How MoneyTap used Exotel to boost call connectivity and improve user activation rate

Case Study

How MoneyTap used Exotel to boost call connectivity and improve user activation rate

 

About MoneyTap

 

MoneyTap is India’s first app-based credit line. They’re the leading personal lending platform in India and have over 10 million users across 40+ cities. Their goal is to make credit readily available to millions of Indians without the hassle of complex paperwork. Till date, they’ve raised over $82.5mn in funding from investors like Sequoia and Prime Venture Partners.

Importance of User Activation

While driving sign-ups to an application is critical for growth, converting them into active users is more important. Businesses can achieve success only when they have an active user base, and there’s no point in generating sign-ups that drop off without adding value to your company. A great way to activate users is by engaging with them contextually at each stage of their journey until they complete all the milestones in an application.

 

MoneyTap takes a similar approach by engaging with their customers at different stages via various channels until they convert. Since applying for a loan is not a straightforward process, they try to answer all customer questions upfront to prevent drop-offs. Of all the channels MoneyTap used for engagement, calling up new sign-ups has been most effective for increasing activation and conversions.

Exotel’s Click to Call Solution for Triggering Calls

Exotel is directly integrated with MoneyTap’s in-house CRM. Using our Click-to-Call solution, MoneyTap’s agents call customers with a simple click of a button. Once a lead is assigned, agents usually call up the lead and update its status on the CRM. If users don’t pick up the call, an agent is assigned again after a set interval.

 

Calls have been instrumental at each stage of the customer lifecycle – right from user activation to churn management. They run specific call campaigns for each user segment, which allows them to communicate with their users contextually.

 

After moving to Exotel, they noticed a significant improvement in their call connectivity rates.

Exotel also helps MoneyTap –

 

  1. Gain visibility on the number of calls made and the status of each conversation.
  2. Track the activity and performance of both in-house and outsourced agents using a single platform without investing in additional infrastructure or software.
After using Exotel, we saw an 8% jump in our call connectivity rates. This directly helped us increase user conversions by 3-4%. That number might seem trivial, but the impact has been massive.
Sushant Kumar
Operations Manager, MoneyTap

Exotel also helps MoneyTap in BCP (Business Continuity Planning) to ensure that their customers are not affected in situations like the one we are facing today. Even in a pandemic, using Exotel, MoneyTap’s agents are able to continue working and supporting their customers remotely.

Ebook: Cloud Telephony in a Nutshell

If you’re unclear about how cloud telephony can help your business, start here. In this ebook, we talk in detail about the various options businesses are faced when they consider using cloud telephony for their business.



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