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MoEngage > Case Studies > Freo's Success in Boosting Open Rates through Optimal Communication Timing

Freo's Success in Boosting Open Rates through Optimal Communication Timing

Applicable Industries

Finance & Insurance
Utilities

Use Cases

Time Sensitive Networking

The Challenge

Freo, a neo-bank for millennial Indians, was grappling with a significant challenge common to many Fintech brands - customer drop-offs during the customer journey. The complex set of steps that customers had to complete, such as KYC registrations, made customer retention a major issue. The company was struggling to maintain engagement and keep customers on board throughout the entire process. This was a significant problem as it was affecting their conversion rates and overall customer satisfaction.

About The Customer

Freo is a neo-bank designed for millennial Indians. The company offers a range of financial services, including saving accounts, credit lines, and credit cards. They also provide mobile apps and financial utilities to their customers. As a modern banking solution, Freo aims to make banking more accessible and convenient for its users. However, the complex processes involved in banking, such as KYC registrations, were causing customer drop-offs and affecting customer retention.

The Solution

Freo turned to MoEngage to help them understand the best time to send messages to their customers. Using the Best Time to Send (BTS) feature, Freo was able to reach out to its most active customers on the app via Emails, Push Notifications, and SMS’. This allowed them to engage with their customers at the most opportune times, thereby increasing the likelihood of their messages being opened and read. Additionally, by setting up specific Flows and Journey campaigns by MoEngage, Freo was able to guide their customers through the necessary steps more effectively, reducing drop-offs and improving conversion rates.

Operational Impact

The implementation of MoEngage's solutions led to significant operational improvements for Freo. By understanding the best time to send communications, Freo was able to increase their open rates to industry-best levels. This not only improved their engagement with customers but also helped to reduce the number of drop-offs during the customer journey. The use of specific Flows and Journey campaigns also allowed Freo to guide their customers more effectively through the necessary steps, further reducing drop-offs and improving customer retention.

Quantitative Benefit

Freo was able to achieve over 24% conversion rates through the implementation of MoEngage's Flows and Journey campaigns.

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