Resources
26 Powerful Nudges to Engage Fintech App Users
Written by
Mariam Hazrat
mariam.hazrat
0

26 Powerful Nudges to Engage Fintech App Users

Users’ appetite for fintech apps has been growing at a fast rate. The driving factor behind this steep rise is the ease of use and convenience that these apps offer. All players in the fintech app ecosystem, whether simple utility apps or super one-stop apps that offer a full-blown range of services, are coming up with multiple ways to get the elusive user loyalty. 

We’re living in the ‘experience age’, making ease of navigation and use, user journeys within the app, surfacing relevant information at the right moment to maximize feature usage, extremely important. Or do we say , a necessity to fit your app in the user’s daily life? And with the relatively high churn rates plaguing fintech apps, delivering engaging in-app experiences is an unsaid rule to drive product adoption. 

Focusing too much on your product offerings and overlooking the customer needs results in an unappealing user experience with retention going downhill. This is why it’s crucial to focus on the whole product experience that takes place within the app. Contextual nudges & walkthroughs play an important role in orchestrating the product experience by guiding users to explore and engage with relevant features depending upon the actions they take on the app. 

If you are a payment wallet, trading app, loan app, banking app, or an app that covers all of this, and you are looking to build the perfect product experience for your users, we’ve curated just the right blog piece for you. Here is a list of well-researched use cases for contextual nudges & walkthroughs that you can deploy across different stages of the user journey. 

Driving customer engagement in digital payment apps

With more and more people opting for contactless payment options because of the global pandemic, there has been a steep surge in the growth of digital payment apps industry. With the tailwinds in digital payments, it’s becoming increasingly important to deliver a seamless payment experience to users across the funnel. 

  1. While onboarding users, nudge them to add their bank account details for quick transactions.
While onboarding users, nudge them to add their bank account details for quick transactions
  1. Nudge users to explore different features of your app – payment of utility bills like electric bills, mobile recharge and others. 
  2. Prompt users to complete their KYC.
  3. Nudge users to make UPI transactions by highlighting rewards/cashback on making payments through UPI.
Nudge users to make UPI transactions by highlighting rewards/cashback on making payments through UPI
  1. Nudge users to claim rewards/unlock bonuses on bill payments. 
  2. Nudge users to check out the voucher options/discounts available on various payment methods.
  3. Highlight the ‘send money’ option.
  4. Deploy reminder nudges for recharges and bill payments to avoid late charges. 
Deploy reminder nudges for recharges and bill payments to avoid late charges.
  1. Nudge users to set monthly reminders for various payments.
  2. Nudge users to top-up their wallet for quick payments.
Nudge users to top-up their wallet for quick payments
  1. Nudge users to check their monthly spending/balance.

Deploying these nudges at the right moments results in an improved First Time User Experience (FTUX). An informational onboarding process, increased first-time transactions, and increased in-app features discovery & adoption, leads the users to creating habit loops that keep them hooked to the app. 

Boosting feature adoption in banking apps

As financial institutions are moving from offline services to digital, they are trying to finetune the entire customer experience through easy app navigation. Managing finances and other banking facilities are just a matter of a few clicks. But how do you make sure that your users are aware of all these features and get the maximum value out of them?
Here are a few instances where you can nudge users and help them realize your value proposition.

  1. Users who use their credit cards often, nudge them to check out their credit card scores.
  2. Show a walkthrough that guides users to explore the various policy options on your app. Deploy a series of nudges that starts with getting the users’ attention to the policy option button followed by a nudge on the option to know/learn more about the policy and finally prompt users to calculate the premium on the chosen policy. 
Show a walkthrough that guides users to explore the various policy options on your app
  1. For users who already have an active policy, nudge them to renew their policy (maybe 7 days before the renewal date).
For users who already have an active policy, nudge them to renew their policy
  1. Depending upon the user behavior, surface relevant policy options – healthcare, car, etc.

Monetizing upon user’s actions and intent to engage with your app, planting these nudges across the app helps in better onboarding, increases the policies’ purchase, boosts cross-selling and upselling, and increases policy renewal. 

Enhancing user experience in loan apps

Every user is hooked to the convenience that mobile apps offer. And the wide adoption of lending apps is no exception to this. While the short route to apply for loans instantly through the app and dodge the whole complicated process of applying physically is attractive enough to get users to come to the app, it may not be enough to retain them. 

A user functions in multiple contexts and it’s important to engage users at the right time by nudging them to take meaningful actions. Here’s how: 

  1. Nudge users to borrow money. – ‘Low on money? Borrow some’.
  2. Nudge users to keep a track of their score. 
  3. Guide users through the loan application process by deploying a walkthrough .
Guide users through the loan application process by deploying a walkthrough
  1. Guide users to complete their loan application if they have dropped off midway.
  2. Nudge users to set reminders to pay monthly installments.
Nudge users to set reminders to pay monthly installments

How do these nudges help your app? To start with, they help to increase adoption of the in-app services, increase loan transactions, reduce drop-off from the loan application process and enhance overall in-app engagement. 

Improving user engagement in cryptoassets trading apps

With the rise in the popularity of cryptocurrencies, crypto trading apps have taken a mobile-first approach to deliver a superior experience to traders. To make this experience more personalized and contextual, here are a few use cases for nudges & walkthroughs that can power up your app for growth: 

  1. Deploy a walkthrough to drive the user’s attention to key features like pricing, portfolio, etc.
  2. Nudge users to check out the trading guide. 
  3. Nudge users to bookmark/add coins to the watchlist.
Nudge users to bookmark/add coins to the watchlist
  • Nudge users to refer the app to their friends to earn rewards.
Nudge users to refer the app to their friends to earn rewards
  • When a user has browsed through Exchange but not yet bought any coins, show a nudge on the currency with “X users have bought BTC in the last 7 hours”.
When a user has browsed through Exchange but not yet bought any coins, show a nudge on the currency with "X users have bought BTC in the last 7 hours"
  • When a user is idle on the screen, guide them to explore FAQs about crypto.

This builds a better user experience, increases transactions, average session time by creating FOMO and growing the user base with the referral program.

Netcore’s no-code Product Experience platform helps you deploy nudges & walkthroughs without any coding, development, or engineering effort and in as little as 15 minutes. With a robust segmentation engine, these nudges & walkthroughs are made highly contextual and are triggered at the right stage of the user journey. 

Right from onboarding to activation, engagement, and retention, you can now deliver a seamless product experience to every mobile app user. 

To know more about how the Product Experience platform works, schedule a demo with us. 

Unlock unmatched customer experiences, get started now
Let us show you what's possible with Netcore.