Onboarding project | CheQ

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Onboarding project | CheQ

The Product:

CheQ

CheQ is a credit management app

It tracks credit cards and loan EMIs, and shows the due date and amount to be paid.
It has a pay-together feature to pay all credit bills(the bills generated) together.
It has a great reward system, with the platform currency being the CheQ coins which is straightforward i.e 1% of the bill. 100rs payment is a minimum to earn a CheQ coin.
Users can also pay rent, maintenance, tuition etc.
In the last 1 week, cheq has introduced "cheq kredit" for credit line for users. They can get loans for about 10.49% and above interest for the amount shown on users' screen.

CheQ aims to be a total credit management solution.

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Customer Journey Map:

1) The user installs the CheQ app on the recommendation/referral of a friend, through information from YouTube videos or after seeing axis bank's email for paying credit card bills through CheQ for getting good rewards.

2) User provides the phone number, name and email. The user doesn't have to provide PAN. The data is already fetched for them.

3) App shows Experian score in the start which gives value to user. Aha moment. It also shows the number of credit cards verified and the cheQ coins.

4) User checks his Experian score on the app.

5) The user goes to the identified credit cards section and adds his details. He is then directed to pay his bill/custom amount to the card. He is nudged to pay at least 2000 rs to avail the bonus 500 CheQ coins discount of 50 rs on the first bill payment. This is an aha moment, that direct 50 rs discount is given.

6) The user makes the payment using UPI or net banking.

7) The user is rewarded with CheQ coins. Again Aha moment.

8) The user goes to the rewards section and gets a voucher using CheQ coins. Realised how good some deals are. Aha moment.

9) The user closes the app.

9) The user is reminded of payment when a bill is generated and receives a notification from CheQ, reminding to use the app for payment OR The user is reminded to use CheQ coins. The cycle continues.

There are multiple micro aha moments present in the customer journey map.

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ICPs:

	ICP1 (early professional)	ICP2 (mid professional)	ICP3(self employed)	ICP4(senior professional)
ICP Name	Amber	Rachel	Bhaman	Anant
Age	18-28	25-40	25-40	40-55
Gender	Any	Any	Male	Male
Location	Any Tier	TIer1/Tier2	Any	Tier1/Tier2
Marital Status	Single	Any	Any	Married
Companies	Startup, MNC	MNC, startup	own business	MNC
Income levels	1L-10L	10-40 lpa	10-50lpa	>20 lpa
Monthly spends	10-30k	30k-1L	30-2L	50k-2L
Do you believe in maximising CC benefits	Yes	Yes	Yes	Yes
Number of credit cards	2	4	3	4
Credit Score range	>500	>650	>600	>700
Primary reason for getting a card	For getting lounge access and cashbacks	Credit, build credit history, rewards points and cashbacks	Cashback	Credit, exclusive benefits like golf
Where do they spend money on?	Online shopping, gaming, movies, cafes	Shopping, rent, grcoeries, school fees, maintenance fees, rent,EMI, transport, house-help, vactions	Business transcations, household expenses, travel, fashion	Shopping, college fees of childred, maintenance fees, loan EMI, home related activities
Pain points	Building credit history	Missing credit card or loan payment	Managing multiple credit cards	Multiple bill payments from different platforms
Financial goals	Make family debt free and achieve about 40 LPA net worth to run family smoothly	Achieve financial freedom. Increase investment portfolio. Real Estate.	Streaming apps like Netflix & YouTube for entertainment, social media surfing on apps like Instagram, Investing and trading apps like Zerodha Kite, Money Control, TradingView	Achieve financial freedom and retire
How did they discover CheQ?	referral	Axis bank email/referral/reddit	Referral	Referral by family friends
Online interest	Linkedin, OTT - Prime, Pinterest, reddit, Jiocinema,	Linkedin, reddit, instagram, OTT - Netflix, Prime, Youtube, Audible	Watching podcasts, investment apps like zerodha, kite, moneycontrol, tradingview	Podcasts, Finance e and investement , songs - yotutube, OTT
Offline interest	Sports, Cafes, Movies, pubs	Reading, Sports, Fine Dining	Fitness: Gym and Yoga Fashion: Clothing Going for movies and outdoor activities	Fitness, yoga, walking, vaction, fine dining, golf
Why they use app	To see all bills and payment dates in a single app. To get free credit score	Pay multiple bills together, check credit score, pay rent/maintenance, pay loan emi	Ease of use and to keep track of credit bills.	Track all credit bills, pay different rent/maintenance fees/college fees
Why did you first install it? What outcome did yu expect?	Installed by a referral. Expected good cashback on paying bills	On the suggestion of a friend. Expected an app like CRED.	I installed it on a friend's recommendation . Outcome of Convenience, Timely Payments, Tracking	Referral. Expected to pay bill and get a b good discount while paying bill.
How they chose CC	Compared LTF credit card	Comparing between different rewards structures and cashbacks	Different for personal and different for business	Great reward points like Infinia, good cashback on groceries and petrol
No of CC’s/loans	2	4	2	3
Do you fear not paying credit bills	No. I check app multiple times a month.	Yes. I have multiple cards.	Yes	No

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Users and JTBD:

	User1	User2	User3	User4	User5	User6
Name	Amber	Rachel	Luv	Bhavish	Priyanka	Krishna
Age	18-25	26-40	40-50	26-40	26-40	26-40
User of cred/cheq	CRED	cred	CRED	CRED	CHEQ and CRED	CheQ
Salary range	1-10 LPA	30-50 lpa	20-30 LPA	10-20 LPA		1-10 LPA
City/Tier	Tier2/Tier3			Tier1	Tier1	TIer1
Occupation	Growth and Marketing	Performance Marketing Manager	Senior Manager	Software Engineer	Presales	self-employed
Financial goals	1. Short term - to make my family debt free. 2. Long term - to be able to run my family (me + 2 parents) smoothly without any hiccups My financial planner quoted a number of 40 LPA, which would make my long term goal achievable.		It was to achieve financial freedom. It’s achieved now.	Financial freedom	Financial Freedom. Real estate	Long term- Retirement savings Investment portfolio growth Debt elimination Short term- Vacation fund Short-term investments Healthcare expenses
Online interest	Helping at least one person in my network, and push him towards his career goals.	online browsing	Youtube, whatsapp, LinkedIn, maps	Watch podcasts	Podcasts, Audible, Pinterest, Instagram	Streaming apps like Netflix & YouTube for entertainment, social media surfing on apps like Instagram, Investing and trading apps like Zerodha Kite, Money Control, TradingView
Offline interest	Health and Fitness	Offline movie tickets and	Physical fitness, Book reading, travel and gaining knowledge, meeting people, grocery shopping	Badminton, gym, travel	Walking, reading books, going out	Fitness: Gym and Yoga Fashion: Clothing Going for movies and outdoor activities
Why they use app - JTBD	1. The UPI feels safer. 2. You can see how much you need to payback on one screen instead of opening let's say 3 apps. 3. You get the CRIF credit score.	Convenience	To track the payments. 2. Pay utility bills	I love their UI	For paying the credit bills and tracking it all on the same page. Pay most bills together using pay together	Ease of use and to keep track
Why did you first install it? What outcome did yu expect?	2021, I thought CRED would have supported Slice but it didn't, but actively started using CRED since 2023.	Quick payment	Friend suggested to . Credit card bills all in one place	To have all my credit card bills in one place with reminders	For keeping track of the credit card bill without going to banking website	I installed it on a friend's recommendation Convenience, Timely Payments, Tracking
What features you use the most and value the most	1. UPI by Cred 2. Paying Credit Card bills by Cred	Credit card payment and immediate reflection to bank	Timely reminders and payment in one place. Cashback games.	Pay credit card bills and shop from their store	Pay bills, shopping	Features I use the most: Payment Transaction history Payment reminders Features I value the most: User interface Security Rewards
How many days in a month you use the app	30	2		2-3 days	1w 3d	1 or 2
Pain points that app solves	1. Reliable and super fast UPI. Since many people don't have CRED, woh Jamtara wala scene kabhi nhi hoga, iykyk. 2. Using CRED is like a status symbol at least where I live, it shows my credit muscle and screams out loud "this guy knows his stuff."	Not yet		Helps me manage my money better	Tracking cc bills. Evevry cc has a differnt billing cycle. Tracking dates and bills. Also finding where I am spending my money	Convenient payment options Timely payment reminders
Primary reason for getting credit card	Credit	Lounge access	Credit	Cashback	Credit, cashback, reward points	Cashback
Banks preferred	Currently I have 3, OneCard, HDFC, and Kotak PVR	Depends	Good tech is important	None specific	None
How they chose CC	How good and reliable is the tech, the app part.	Depends on my spending’s	Reward points, cashback, exclusivity	Looking at the benefits	Checking benefits thoroughly	I choose my credit cards based on factors such as rewards, benefits and fees
No of CC’s/loans	3 credit cards, and 1 credit line via LazyPay.	4	3 ccs	4 and 1 loan	4	2
Do you fear not paying credit bills	No	Yes		No	Yes	Yes

Meet Sanjana:

Sanjana is a working professional 28 years of age. She had been using a debit card for years, thinking credit cards are a trap. Then she listened to the fin-fluencers in the pandemic and realised credit cards can be good if used properly. She still was scared of not paying bills properly. She owned a company credit card for which she wanted to track the bills. Going to website every time seemed like a huge task. She downloaded CRED on the recommendations of fin-fluencers. Her life became easy. She realised how amazing it can be to be able to see bills in a single app. She later got her credit card and now has 4 cards. She uses CheQ now for ease of payment in the app and a better reward system. Although she still uses CRED to track her spending and for shopping great deals sometimes.

Her JTBD:

Personal: Keep track of her cc bills in one place and check her Experian score.

Financial: Pay all bills and check Experian score. Get rewarded only for paying bills.

Meet Manpreet:

Manpreet is a 27-year-old self-employed person. He likes simple things in life. His life is disciplined. He wakes up early in the morning and sleeps on time. He has 4 credit cards. He was using cred, but on the recommendation of a friend, he now uses CheQ. He finds CheQ better since it has a simple UI and solves his purpose. There is no need to play games to get a cashback and the credit score too can be seen. Also, he gets timely reminders which he values.

His JTBD:

Financial: Pay bills on time.

Personal: Life is organized, gets timely reminders for bills.

Meet Anant:

Anant is a 45-year-old senior manager in an Indian company. He has always been spend-conscious and has always wanted to get the best deals everywhere. He also believes in sustainability. He uses everything carefully and encourages his children for the same. He finds the best things to buy in the market, with the best quality and the best rates. He believes in having best quality things. He has been using credit cards since years. He has 4 credit cards including Infinia. He buys credit cards after great comparison and wants best deals. He is ready to pay for things if they provide great value. Before using credit management apps, he would track due dates using an excel sheet. After installing cred on insistence of a friend, he now doesn't have to worry about the due dates. he gets timely reminders of the bills. He is a good customer for cheq since he wants the best cashback and reward value which cheq provides better. He also advises people on financial education and has already attained financial freedom.

His JTBD:

Functional: Pay all the tuition fees for children, and maintainance fees from one app.

FInancial: Pay credit cards bills on time on a single app.

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Summary of JTBD

JTBD:

1) Track credit card bills and payment dates

2) Remind users on whatsapp/email to pay the bills regularly

3) Pay credit card bills

4) Pay Rent/Utility bills

5) Reward users for paying bills

Financial and Personal Goals

Financial:

Pay all credit bills on time, win rewards while paying, keep track of credit score every month

Personal:

Keep life in order and pay bills together from a single app

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Onboarding teardown:

CheQ onboarding Analysis

Please click on the link above for the onboarding teardown analysis.

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Activation and Activation metrics

Hypothesis 1: User checks the Experian score in first 30 days.

Reasoning: The user can fetch the Experian score at one place without going to the website. They can also see what has been Experian score for the past months too. User would want to check every month if the score increased or decreased.

--> This helps retention since user will be opening the app and checking the score every month. If they open the app, they will also be able to see other features like pay bill or get vouchers.

Metrics to track:

MAU
D1,D7,D30
Subscription rate vs retention
Product reviews

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Hypothesis 2: User clicks on the notification for a great limited period voucher.

Reasoning: The user will login to the app just to get a good voucher. They will also be able to see if they have enough coins to buy the voucher. If not, they might refer for free coins or pay bill, if any. Either way, they might take action to get that amazing voucher.

--> This could increase retention and it could increase the referral/LTV.

Metrics to track:

DAU/MAU
D1, D7 and D30 retention.
User cohort.
Product reviews.
Device breakup
Subscription rate vs retention

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Hypothesis 3: User makes a payment for >2 credit cards in 45 days.

Reasoning: If a user has more than 2 credit cards, The billing cycles are usually different. It could mean the user logs in more than once just to check the bills and to pay the bills as well.

--> This increases LTV and retention.

Metrics to track:

Average TAT
User Cohorts
DAU/MAU
D1, D7 and D30 retention.
Subscription rate vs retention

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Hypothesis 4: The user redeems the 500 bonus coins for the first payment in 30 days.

Reasoning: CheQ offers first-time users a discount of 50 rs if they pay the bill of rs 2000 as a bonus. They experience aha moment of getting a bigger discount on bill payment than most platforms. Once they pay the bill they also get 1% coins of the bill, again an aha moment for the customer.

--> This increases LTV, retention and probably referral.

Metrics to track:

D1, D7 and D30 retention.
Average TAT
DAU/MAU
Product reviews
Subscription rate vs retention

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Hypothesis 5: User redeems the coins at least twice in 30 days.

Reasoning: CheQ has a great reward system. So if a user is happy with the rewards and can experience how simple it is, they will again come for bill payment and to get good value for coins. If a voucher value is giving amazing returns the wom will happen too along with referral.

--> This can increase retention and referral

Metrics to track:

D1, D7 and D30 retention.
User cohort
DAU/MAU
Product reviews
Subscription rate vs retention

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Hypothesis 6: If a customer pays their rent/tuition bills at least thrice using CheQ in first 90 days.

Reasoning: If the customer finds value in the cheq coins and value in paying all rent bills from a single place, the retention of monthly users will increase. Also 1% cheq coins will be a good reward for paying the rental bills.

--> Increases retention and average LTV.

Metrics to track:

D1, D7 and D30 retention.
User cohort
Average TAT
DAU/MAU
Subscription rate vs retention

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Hypothesis 6: If a customer pays partner banks' (Axis for now) bills twice in 75 days.

Reasoning: Customer gets 5x coins for paying the partner bank's bills. This gives user an aha moment and makes user come back for more coins. This will make user to pay more bills or just make use of all the coins he got rewarded.

--> Increases retention and average LTV.

Metrics to track:

Acquisition source
User cohort
Average TAT
DAU/MAU
Subscription rate vs retention

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Hypothesis 8: If a customer pays a loan EMI at least once in 45 days.

Reasoning: Customers can keep track of the loan EMIs and the credit cards in a single place. If a user has more than loan, all loans can be tracked from a single place only. This is applicable only for users who do have loans

Metrics to track:

Acquisition source
User cohort
Average TAT
DAU/MAU
Subscription rate vs retention

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Hypothesis 9: If a customer uses the paytogether feature >1 in 60 days.

Reasoning: Paytogether is a flagship feature of CheQ. All the bills generated and visible can be paid in a single transaction itself by the cheq app. It reduces the time taken for paying multiple bills separately. This gives an aha moment to customer.

Metrics to track: