our engagement consultants today:  https://bit.ly/3gCr4CN

#2 Re-engage Inactive Customers by Offering Personalized Communication

There are chances that a segment of app users may stop using your app for various reasons. It may be they found a better alternative, a flawed experience from the app, or missed out on personalized communication. 

Identify each user’s activity by past purchases and browsing behavior, then offer relevant information or customized discounts/rewards to customers based on their interests. These will intrigue them sufficiently and help engage them more effectively.

Giving each customer a feeling that they are receiving something specifically designed just for them can be a great way to re-engage inactive customers.

#3 Gamify their Experience

As financial services are more about numbers, users may feel their experience is boring, and most importantly, they look for an experience worth sharing with others.

Gamification is a powerful way to re-engage your customers and bring them back to the app. It uses gaming approaches and processes to engage people in solving problems and make their journey enjoyable. 

It makes tedious tasks fun and motivates customers to participate, builds competition, and allows customers to play games like trivia, spin the wheel, and shuffle cards to earn cashback/coupons. 

Use badges and rewards, points, leader boards and levels, customizable avatars, and status indicators.

Upshot.ai Gamification helps re-engage inactive users in BFSI
Gamification

#4 Collect Customer Feedback and Use Data to Improve your App Experience

The best companies always focus on learning and improving, especially when it comes to customer service. Negative feedback from unhappy customers can provide you with vital information about how you can improve your products/services.

The inactive app users tend to stop responding to feedback surveys if they are not happy. You can re-engage them by offering a special offer for filling out feedback surveys.

Another efficient way is using social media. It helps conduct a feedback program where many digital users are present. In the past, people used to share their opinions by writing letters, but these days, people use social media platforms to share their views. So we can quickly know what problems they are facing while using your application and how you can solve them to get back our lost customers.

#5 Use the Push Notification Tool to Re-engage

Inactive app users in BFSI need a nudge or a reason to start using your app again. 

Push notifications are one of the most successful ways to bring your users back to your application. Sending reminders at the right time, including relevant information, and offering some value about what users could be interested in will significantly increase the chances of opening them. 

E.g., push notifications to remind them of which level they are on and where their peers have reached, or even by sending discounts or coupons.

However, it’s important to remember that push notifications and in-app messages should be helpful and not just another way to spam your users.

Conclusion

While it is expensive and takes more effort to acquire new users, losing current customers can create a hurdle cycle. Retaining inactive users in BFSI needs the right mobile app engagement strategy and omnichannel customer experience. 

There may be many reasons why users become inactive and churn; if you want to re-engage users, you need to focus on them. It may be challenging to know what will work, but the payoff can be huge if your efforts are focused.

The Upshot.ai Advantage

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions.

With Upshot.ai, banks, Insurance, and FinTech firms can enhance their digital experiences with pre-built gamification features. It can provide personalized insights, actionable recommendations, and contextual nudges designed to deepen its relationship with its users. 

Book a demo of the most comprehensive user engagement and gamification platform to achieve your digital product goals. Join our communities for more insights, guides, and best practices that keep you updated with proven strategies and tips to supercharge your campaigns.

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