Gone are the days of confusing bank statements, cluttered checkbooks, and long queues. Fintech apps have bridged the gap between us and our complex finances by making money management a breeze.
From mobile banking to budgeting, investing, and trading, fintech apps have you covered with unprecedented convenience and accessibility. And hence, fintech is one of the fastest growing markets worldwide that is expected to reach $449 Billion by 2028 with a growth rate of (CAGR) 17.7% during 2023-2028.
The fintech landscape is fiercely competitive, with thousands of apps being created yearly. If you want to stay ahead of the competition, then keep your customers close and communicate your value effectively.
It is easier said than done! Although the world of marketing is constantly changing and evolving, the best and most effective communication tools are still push notifications and in-app messages.
This blog will cover what fintech engagement is and how to effectively communicate value to fintech app users through push notifications and in-app messages with real-time templates.
What is Fintech App Engagement?
Fintech app engagement refers to the level of interaction and usage of a mobile app user. It can include any interaction with the mobile app, such as signing up, creating a new account, duration and frequency of app open rate, the number of transactions made, or even as simple as checking the balance on the app.
A high engagement is a sign of high product adoption and is capable of driving app growth, loyalty, revenue, and retention.
Also read: How to drive more transactions and keep customers engaged for your fintech app
How to Communicate Effectively?
The financial sector is built on the foundation of trust. A lot of fintech players are facing challenges in creating an emotional connection with their customers, thereby failing to gain their trust.
Customers today are significantly more powerful than ever, with abundant choice and access to information. Hence communicating your value and maintaining a two-way relationship is paramount.
The right question to ask yourself before communicating through your app is which channel to use- Push notifications or In-App Messages?
Push Notifications
Imagine entering a store to buy groceries, only to be approached with a conversation about mobile phones. It doesn’t make sense, does it?
When dealing with finances and money being serious, transparent, and accurate is the way to go! Sending irrelevant notifications will not only interrupt the user’s day, but it may also lead to annoyance and loss of trust. This can result in users blocking notifications and ultimately ceasing to use the app.
To establish a strong emotional connection and gain their trust understand your user needs before sending notifications. You can collect user data by conducting surveys and analyzing app usage patterns, demographics, behaviors, etc.
This will help you create a positive and personalized user experience by delivering value in the right way at the right time.
Also read: Push Notification Strategies to Increase App Engagement in 2023
Instead of asking for permission to send notifications immediately, demonstrate the benefits and show how the notifications can enhance the user experience. By providing relevant and timely notifications, you can foster a strong connection with your users and encourage customer loyalty in the long run.
Here are a few templates:
| Title | Account Balance Update! |
| Text | Hello [User Name], your account balance has been updated to [balance amount]. Check the app for more details. |
| Title | New Transaction Alert! |
| Text | Hi [User Name], a new transaction of [transaction amount] has been made on [date and time]. View the transaction details in the app. |
| Title | Loan/Savings Application Status! |
| Text | Congrats [User Name], your [loan/savings] application has been [approved/rejected]. Please check the app for further details. |
| Title | Payment Reminder! |
| Text | Attention [User Name], your [credit card/debit card] payment of [payment amount] is due on [due date]. Please pay on time to avoid late fees. |
| Title | Investment Opportunity! |
| Text | Hi [User Name], a new [investment] opportunity has been added. Check it out now in the app and take advantage of this opportunity |
| Title | Reward/Milestone! |
| Text | Congratulations [User Name]! You have reached [reward/milestone] in your [investment/saving] journey. Check the app for more details. |
| Title | Payment Confirmation! |
| Text | Hi [User Name], your [loan/credit card/debit card] payment has been successfully made. Check the app for the updated balance and payment history. |
In-App Messages
In-App messages are effective if they are relevant, timely, and provide good value to the users. But with In-App, you can only engage the users within the fintech app.
This implies that the users are already on your app using it when they receive in-app messages. So, in-app can not be used for re-engaging the users. Although, it plays a crucial role as you will only drive your users away if you flood them with unnecessary information.
In-App messages should be a natural app extension, not some additional marketing strategy on your fintech app. Communicate important updates like new features, rewards, savings, and offers.
Also Read: Best In-App Message Strategies and Templates for 2023
Don’t forget to make these messages actionable by adding CTAs and deep links for easier navigation. This will make it easy for them to stay updated and increase your app’s feature adoption and engagement.
Here are a few templates:
| Message | Welcome to [App Name]! We’re so glad you’ve joined us. Our goal is to help you take control of your finances. |
| CTA | Get started now! 🚀 |
| Message | Congratulations on taking the first step toward financial wellness! |
| CTA | Explore more! 🪙 |
| Message | Take a few minutes to check in on your spending and make any necessary adjustments. |
| CTA | Review your budget now 💰 |
| Message | You’re doing great on your journey to financial freedom! |
| CTA | Set your goals 💸 |
| Message | Exciting news! We’ve identified a great investment opportunity that aligns with your investment strategy |
| CTA | Start Investing 📈 |
| Message | Get your free credit score and report with [App Name] |
| CTA | Check My Score 💳 |
| Message | Congratulations! As a valued user, upgrade to premium for extra features and faster financial success. |
| CTA | Upgrade Today 🔼 |
Also read: 5 Challenges Fintech Apps face and how to conquer them
Conclusion
If you want a successful fintech engagement strategy in place, it is essential to communicate your value to your users effectively with push notifications and in-app messages. Use these customizable templates to tailor your messaging and maintain two-way communication with your users in real time.
Delivering the right message at the right time can do wonders and increase your fintech app’s engagement and retention!
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.
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