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Ahmed-Tijani Umar (Unlicensed)

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titleOverview

Rewards Summary

The Rewards program was created in June 2024 and rolled out to 80% of newly signed-up personal banking customers. It offers cashback on specific types of transactions. The current categories for cashback rewards include:

Types of rewards

Reward

Description

Amount

Frequency

Bill Payments

Cashback for payments of bills (e.g., utilities, subscriptions)

10%

Weekly

Airtime

Cashback for purchasing airtime or mobile credit

10%

Weekly

Transfers

Cashback on transfers made to other banks

N10 flat

Thrice daily

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titleProblem Statement

Why are we reviewing rewards?

As we launch the new pricing for bank transfers, we will also review the Rewards program to soften the impact of these new pricing changes, especially for business banking users. There are two major areas we want to address before the launch:

  1. New reward (cashback) amounts

  2. User experience

    1. Speed of rewards

    2. Rewards user experience

New rewards (cashback) amounts

The new rewards update from the Payments team will give the following cashback amount for bank transfers for the following account types:

0-5000

5001-50,000

50,000 above

Cashback

Personal

N10

N10

N10

N10

Business without POS KYC level 3 and below

N10

N10

N10

N/A

Business without POS KYC level 4 and above
(Corporate Business)

N10

N20

N40

N/A

Business with POS

N10

N20

N40

Star Level
Mega: N7

Super: N3
(50,000 above)

User experience

Speed of rewards

We have already worked on optimizations to the speed at which rewards are delivered. These are captured in this document:

/wiki/spaces/MAE/pages/1449459740

Rewards user experience

We also conducted a discovery exercise on the current user experience with a focus on the following key areas for potential improvement:

  • Discoverability: How easy is locating the Rewards section on the dashboard?

  • Speed of Cashback: How quickly do users receive feedback on a collected reward?

  • Ease of Use: How easily do users monitor and cash out rewards?

  • General experience: How seamless is the entire process of navigating and using rewards?

The results of the discovery can be seen below:
Rewards UX discovery Plan

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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

...

Business Case & Justification

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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.

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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 Business with POS alone

* Businesses without POS, aren’t getting cashback rewards. They will be incentivised to get POS so they can enjoy rewards.

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titleUser Stories

https://docs.google.com/document/d/1iLyt3tqrLZh5lr4GxBzflQAfmxxuK99zQDH_7i6WjsA/edit

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titleDesign
https://docs.google.com/document/d/1iLyt3tqrLZh5lr4GxBzflQAfmxxuK99zQDH_7i6WjsA/edit

Rewards design

https://www.figma.com/design/divblgz4XgVHH1puxGNsFe/Shell?node-id=8344-29297&t=repvQPVRnWAQ5Ydh-4

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titleDevelopment Timeline

!! Expected delivery: 27 October 2024

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

...