Leading Fintechs Are Going The Personalization Way To Upgrade User Engagement

Bajaj Finserv EMI Store (BFES) is the next generation of digital marketplaces that offers easy shopping solutions, making online electronics shopping easier than ever before.

Fintech is booming but still there some leaky funnels that you’ll notice. For example, Bajaj Finserv’s conversion funnel showed that a considerable chunk of the incoming traffic never moved beyond the awareness stage. They left without performing significant actions on the website.

This sequence of user behavior on the website can be visualized in a funnel, which enables you to see where customers are falling off in your nurturing process, and make refinements in those areas.

Why were so many drop-offs happening?

The inability to reach out to users at the right time on the right channel with a personalized message led to a lot of users dropping-off the funnel.

• The number of touch-points for the user had increased
• At the same time, user expectations had been constantly evolving
• Competitors had been coming up with more tempting offers for the target audience

The leaks were inevitable. But this meant a massive untapped potential for BFES if they could get some of those drop-offs back on track.

Roadblocks

It was incredibly difficult to scale personalized engagement campaigns for the large user base of 15 million+ users. These were some of the roadblocks that BFES encountered:

• Faceless nature of online platforms
• Inability to pinpoint the source(s) of funnel drop-offs
• Inaccuracy in targeting the right segment so as not to annoy a lot of their current and potential customers
• Unavailability of the right channel(s) to sell to unknown users

Solution

The team at WebEngage offered a customized onboarding-support-success solution and built a detailed project plan that ensured widespread adoption of the dashboard. Here are the steps they took:

Built infrastructure → Analyzed data to pinpoint drop-offs → Created a retargeting ecosystem → Inserted the right plugs → Measured conversion boost

Get a glimpse of every step of the solution explained in detailed coupled with the astonishing results achieved in the case study right here!

Note: Bajaj Finserv’s case study was originally uploaded on the WebEngage platform.