CASHe, India’s online credit lending app, magnifies its repeat user base by 75% using IVR integration on WebEngage’s platform

I am really impressed with WebEngage’s robust Retention Operating system. It has helped us build deeper engagement with users across their lifecycle. The support team has always got our back, should there be any concerns. They are prompt and highly responsive in resolving any challenges that we face while using the platform.

Author Photo

Nishant Mehta
Deputy Manager, CASHe

  • Industry:

    Banking & Finance

  • Location:

    India

    Quick Facts

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    Users routed further down the funnel via IVR

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    Growth in MAUs in a year

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    Increase in repeat user base in a year

About CASHe

CASHe is a credit-enabled financial technology platform that offers consumer lending products like short-term personal loans, buy now pay later and credit line services to salaried millennials.

Launched in 2017, CASHe provides hassle-free financial assistance utilizing its proprietary decision models that are powered by its AI/ML-backed platform called the Social Loan Quotient (SLQ). SLQ assesses a person’s true ability and willingness to repay, leading to a considerable reduction in the average cost of credit. Since the launch of operations, CASHe has disbursed loans worth $1,5500 million to over 10 million registered users and more than 20 million app downloads with over 30,000 downloads and 3,000 loan applications witnessed every day. The company’s loyal customer base of over 5,00,000 comprises over 75% repeat users.

Objective

CASHe offers unsecured loans to users via its AI-based credit scoring mechanism regardless of the user’s credit history. CASHe aimed to deliver omnichannel campaigns to reduce user drop-offs and engage existing users to complete their profile journeys for instant loan disbursement.

Challenges

  • Exhaustive sales funnel
  • Increase in user churn from different stages of the customer lifecycle

Why WebEngage?

In order to boost campaign performance and nudge more and more users towards profile completion on the CASHe app, the brand wanted to inculcate different types of communication channels and strategies.

Along with the existing channels (SMS, Email, and Push) CASHe also wanted to add another channel in terms of voice and thus the Interactive Voice response System also called IVR was adopted.

WebEngage in action

The team at WebEngage recommended CASHe to build different IVR specific omnichannel journeys to engage dormant users who dropped out of the user journey without completing their profile. With WebEngage’s funnel analysis feature the brand was able to identify leakage in the journey and plug in an IVR communication real-time. This strategy led to reduction in user’s drop-offs, redirecting the users towards further steps based on where they are in the journey.

The WebEngage Impact

With WebEngage’s consistent support and robust automation efforts, the brand was able to run multiple campaigns at scale and effectively achieve its business KPIs.
Here’s what CASHe achieved in terms of results:

  • 35% users routed via IVR and redirected further down the funnel
  • 47% growth in MAUs in a year
  • 75% increase in repeat user base in a year

Nishant Mehta

Nishant Mehta Deputy Manager, CASHe

I am really impressed with WebEngage’s robust Retention Operating system. It has helped us build deeper engagement with users across their lifecycle. The support team has always got our back, should there be any concerns. They are prompt and highly responsive in resolving any challenges that we face while using the platform.


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