The rising global surge in digital transactions due to Covid-19 has pushed the demand for FinTech and Mobile Banking apps worldwide. It is estimated that the market value of FinTech apps can hit over $460 billion by 2025, as more customers move towards digital transactions. The future of FinTech brands has good scope and is expected to deliver more value to customers. Let us see about Strategies for FinTech App Retention.
In this blog post, we will discuss the top strategies that fintech apps can use to attract and retain more customers.
IIFL has one of the simplest onboarding, it lets guest login, and requires only mobile number and OTP to explore the app. The app is known for its good and segmented user interface. Contains a dashboard for generic information like NIFTY, GOLD, and USD rates on the landing page. Informative for users who come to know only the daily updates and analyses market status. Many users might use the app to know the generic data as it has a simple user interface. It also has a separate News section to display recent news updates.
Gives a clear description of their terms like 0% brokerage, buys, or sells gold digitally before onboarding. Similarly, the signup process is quite simple and its users find it easy to use. It has a clean UI (user interface) for onboarding first-time users.
Optimize the app store listing
The objective of all the organizations and brands is to attract new customers and retain existing customers. All they require is continuously increasing app downloads, more engagement, and high retention rates. To achieve this goal, your app should require a smooth onboarding experience, a variety of content to engage the audience, and fun elements to attract new customers. But, the foremost step to attract new customers is through app store optimization. Companies should keep enhancing their app store listing strategies, as there is a constant rise in the competitors’ list in the app store. With inviting app store listings, users notice your app and are attracted to a seamless onboarding process.
Here are some of the points to be noted during the app store listing:
1. Remember to display the benefits, uses, and rewards of using this app
2. The listing should not be too educational, it should crisp and straightforward
3. Emphasize more on the value that the user receives in installing the app
4. Display the insightful information that offers competitive benefits
Seamless Onboarding process
The key to a seamless onboarding process is the robustness and simple learning process. Too much of process and content can become a barrier to customer retention, so keep your onboarding process simple and highlight only the core benefit of the app that it brings. Additionally, this will also help the customers to understand your app and the process quickly.
1. Limit too much of non-essential content during onboarding
2. Keep the process as quick as possible
3. Highlight the core functionality of the app in the beginning
4. Figure out the easiest and the quickest way to help customers sign up
Give an attractive reward program
As per the statistics, more than 50 percent of the customers use the app that provides attractive offers and rewards. An interesting reward system and points keep individuals engaged and avoid getting bored with the app. There are two advantages of using a reward program:
1. When you introduce rewards to unlock higher levels or new services, people feel that they are progressing and considers unlocking the next level as an achievement
2. The second reason is the profitability, for top brands, loyal customers are more profitable because these loyal customers possess a higher share in increasing the revenue when compared to the other people.
For instance, Starbucks is renowned for its amazing reward program, for every purchase a customer makes it offers reward points and provides a free drink on the customer’s birthday month. These factors encourage the customer to get the membership card and make more purchases.
Sending timely and customized push notifications
Sending push notification to the customers without nudging them plays a vital part in customer engagement. Push notification is intended to remind the users and let them know that their association is highly valued. When done in the right approach, this can bring back inactive users, because a study states that the right push notification has increased retention rates between 125% to 180%. Basically, a good notification should be personalized, trigger interaction, and provide Strategies for FinTech App insightful content. Before creating any push notification, customers should remember one point that mobile app developers or marketers are left with a short attention span, so try to make it as efficient as it can. The notification message should be highly relevant, personalized, and remind the goal.
Before creating any push notification, remember the below points:
1. When it comes to push-notification quality plays a vital role than quantity
2. It should have a specific CTA ( Call-to-action)
3. The notification should be sent at a reasonable frequency and at an appropriate timing
4. The message in the notification should be highly customized and should convey a personal tone
Deep links are an important tool in the mobile app marketing, instead of sending simple push notifications, you may consider adding a deep link to it, because on clicking on the link you may be directly taken to the respective page within the app.
Paytm with deep link push notification
For instance, Paytm makes wise use of deep links in the mobile marketing, a payment reminder contains a link to the direct payment page and promotional cashback notifications offer amazing cashback to the kids clothing and on clicking on it users are directly taken to the collection page and the promotions are directly applied to every screen until the checkout process
Make use of appropriate in-app automated messages
In-app messages are an amazing way to keep customers in the loop and continuously engage with relevant offers and messages of their interest. The ideal time to engage the customers is the time when they are using the app, so sending in-app messages have a higher open rate when compared to the other mediums. With the technology transformation, customer’s preferences, behaviors, and likings are also continuously changing, customers now prefer the robust buying experience that requires minimum effort.
Fintech mobile app customers expect a robust and highly personalized experience. Hence, by incorporating perfect strategies and processes you can engage your customers in a better way. With an increase in the competition, Fintech apps are continuously evolving and looking at ways for deeper customer engagement. Hence, it is essential for any FinTech app to keep themselves updated with appropriate strategies and processes. This was all about Strategies for FinTech App and Customer engagement.