​

What is Cred?

Premium Credit Card Management and Rewards Platform founded in 2018 with the goal of improving credit culture in India. CRED is a members-only club designed to reward individuals for their timely credit card bill payments with exclusive offers and premium experiences. This innovative platform allows users to manage multiple credit cards while providing a comprehensive analysis of their credit score.

Key Features and Benefits:

1. Exclusive Membership: CRED membership is granted to individuals with high credit scores from bureaus like CIBIL, Experian, and CRIF. This ensures a trustworthy and high-quality community.
2. Reward System: Members earn exclusive rewards upon paying their credit card bills through the app. These rewards include access to events, premium experiences, gift cards, and upgrades from renowned brands like Diesel, Cure.Fit, Myntra, and Olive Bar & Kitchen.
3. Credit Card Management: CRED offers advanced tools for tracking and managing credit card spending. Users receive detailed analyses of their spending patterns and efficiency of card usage.
4. CRED Protect: This AI-backed feature monitors every aspect of the credit card payment journey, including due date reminders, spend patterns, and other usage statistics, ensuring seamless and efficient management.
5. Product hooks to acquire customers and gain trust :
6. 1. Smart Statements: Detect hidden costs and maintain transparency in credit card statements.
   2. UPI Payments: Secure and easy-to-use UPI payment options.
   3. Curated Brand Offers: Access special offers from premium brands.
   4. Escape: Tailored travel experiences for members.
   5. Garage: Manage your car’s vital information and maintenance.
   6. Money Lending: Borrow or lend money based on your credit score.

​

​Who are the competitors?

There are numerous competitors offering similar services to CRED, including financial wellness platforms like CheQ and Slice, UPI payment apps such as PhonePe and PayTM, and traditional banking and credit card apps like American Express, HDFC, Neo Banking App - FiMoney, and Jupiter.

​

What is their Value Proposition?

CRED aims to enhance the credit card management experience by providing exclusive rewards, advanced tools for financial management, and a community-driven platform for individuals with excellent credit histories.

Note:

Ideal Customer Profiles

​

User Goals (JTBD)

​

Customer Journey

1. Acquisition through WOM and referral - App Download and Initial Details:
2. • User downloads the app and provides basic personal information (phone, email, Name, DOB).
   • Integration of bank details and UPI is quick and seamless, taking less than two minutes, establishing trust and convenience.
3. Credit Evaluation and Membership Education:
4. • Cred fetches the credit report and informs users about the minimum credit score requirement (750) to join the exclusive club, fostering a sense of belonging.
5. Membership Confirmation and Rewards:
6. • Upon meeting eligibility criteria, users are welcomed as members, fostering a sense of community (AHA-moment).
   • They receive a ₹50 reward for their first payment, encouraging immediate engagement and activation.
   • Users are prompted to add a credit card and use cashback rewards for their first payment, setting them up for financial success.
7. Cred Protect and Timely Bill Payments:
8. • Cred Protect is activated to fetch credit card statements and provide timely bill payment reminders, ensuring financial responsibility and user convenience.
9. Cashback and Engagement:
10. • Upon successful payment, users receive cashback in a gamified manner, enhancing delight and engagement.
    • They are encouraged to add other credit cards, and a digital version displays due amounts and payment deadlines, promoting financial awareness and trust.
11. Bill Payment Reminders and Activation:
12. • Push notifications and WhatsApp messages remind users of upcoming bill payment dates, reinforcing financial responsibility.
13. User Retention and Engagement:
14. • Users return to the app to make their bill payments in the first month, activating their commitment to using Cred regularly.
    • Engaging features like UPI, brand offers, rewards, and ongoing cashback incentives promote longer-term user retention and engagement.

This journey highlights Cred's emphasis on fast, hassle-free onboarding, membership rewards, financial education, and ongoing engagement to foster a loyal user base.

Onboarding Teardown

​

Link - https://pitch.com/v/cred-onboarding-teardown-a6ruir

​

Summary

​What worked well

• Cognitive Biases: Aesthetic, Priming, Nudge, less cognitive load (one input per screen), sense of community
• Rewarding on taking action, nudging to perform core action (first payment)
• Progressive Disclosure
• One place to manage all my credit card bills

​What didn’t work well

• Asking for email access is deterent for users due to privacy issues
• Platform currency to actual value that users are getting is not clear
• Cluttered homepage with too many rewards
• Long Duration reward game popup (like reward wheel) after each payment can be frustating for users

How else can they approach this

• For email read access for activating cred protect - transparency should be improved around where this data will get used. This will help in taking decision at user end
• Platform currency to actual reward ratio should be clearly established and communicated
• User preference for brand offers and recommendation should be taken in consideration
• Home page can be customised basis the user segment

Defining Activation

Hypothesis 1: 

Users who have completed the signup flow on Day 1.

Reasoning: 

This will help us track and potential friction point in the signup flow.

Hypothesis 2:

Users who have added 2 credit card on the app within M1.

Reasoning:

This shows commitment and clear understanding of value prop by users

Hypothesis 3:

Users who have made 2 payments against the credit card bill on the app within first month.

Reasoning:

This will help create delight for user that they can track and manage multiple credit cards and win rewards for payments

Hypothesis 4:

Users who have engaged in the unlocked rewards post payment

Reasoning:

Delight (AHA moment) for user

Hypothesis 5:

Users who have engaged with UPI or other offerings on the app apart from credit bill payment in M1, M2,M3

Reasoning:

Long term engagement and value unlock, this will help drive retention in future.

​

Activation Metrics

Quantitative

• % Users with 2 credit bill payment in the first month - P0
• % Users who have added atleast 2 credit card on the app in the first month - P0
• % Users who have activated CRED protect feature in M1 - P0
• % users who have interacted with smart report on the app in first month - P0
• % of users who have made credit card payment on the app in the first week - P0
• % users who have checked their credit score in first week - P0
• % Users who have unlocked reward post the credit bill payment in first week/month - P1
• % of user who have used UPI in the first week, first month - P1
• % of User who have used brand coupons in first month - P1
• Week 1, 2 and 4 retention - P0
• M1, M2 and M3 retention - P0
• No of Payment per month - P0
• Time taken for onboarding v/s Making first payment - P0
• No. of cards added - P1
• Referral Engagement - No of users referred in first 3 months - P1

Qualitative

• CSAT and NPS
• Reviews