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Problems and Proposed Solutions
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titleOverview
title

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)

Inter-Bank Transfers:

10%

Weekly

Airtime

Cashback for purchasing airtime or mobile credit

10%

Weekly

Transfers

Cashback on transfers made to other banks

  • Airtime Payments: Cashback for purchasing airtime or mobile credit

    • Expand

    N10 flat

    Thrice daily

    Expand
    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

    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

    Personal banking users

    We divided personal banking users into three groups based on their interaction with the Rewards.

  • Segment A: Users who have activated Rewards, completed transactions, and successfully cashed out.

  • Segment B: Users who have activated Rewards and completed transactions, but haven’t cashed out.

    • Segment C: Users who opened accounts before September, have Rewards activated but haven’t done any transactions.

    ...

    Business Case & Justification

    ...

    titleProblem Statement:

    Why are we reviewing rewards?

    We are preparing to launch a new stamp duty fee and pricing for payments and want to use this opportunity to review our user experience (UX) for the Rewards program to soften the impact of these new pricing changes. There are two major areas we want to address before the launch:

    1. Speed of rewards

    2. Rewards user experience

    We also conducted research 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?

    ...

    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 the businessus.

    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’.
    ** Accurate 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.

    User

    Story

  • 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

    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.

    Expand
    titleUser StoriesPersonas

    Epic

    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

    Expand
    titleUser Stories

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

    Expand
    titleDesign

    Rewards design

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

    Expand
    titleDevelopment Timeline

    !! Expected delivery: 27 October 2024

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

    ...