Versions Compared

Version Old Version 15 New Version 16
Changes made by

Ahmed-Tijani Umar

Ahmed-Tijani Umar

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

User personas

Personal Banking users:
Rewards will now be available to ALL users who have personal accounts.
Business banking users [NEW]

With this update, we will be introducing Rewards to the following types of business account owners:

  1. Business without POS KYC level 3 and below

  2. Business with POS

* Businesses > L3 but without POS (corporate accounts), aren’t getting cashback rewards. They will be incentivised to get POS so they can enjoy rewards.

Expand
titleProblems and Proposed Solutions

Rewards user experience

From the discovery exercise we were able to uncover the following problems and come up with solutions to them:

Experience

Problems

Solution

Discoverability

“In-app Reward discovery overall is not great.”

“As a whole, CRM communication was very effective in bringing awareness to the customers.”

“Some users transact via USSD”

 “Some users had forgotten about their account or aren’t aware of Rewards”

Onboarding

  • Introduce rewards in the signup process

Positioning

  • Increase the priority of the rewards balance (or widget).

Entry point

  • A single clear entry point for rewards

  •  A dedicated “Rewards” or “Cashback” tab could significantly improve discoverability

Reminders

  • Emails & Push notifications to inform users about the Rewards program.

  • Improve SMS deliverability rate

Visual cues

  • Inform users clearly about where to access and redeem their rewards. 

  • Push notifications on cashback delivery

  • Badges to highlight features that have cash-back.

Support for edge cases 

  • Investigate if  some users are on old app version that does not support rewards.

  • Explore integrating rewards into USSD experience

Speed of Cashback

“Cashback speed is not excellent.”

Engineering optimization

  • Strive to make cashback delivery as instantaneous as possible

Visual cues

  • Manage expectations the first time you show them the rewards e.g. "available in your rewards balance within 5 mins"

Ease of use + General experience

“Responses here indicate cashout visibility and simplification is needed.”

“Cashback amount is a major reason for Positive satisfaction with competitors”

“Overall, most users find Rewards to be a motivator for engagement.”

Incomplete transaction

  • Investigate further with customers

  • Optimize engineering to ensure rewards are delivered accurately

More reward options

  • Explore offering daily rewards on other transactions (airtime & bill payments)

  • Explore other reward types like free transfers and vouchers, and data (internet)

Show users how much they save through cashback. 

  • Monthly or annual summaries of cashback earnings could increase user satisfaction and emphasize the value of sticking with the program.

Gamification of rewards

  • Gamifying the total rewards earned so far. (e.g. credit card reward levels). 

  • Tying extra rewards to milestones

Expand
titleUser Personas

...

Business Case & Justification

Expand
titleBusiness Impact

Current performance of rewards

The Rewards Program has been highly effective in driving key growth metrics, and there is strong evidence to suggest that launching it to all customers would significantly benefit us.

Sign-Up to Account Creation

Sign-Up to First Transaction

Sign-Up to First Transaction (non-referrals)

Assigned

77.7%

51.82%

43.21%

Unassigned

62.23%

39.89%

26.36%

CVR change

15% points Positive uplift in conversion rate is observed

12% points Positive uplift in conversion rate is observed

17% points Positive uplift in conversion rate is observed

* 80th percentile ‘Assigned Non-Referrals’ time to First Transaction improves by 14 hrs (20%) when compared to ‘Unassigned Non-Referrals’.
** Data accurate as of September 2024

Rewards Metrics

We are already tracking key account data on Rewards performance. You can access the live dashboard here, where we monitor general activity and trends:

.https://hera.teamapt.com/dashboard/rewards-hm-?p_Account Opened Period=["Post-Rewards Accounts"]

To summarise, our current Rewards program has led to:

Improved Conversion: Rewards significantly increased user engagement, particularly for Non-Referral customers who are harder to convert.

Higher Revenue: The uplift in revenue and transaction volume shows that rewards effectively drive business value.

Long-Term Engagement: Users who engage with Rewards are more likely to transact repeatedly, creating sustainable growth.

Expand
titleUser Personas

User personas

Personal Banking users:
Rewards will now be available to ALL users who have personal accounts.

Business banking users [NEW]

With this update, we will be introducing Rewards to the following types of business account owners:

  1. Business without POS KYC level 3 and below

  2. Business with POS

* Businesses > L3 but without POS (corporate accounts), aren’t getting cashback rewards. They will be incentivised to get POS so they can enjoy rewards.

Expand
titleUser Stories

Epic

User Story

Acceptance Criteria

Onboarding

As a Personal banking user, I want to be aware of the Rewards program from the moment I sign up.

  • A screen on onboarding that explains what rewards are and how to get rewarded

Discoverability

As a Personal banking user, I want to see the Rewards program clearly and easily interact with my rewards.

Positioning

  • A rewards tab on the bottom

  • Making the rewards balance more visible

  • [optional]Rewards balance as a source account for transactions such as transfer, airtime, and data.

Entry point

  • A single clear entry point for rewards in the app

  • An entry point for rewards via USSD

Notification

  • I should get a Push/SMS/email notification on a successful reward

Speed of Cashback

As a personal banking user, I want to be instantly rewarded after my transaction

  • Near instant reward processing when I buy airtime, data or do an intra-bank transfer

  • Clearer cues on when transactions happen

General experience of rewards

As a personal banking user, interacting with Rewards is simpler and clearer

  • I should get a Monthly summary of the rewards accumulated

  • I should get a weekly reminder to interact with rewards if I have unredeemed rewards older than 5 days.

  • [Optional]A gamified rewards experience

...

Expand
titleDevelopment Timeline

!! Expected delivery: 27 October 2024

https://teamapt.atlassian.net/l/cd/bCTpA0H6

Expand
titleAdditional Links

  1. https://docs.google.com/presentation/d/1J0zXxzze-el5JlKdWNVSyfnK64OalB6D/edit#slide=id.g302b95410f9_0_394

  2. https://www.figma.com/board/HJTgi6xPqxpdA4ed5Ym0AW/Rewards-OST?node-id=0-1&t=YnGxzlU3clF2CIRk-1

  3. https://docs.google.com/document/d/1FzaGbeu2MLcWnnI-Gs7-FyNqHHxV6CmmgeWNNL9ByAM/edit#heading=h.jlppc5djdoe8

  4. https://docs.google.com/document/d/1IXyWTiYoWjmVwkNwYP97L0twiRDSF6fM6iM2g6o7jck/edit

  5. https://docs.google.com/document/d/1OsrqKv66qUcEBBC6x9ZCgZkDghN7BJZq6grKRQF7Tiw/edit