Overview

Stashfin, a leading financial services platform, faced the challenge of efficiently creating and deploying campaigns to drive specific behaviours among their borrowers while fostering long-term loyalty. 

Encouraging timely payments and responsible financial behaviour reduces the risk of loan defaults, which can be costly to recover. Driving positive behaviours also supports customer financial health and aligns with broader industry regulatory and reputational goals. It engenders greater level of long-term customer loyalty as when customers develop responsible payment habits, they are more likely to maintain a long-term relationship with the lender, building trust and loyalty whilst also improving customer retention and reducing churn. 

Solution

To drive positive behaviours, we created a behaviour-based reward engine that could be configured through a single API, to reward customers with Stashcash, their loyalty currency, to drive a range of different behaviours: like availing loan, completing the journey, on time repayments, disbursals, reference, etc.  

The program could be accessed via Stashfin App where customers could accrue Stashcash and redeem it instantly against a wide range of branded gift vouchers of different denominations.  

Impact

The program had significant success in driving these small but crucial behavioural changes. Encouraging positive financial habit-based formation, trust and long-term loyalty. The key factors contributing to this success being the ease of participation and wide range of relevant and engaging reward options.