Explore important use cases for nudges in fintech apps and how leading apps have implemented them.
With the proliferation of fintech apps in the last decade, users have an abundance of options to choose from. To drive further growth, fintech apps need to:
Nudges guide users to explore and engage with relevant features based on user actions. Here are use cases for nudges that can be implemented through various stages of the user journey.
Nudges in fintech apps drive user activation by guiding users through necessary steps like account setup, identity verification, and linking financial accounts.
Stable Money, an app that lets its customers book fixed deposits digitally, introduced Stories to communicate its value prop and build trust with its users.
Stories have worked well for Stable Money to drive home key messages or share special offers because they are short, simple, and easy to consume.
Google Pay incorporates tooltips that educate new users on how to use two critical features - making payments to contacts via a search and scanning a QR code. By doing so, Google Pay ensures that users are aware of these features leading to quick activation.
Binance uses a guided tour to educate new users and help them on their way to make their first trade. This leads to rise in activation rates and over time improves retention and LTV.
In-app messages are effective ways to grab attention and to prompt users to take necessary actions for higher engagement.
Khatabook's Akshaya Tritiya engagement campaign incentivized coin purchases by offering 10 free coins with every recharge. A simple way to boost sales during the festive season.
Sometimes your users become familiar with some sections or actions in your app and glance over them without taking the next step. A soft nudge can bring the user's attention back and encourage the right next action without disrupting the experience.
In Jar's case, the app can increase a user's investment on their app if the user decides to "Save round-offs". This also increases long-term retention. However, most users would skip this section.
Nudges increases discoverability, ensuring that users are aware of the latest enhancements and updates available to them. It also helps to educate users on how to use these features effectively, reducing any barriers or uncertainties that may hinder adoption.
LazyPay uses a PiP video to announce its new credit card application feature once the targeted cohort users open the app.
INDmoney launched a “learning module”, a free, simple & gamified way to learn the concepts of money and investing. They used bottom tabs to get users started on their learning journey. These tabs are easily accessible to all users and take them directly to the learning page without being intrusive.
These prompts encourage on-the-fence users to take adopt offerings that help the app boost LTV per user.
MobiKwik has launched Xtra, a super flexible investment feature designed to cater to the needs of young investors.
To highlight this new offering, the MobiKwik app showcases an engaging Picture-in-Picture (PiP) video in the background, encouraging users to explore and start investing with the Xtra feature.
No surprises here. Your developer teams are swamped with feature requests and building your core product.
Asking them to incorporate nudges when you don’t know if you’re building the best nudge for your audience can easily lead to a waste of engineering hours.
The key here is that you need to experiment with multiple nudges and flows to identify which nudges significantly impact your key metrics.
For example, you might hypothesize that highlighting the “Send Money” feature leads to quicker time to value. You can test this hypothesis by building a subtle nudge to educate new users about this feature. If your metrics don’t improve, your hypothesis might be wrong, or you’re not using the right nudge.
Plotline's in-app engagement platform enables you to deploy in-app nudges without writing a single line of code. We provide powerful event-based targeting and user segmentation to help the right user take the right action at the right time.
If you're interested in learning more about how nudges can help you drive activation, adoption, retention, and monetization metrics, start your free trial with us.
Join companies like ShareChat, Meesho, Jupiter, Jar, Khatabook and others that use Plotline to run in-app engagement and boost activation, retention and monetization.