Fondeadora Boosts Key Conversion Metrics With Braze-Powered Messaging
Fondeadora has big plans for bringing “neobank” services to Latin America. To add new customers in Mexico and encourage new account holders to deposit funds, Fondeadora partnered with Braze to design, test, and refine personalized customer communications.
Fondeadora, based in Mexico City, has ambitious plans for the Latin American FinTech market. While digital banking is becoming ubiquitous worldwide, not every locale has embraced the technology yet; that includes Mexico, where most transactions are still completed with cash. Fondeadora’s goal is to change that with their free reloadable debit cards and integrated banking app.
Since Fondeadora’s business is 100% digital, it was essential for the company to have a customer engagement platform capable of effectively supporting digital commerce. That allowed the company to strategically use the data generated by its customer base to strengthen every relationship by delivering personalized messages. Its evaluation of customer engagement platforms showed that Braze was best in class for Fondeadora’s needs and matched the company’s vision for its brand.
Calibrating Messaging to Increase Conversions
Before working with Braze, Fondeadora had acquired a charter bank that was using a different engagement platform. However, that solution wasn’t built for a mobile-driven, cross-channel marketing ecosystem, spurring on Fondeadora to choose Braze— both for its native mobile functionality, its ability to integrate with the company’s tech stack, and cross-channel capabilities.
Fondeadora’s initial goals were to use Braze to improve the success rate of onboarding new customers, and achieve the most important conversion of all: encouraging new customers to fund their accounts. To achieve these goals, Fondeadora took a closer look at its SMS and email follow-ups, with the intention of calibrating messages to improve success.
The company used the Braze platform’s support for running A/B tests on both unenrolled leads and existing customers who had yet to fund their accounts. Marketers experimented with various greetings and leveraged custom attributes to target users based on recent engagement.
Fondeadora was already using customer data platform (CDP) and Braze Alloys partner Segment as its single source of truth for customer data, automatically storing all information on customer profiles, history, and engagement. Thankfully, the Braze platform’s native support for Segment made integration quick and easy. And with attribution platform and Braze Alloys partner Appsflyer automatically attributing every action and data point, Fondeadora’s marketing team was able to ensure they had a full picture of every customer journey.
“Braze is without a doubt the right customer engagement partner to help us build our vision and become a global leader in the FinTech landscape,” says Ana Paula Sánchez, Engagement Lead at Fondeadora.
Fondeadora Results: Higher Conversions for New Customers and Account Funding
By running A/B tests and tweaking its messaging based on the results, Fondeadora was able to increase conversions in both initial enrollment (up 4%) and account funding (up 5%). In addition, out of many thousands of emails sent, messages were only labeled as spam three times, showing the accuracy of Fondeadora’s data and targeting and demonstrating recipient engagement with the campaigns they were sent. The business was also able to reduce the average time needed for an “Aha!” moment—which the company defines as completing their first purchase after enrolling—from 12 days to 9 days.
Convincing people to put their money into a challenger bank over a legacy bank isn’t as straightforward as selling a new product. Neobanks like Fondeadora have to invest time and energy into building trust with customers—something that’s more easily accomplished with targeted, personal messages that speak to bank customers’ needs. With Braze and its Alloys technology partners, Fondeadora has built the growth stack it needs to build its customer base over the long term.
To learn more about A/B and multi-variable testing for SMS, email, or web content, check out our look at message testing.