The story: A more visible messaging channel

Kredivo is a leading digital credit platform in Indonesia and Vietnam, providing users with convenient instant credit financing for purchases and personal loans based on real-time decisioning.

They partnered with Vonage to implement utility messages on WhatsApp as a way to send engaging and timely updates to customers about account activities, pending payments, and other relevant need-to-know information.

The goal: Spark activations and payments

Kredivo’s business model depends on maintaining customer engagement throughout the journey to prompt activations and on-time payments. They had been using voice calls for customer communications but wanted a way to provide more timely and actionable updates about things like pending transactions.

The solution: Utility messages on WhatsApp

Vonage provided support to Kredivo to deploy utility messages on WhatsApp for two key touchpoints in the Kredivo customer journey: activation and payment reminders.

Working with Vonage, Kredivo implemented WhatsApp utility messages to prompt newly registered and approved users to to activate their accounts, using WhatsApp authentication messages during the approval process, creating an engaging and positive business messaging experience throughout the user journey

They also deployed utility messages to remind customers about impending loan due dates, keeping them engaged to prevent missed payments.

For financial services companies like Kredivo, utility messages are an efficient and scalable way to send important account updates, including time-sensitive alerts, account safety information, payment reminders, and other information relevant to their services.

With utility messages, financial services businesses can:

• Reduce late payments and increase topline revenue by increasing response rates
• Increase conversion rates on payments with customer-confidence boosting features like business verification
• Reduced cost of care and customer friction by enabling responses that route to automations

Vonage provided support throughout the implementation process to help Kredivo define use cases and target customers for utility messages. They also implement A/B testing strategies to optimize conversions.

Vonage also provided:

• Training for the Kredivo’s product team on WhatsApp authentication and utility features
• Intensive support during integration, including user testing and QA
• Monitoring during the go-live process and post-deployment support
• Periodic reviews to optimize performance, scalability, and effectiveness to meet Kredivo’s evolving business requirements

Compared to SMS messages and email, utility messages can help financial companies like Kredivo boost ROI of notifications programs, enhance the customer experience, and drive results across the customer journey as part of a larger business messaging strategy.

They can help reduce late payments and increase topline revenue by improving response rates. They can also increase customer satisfaction by creating a simpler payment experience, lowering costs by reducing inbound inquiries and account queries.

The success: A lift in activations and repayments

After implementing WhatsApp notifications, Kredivo’s activation rate rose from 70% to 80% and repayments rose by 5%.

For Kredivo, utility messages on WhatsApp have resulted in bottom-line ROI and more timely delivery of crucial updates.