North Loop is an innovative financial institution that serves NRI customers and millennials. In 2020, Tahem Verma established North Loop, which lets its users access worldwide ATMs and banking services, including credit facilities, investments, cryptocurrencies, loans and insurance. North Loop offers this service to customers in North America, UAE, and India.
North Loop wants to give its global banking service to everyone without surprise fees.
Challenges
Cost of Automation Platforms: A new business requires every choice to be strategic at its early phase. North Loop required a single solution that combined essential marketing tools at an affordable price. Partnering with fewer engagement vendors will simplify their operations and lower their overall ownership cost.
Need for enhanced push capabilities: A useful automation partner helped them develop campaigns that successfully interacted with their users. Personalizing campaign content plus automating delivery was needed to make messages stand out instead of remaining basic promotions.
Understand user behavior
A marketing campaign achieves success when marketers translate user data into high-quality messages. Regularly checking conversion rates and uninstall numbers helps you see if problems exist in the app so you can fix them promptly.
Solution
Verma understood all the benefits and features that CleverTap provided. The CleverTap for Startups plan’s pricing strategy that accommodated startups’ needs became the major reason why he selected their solution. The essential conversion metrics for the customer lifecycle track user actions. Such as downloading and deleting the app, alongside completing KYC, setting up an account, transferring funds, purchasing stocks, and investing in digital currency.
Actionable segments to create relevant campaigns
North Loop uses a segmentation approach that sorts users by their locations and purchase activities, plus personal data. According to Verm, a segmentation helps companies observe how users interact with their products and how different groups engage with the content. They add users to their crypto-curious segment when they explore Bitcoin topics.
The marketing team needs A/B Campaigns to find winning strategies that increase user interest. Through A/B testing, North Loop’s marketing team evaluates three separate marketing messages for each campaign. They examine different advertising materials to discover which type achieves better results and employ it throughout their whole promotion. They can select how many people should participate in the test group.
The company needed this research method to expand successfully. The engagement rate doubled when they began to test different versions of efforts through CleverTap’s optimization tools.
North Loop’s automated onboarding system: enhancing user engagement
The system generates automated paths to help user teams interact with their audience throughout the product experience. Each product at North Loop uses a different onboarding process that matches product difficulty and user location. The first step of onboarding involves emails that send a temporary password to new users while requesting their name and contact details, plus product-related information. The subsequent messages check how invested the user wants to be in buying or investing.
Their onboarding pathway lasts for 13 straight days. New app users get their initial notification one hour after opening the application for the first time. The program includes daily alerts on Days 2, 4, 6, and 13 in succession. The device sends messages to users offering them credit application opportunities as well as chances to invest in bitcoin and purchase insurance. The team stays informed about every campaign and journey performance using Campaign insights. The team uses these results to adjust their projects and enhance their delivery of better outcomes.
Results
By performing AB tests for their campaigns, North Loop earned twice the usual user engagement. Through their research, they found fewer customers left their app since they discovered why people stopped using the product during setup. The company found customer loss reasons through real-time analytics on CleverTap which guided them to stop users from leaving.
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