When the pandemic began, the usage of digital wallets surged to 83% and pundits projected the fintech industry will be worth over $10 trillion a year by 2025 (TelecomTV, 2021). The Covid-19 crisis and the social distancing norms have shifted many traditional bankers to opt for digital transactions and few companies went ahead of the time and researched smart contracts and blockchain implementations.
Thus the fintech industry has recorded positive results financially even during the strict lockdown times, making it a promising industry with less volatility during these unprecedented times.
All the above-mentioned points boosted the growth of fintech companies across the globe and today every fintech company is focused on a single goal of achieving a major share of users transactions and engaging them for better retention in the long run.
So, here are a few ways to increase conversion with user engagement :
Every fintech app has its own way of facilitating digital transactions. No matter what’s hidden inside the login screen, a well-designed and strategically implemented onboarding plan can benefit any fintech company to create stellar first impressions for their end-users.
Onboarding is the phase where the businesses ought to explain “why and how to use the app to achieve certain user benefits”. A carousel of images explaining what different screens hold for the users is a good start. A quick tutorial on the home screen and then a guided walkthrough can actually lead to first-time user conversions.
Nudge via messaging:
No matter how good your user onboarding is, the nudges that come after, are equally important not just to engage users but also to retain them in the long run. That’s when nudging comes into action. The user communications are personalized to such an extent that the users begin to feel the brands know what’s best for them. The resonance of such messaging efforts across different channels consistently creates a subconscious
positive opinion about the brand. Once the brands command the trust of the users, loyalty is usually inevitable.
Sell via Email:
When it comes to fintech, users usually find their monthly usage info and other transactional information over email. Thus, knowing the fact that every user awaits such email communications, brands have a great opportunity to pitch a few other features or associated businesses along with the statement mails.
Email is a great way to upsell and cross-sell brand businesses and interests with higher conversion rates than any other campaign and an eye-catching subject line can boost your conversions multifold.
Survey to strategize:
Once the app is out with all basic and necessary features, every new feature needs proper user research. In order to conduct such user research, opinion polls on expected features. and process improvements, surveys are quite essential.
The survey results decide the roadmap strategy of the businesses and also at times helps to validate a decision that’s being taken.
Gamify to engage:
The heart of gamification is not with the games but with the game mechanics. Fintech is a great place to trade virtual currency and experience points that can be later redeemed for real cash.
Thus gamification isn’t all about games, and fintech companies like Gpay, Phone pe, etc, have set the bar high for all new companies. However, if there is no valid use case to gamify and reward users, using minigames will also work. These days we see companies rolling out minigames before their annual sale so that users accumulate a few points to redeem once the sale is live. The psychology of losing hard-earned points will push the users to make a purchase even if the items cost high and need some extra bucks from the user’s wallet.
Fintech is emerging rapidly, especially COVID-19 accelerated the whole process of digitization and the users are getting habituated to digital banking. Demonetization has also led to the usage of fintech apps and today all two-tier and three-tier towns are well equipped with internet facilities to use digital banking in their day-to-day activities.
Now that the infrastructure is ready for fintech to propel into all emerging markets, fintech applications are racing to reach millions of users at the earliest. Even people tend to stay with a particular bank for the long term, hence with high retention rates comes higher profits. Thus, fintech applications are focusing on better onboarding, personalized engagements, and top-notch customer satisfaction strategies to nurture them to spend and use the application for their day-to-day transactions.
About Upshot.ai :
Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve their product adoption and conversions. Fortune 1000 companies such as GE, UHG, Puma, Sony, ITC, Tenet healthcare are using Upshot.ai and observed a massive increase in product adoption YoY increment in revenues.
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