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Measuring Fintech Engagement: Push notification significance

Measuring Fintech Engagement: Push notification significance

Seeing an increase in your app downloads but no increase in the number of transactions (or transaction value) can be cause for concern and confusion. The download numbers are going up—but your ROI stays stagnant. What gives? The problem comes down to engagement. While app downloads for fintech firms are necessary for increasing ROI, downloads alone are a poor metric to determine app use.
To get customers to use more app features, set up accounts, and increase transactions, you need to be continually re-engaging them. With a recent boost in the fintech industry, competition is stiff and there are many ways to make payments. It is, therefore, crucial that you keep reminding users about the unique benefits your app has to offer.
Mobile app push notifications are the most effective way for marketers to communicate with users, since they don’t need to be logged into the app to receive messages. Let’s explore how push notifications can boost app engagement and some best practices to drive results.

How Can Push Notifications Benefit Your Fintech Firm?

Push notifications offer a strategic way to keep drawing users back into your app. Gentle reminders to check the app—for updates, promotions, and more—that appear right at the top of the screen catch the user’s eye every time they look at their phone. These notifications offer a low-cost solution to fill the cracks in your existing marketing strategy. They also facilitate user onboarding and drive user engagement in a way that no other communication method can.
Our Fintech App Engagement Benchmark Report shows that the average CTR for Android push notifications is 9%, which is 50% higher than that of iOS at 6%.
Given their convenience and unobtrusive nature, push notifications have rather high user opt-in rates: averaging 81% on Android OS and 51% on iOS. (Android automatically enables push notifications, resulting in a higher rate than iOS, where users must actively consent to notifications.) And fintech firms experience an even higher notification opt-in rate than other industries.
However, they need to be implemented tactfully to avoid user frustration and uninstalls. While there is a fine line between engaging users too little and too much, fintech apps can benefit immensely from incorporating push notifications in their marketing, engagement, and retention strategies.
How might push notifications benefit you?

Strengthen Customer Relationships

Fintech firms can solidify customer relationships with personalized notifications, delivering an exclusive experience to suit each customer’s unique needs. These may include offers for tailored services—think travel insurance for those who travel often, investment accounts for those with bigger savings, automated business statement notices, and so on.
Read more about Relationship Marketing.

Improve Service Ratings and Quality

Fintech firms and banks can improve their service ratings by sending feedback requests. For example, if a customer has been to a specific bank branch in person, send a notification once the customer leaves asking them to review their experience.

Screenshot of a push notification from fintech app TransferWise

TransferWise gets user feedback through surveys.

Offer Improved Account Safety With Updates About Transactions

Trust is an incredibly important aspect between customers and financial institutions. One way to offer users an additional safety layer (and build trust) is to keep them updated regarding their account activities and transactions in real time. This includes purchases, payments received, changes in personal details, any failures in processing, and irregular account activity.
Read more about trust in How to Build Trust in Your Fintech App: 5 Strategies

Support Bank Communications

Push notifications can also serve as an effective support tool. Send customers a reminder before their scheduled appointment with a banker; use notifications to then give users feedback and a reference number after filing an inquiry. This further enhances the customer experience across all touch points with your financial institution.

Best Practices for Improving Push Notifications

When fintech firms don’t use push notifications strategically, they risk users disabling the notifications—and therefore losing an important channel for customer engagement. In the worst-case scenario, users might delete the app from their device entirely. The following best practices can help you ensure notifications remain relevant and noninvasive.

Keep It Short, Clear, and Relevant

The number one goal of push notifications—especially for fintech firms—is to grab the user’s attention and drive engagement. Someone who is busy should be able to tell what the message is about at a quick glance. Use brief, direct language.
iOS devices have a total display limit of 178 characters, while Android allows 65 characters for titles and 240 for the message. Although this is around four lines of text, the user is unlikely to read that much. Write concisely, clearly, and unambiguously.
Read more about Mobile Copywriting Secrets for Killer Response Rates.

Reinforce Users’ Financial Goals

As your customer’s financial partner, you can use push notifications to support their financial success by:

  • Sending notifications to commend savings deposits
  • Notifying users that they qualify for higher-tier accounts
  • Informing users of interest rate or transaction fee changes that may affect them
  • Announcing new features that can help users on their financial journey, such as in-app interest or savings calculators

Prompt Inactive Users to Take Action

Fintech firms can also use trigger campaigns to automatically re-engage inactive users via push notifications. Remind them of what they’re missing out on: new investment earnings, savings growth, loyalty points, affiliate program benefits, and more.

Make Personal Suggestions

Personalized alerts are less likely to be mistaken for spam or sales pitches. By appealing to the user’s unique individual needs, interests, and financial goals, you gain the upper hand in drawing their attention. Personal notifications address the user by name, include location-specific updates, and take the customer lifecycle stage into account. Send them a Happy Birthday message, congratulate them for opening an account, and offer onboarding assistance.

Screenshot of a fintech push notification from Binance

If a user encounters issues during sign-up, Binance will send notifications offering assistance.

Include a Call to Action!

To make your fintech firm’s push notifications especially effective, always include a call to action. This way, users don’t even need to think about what action to take—the next step is unmistakable. Some examples of clear CTAs include:

  • Update now
  • Pay now
  • Recharge now
  • Rate us
  • Read article
  • Watch Video
  • See payment details
  • View earnings

How Does Your Fintech App Measure Up?

Leveraging personalization in your fintech firm’s app notifications can set you apart in a competitive industry. Download the Fintech App Engagement Benchmark Report for greater insights into current market trends.

Mobile Marketing is Easier with Expert Guidance

Posted on March 7, 2023