About

Fintonic, a Spanish fintech company, worked with Auronix, a Latin American software and telecommunications partner, to launch two interactive mobile campaigns via RCS Business Messaging. Sent to people who had downloaded the Fintonic app, the campaigns encouraged users to connect their bank accounts to the app. The RCS Business Messaging campaigns resulted in 2.5 times more conversions than concurrent SMS campaigns.

The Challenge

With more than a million users in Spain, Chile, and Mexico, Fintonic is a mobile app for managing personal finances. The company makes money by delivering personalized loan offers to users, but it can only deliver offers to people who connect their bank accounts in the app. Convincing users to link their accounts was a particular challenge in Mexico, where many people distrust financial institutions. Using RCS Business Messaging, Fintonic was able to use visually appealing, interactive campaigns to directly address these users’ concerns and encourage them to link their accounts.

The Approach

From January to April 2020, Fintonic collaborated with Auronix to pilot two distinct RCS Business Messaging campaigns for communicating with customers.

The first campaign delivered educational messages to people who had downloaded and registered for the app but did not use it the same day. The second campaign was sent to existing app users who, while using the app, hadn’t yet linked their bank accounts. Both campaigns provided options that aligned to user needs and linked to relevant resources, from a video about security to step-by-step instructions for linking an account.

For more than four months, Fintonic compared customized RCS Business Messaging campaigns with similar messages delivered by SMS, push notifications, and email. For all campaign types, a conversion was defined as a linked bank account in the app. The RCS Business Messaging campaigns were sent to everyone who had the capability enabled on their devices.

The Results

For both campaigns, RCS Business Messaging had a 15 percent conversion rate, which was 2.5 times higher than SMS (6 percent) and 3 times higher than email and push notifications (about 5 percent each). The increase in linked bank accounts let Fintonic pursue their business goal of offering personalized loans to users. The data from the RCS Business Messaging interactions also helped Fintonic identify opportunities for future customized messaging, such as flagging customers who did not have bank accounts.

Based on the results, Fintonic is continuing to use RCS Business Messaging for these two automated campaigns in Mexico, and launching new campaigns in Spain and Chile. In the near future, the company is also exploring using RCS Business Messaging for loan offers.