Overview
With WhatsApp as a catalyst, INDmoney's success narrative is marked by heightened customer interactions, a diversified communication approach, and substantial product adoption.
About the Company
INDmoney is a Super Finance App that helps its customers to plan, invest and manage funds for themselves as well as their family members. Since its launch in 2019, the application has grown to 8 million users backed by innovative features such as US stock investing, neo banking, deposits and financial life tracking & management. INDmoney’s mission is to improve the financial future of its customers by helping them to save and earn more. Its vision is to be a one-stop shop for all financial needs that a family may have.
The Goal
User engagement and product adoption
INDmoney analyzed that to ensure adequate communication and proper engagement with its customers, it had to manage three types of messaging properly. The first were the transactional messages (including asynchronous transactions; for example, confirmation of a SIP investment may come after a day’s delay), as per the process flow in their system. The second were the personalized reports (weekly reports and insights on users’ financial portfolio etc). The third were the marketing-promotional messages that helped in upselling and cross-selling. INDmoney, in a bid to increase its reach, wanted to look beyond traditional channels - SMS, emails, and push notifications - that it had deployed, to share these types of messages with its customers.
The Solution
Transformed financial communication and marketing dynamics
INDmoney faced a critical challenge when contemplating the incorporation of additional communication channels. The pivotal concern was not merely diversifying the avenues for interaction but ensuring a substantial and positive return on investment. The intricate task extended beyond mere communication; it required the implementation of intelligent marketing strategies to meet overarching objectives, with a primary focus on upselling and cross-selling.
INDmoney's strategic response to these challenges culminated in the adoption of the WhatsApp API, a multifaceted solution that addressed these intricacies through a carefully crafted approach. The initial facet of the solution involved leveraging WhatsApp API to streamline the sharing of transactional messages. This encompassed the dispatch of timely alerts regarding upcoming transactions, creating a seamless channel to keep users informed about their activities on the application. By providing users with real-time notifications, INDmoney aimed to enhance transparency and keep users engaged even beyond the app interface. Recognizing the need for a more personalized and engaging user experience, the second dimension of the solution revolved around the generation and distribution of personalized reports and notifications. This strategic move was a fundamental driver of user engagement. The reports, meticulously crafted to unveil insights related to users' assets, finances, and portfolios, were seamlessly integrated with INDmoney's proprietary insight engine. This integration not only elevated the level of personalization but also reinforced INDmoney's commitment to delivering value through comprehensive financial insights.
Facilitating transactional transparency through WhatsApp
The final and perhaps most transformative dimension of the solution was the integration of WhatsApp API with INDmoney's machine learning-based personalization engine. This integration served as the catalyst for effective promotional messaging. By discerning users' preferences for each financial product, the platform enabled highly targeted communication to potential customers. The result was a series of smart marketing messages that skilfully nudged users towards exploring specific products. Whether it was a gentle recommendation to evaluate a new insurance policy or a timely alert about potential credit card defaults, these messages were tailored to each user's unique financial landscape. In essence, the adoption of the WhatsApp API was not merely a technological integration; it represented a strategic synergy between communication, transparency, personalization, and marketing.
The Success
A surge in engagement and product adoption
WhatsApp Business Platform is a very reliable channel and with high readability and high reach, our transactional messages to the users have contributed to lessening users’ anxiety, thereby increasing the confidence in our service!
