In addition to the usual challenges and hurdles businesses face in the course of their growth, fintech companies face some challenges unique to their industry. Strict and ever changing regulations, complicated concepts and content, need for consumer’s trust and constantly evolving technology to name a few.
So it comes as no surprise that many successful companies keep up with the latest trends and technologies to stay connected and in tune with potential customers. Interactive emails is one of the latest tools in their arsenal.
Mailmodo, one of the only an email marketing platform that enables interactive emails, notes that several high growing fintech businesses have, in fact, reaped the benefits from this.
Interactive emails allow the recipients to interact with the content inside the email in real time like one might in an app by clicking, swiping, scratching, etc. This allows the recipients to perform actions without even leaving the inbox or being redirected to a different landing page.
Interactive emails have greatly influenced email marketing and returned exceptional results. Martech Advisor reports that interactive emails increase the click-to-open rate by 73%.
Interactive content opens several possibilities for the fintech industry in particular, since the steep growth and innovation in the recent years calls for it. Here are a few ways how fintech businesses are using interactive emails:
1) Product awareness
The sheer development in the fintech in the last few years makes awareness an important portion for a majority of fintech products. The fear of the unknown hinders their adoption.
So awareness and education becomes crucial. Businesses have to simplify both the real and perceived complexities and challenges to the average prospect to convert them into customers.
They are often complex and challenging for the majority’s understanding. They can be very intimidating for average consumers as a lot of terms used in the introduction of these products are difficult to understand.
Interactive emails can make the learning experience easier. Instead of guides and articles that are usually seem like a lot to swallow, businesses can send with visually appealing emails and carousels that concise the relevant content.
Razorpay did just that when they launched Razorpay Capital’s product awareness campaign with Mailmodo. The team saw a 45% increase in engagement.
2) Customer acquisition
The customer acquisition journeys are typically long for fintech lasting anywhere from two weeks to two months or longer. They usually require capturing detailed information at several checkpoints, explaining the fine print, even assisting the prospects through the journey.
Fintech businesses can smoothen the acquisition journey with interactive widgets such as forms, surveys, and calendar bookings inside email real time instead of pushing their prospects through a string of forms and countless redirects.
This significantly reduces the drop-offs in the process too.
3) Onboarding process
People who understand better, engage better. Onboarding is the opportunity to set things in order as they take off: guiding new customers to tap into the product’s potential to increase product adoption and decrease disengagement and churn.
Some fintech companies even conduct large scale webinars to educate their onboarded users. The problem they face is low registrations because of a long registration process. AMP for emails allow the users to fill a form to register for webinars within the email itself.
Mudrex utilized Mailmodo’s features to increase their webinar registrations by 280%. This also resulted in an increase in revenue. 90% of the attendees went ahead to invest in cryptocurrency through Mudrex.
4) Winback campaigns
Fintechs lose a lot of business through app uninstalls. Winback campaigns aim to help retain customers avoid decline in users and loss of revenue.
Stratzy, an investment focussed platform had a same problem. They used Mailmodo-CleverTap integration to trigger a winback email automatically when a user uninstalled their app. They remind users to reinstall the app, if it was uninstalled by mistake or ask for feedback or an improvement idea if it was intentional. It was able to win back 3% of its lost users
They even received 50% more feedback and created “Stratzy Learn” stories as a result to educate users better and encourage product usage.
Referrals have always been one of the best ways of promotion. It existed in the past when technology wasn’t a thing and continues to exist today.
Fintech companies encourage referrers by giving them incentives for referring and even when their referees convert. Traditionally, a referrer would have to send an email to the referee with a unique invitation or referral code. The referee would then have to go to another page to register himself.
With AMP for emails, the referee can fill up a form to register himself and also be educated about the product with visually appealing carousels all within the same email.
AMP for emails also allow customization of the subject line with the referrer’s name in it. This increases open rates.
Wrapping it up
Creating digital experiences that educate, capture, convince and retain users is the key to success for fintech. These businesses rely as heavily on marketing, sales and customer success to create a sense of reliability and trust as they would on the tech that powers it.
To stay ahead of the marketing trends and conversion strategies, a lot of businesses are turning to interactive AMP emails that enable user actions in the inbox.
Mailmodo enables and supports creating and sending interactive emails without code. The platform also allows sending 10,000 emails a month without cost in their free plan.
For teams looking to for other tools to get started with AMP emails, we suggest choosing a no-code email platform with a drag-and-drop email builder, a library of ready to use interactive email templates, email campaigns and automation and integrations with a range of third party platforms so they can plug and play with AMP emails at ease.