Fi 0 Forex Debti Card- E&R Project

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Fi 0 Forex Debti Card- E&R Project

E&R Project on Fi 0 forex Card

Understand & Define

What is the core value prop of the product?

Make international payments at 0 forex charge

Travelling is supposed to be fun and easy but imagine coming back from Thailand only to realise you paid 3% extra charge on EVERY transaction? Not fun.

The core value prop of Fi's 0 forex card is easy, breezy 0 forex charge international payments in 150+ currencies across use cases - e-commerce, POS or ATM transactions.

Secondary benefits:

Ultimate flexibility - INR conversion to 150+ currencies
No credit checks required
No predatory charges like inactivity, reloading charges
Lowest ATM fee in market
Amount of transaction not restricted by credit limit

How do users experience the core value prop of the product repeatedly?

User experiences the core value prop of the product when :

💯 User successfully uses INR loaded in his savings account, makes an international transaction and save on forex charges

💯 The transaction could be an online payment to international merchant, ATM withdrawal in a foreign country or POS swipe in a foreign country

💯 The transaction could be auto-debit for international merchants, for eg, ChatGpt subscription mandate

User Flow:

User onboards on Fi app
User adds ₹50K balance and upgrades Tier to be eligible for Free Debit Card & unlimited 0 forex
User orders debit card
User activates debit card using QR and toggles international settings on
User makes an intenrational transaction
During transaction 2.5% forex is charged, which is refunded to user account within 30 days

What is the natural frequency on the core product?

International Travel is an infrequent use case, however the approach here would be to look at frequency of transactions within a trip.

	Casual	Core	Power
Travel Frequency	Once a year	Twice a year	2+ times a year
Transaction frequency within a trip	4-5 times	7-10 times	10+

What is the best engagement framework for the product?

The best engagement framework for the product would be Depth of engagement.

Here is what different engagement levers mean for the product and how the given conclusion was arrived at"

Screenshot 2024-01-30 at 11.52.50 PM.png

Actions that define an active user

User completing at least 1 successful international transaction is an active user.

The transaction could be

Transaction where user is physically present in an international location
- ATM withdrawal at an international ATM in a foreign location
- POS transaction at an international terminal, to an international merchant, in a foreign location
Transaction where user may or may not be phyically present in an international location
- E-commerce transaction to an international merchant
- Subscription payment to an international merchant

Following are the actions user takes on Fi in their journey to explerience the CVP and classification of whether the action constitutes active user

Action	Active/ Not Active
Installs Fi	Not Active
Creates ATM PIN for digital card	Not Active
Orders physical card	Not Active
Activates physical card via QR	Not Active
Activates international toggle	Not Active
Attempts international transaction but transaction fails	Not Active
Completes successful international transaction	Active

Segments

ICP Based Segmentation

There are 2 ICPs for the product- Newbie Traveller & Experienced Traveller

ICP 1- Newbie Traveller

Some characteristics that define this ICP

Relatively new to international travel, these are 1st or 2nd time travellers.
They rely heavily on opinions of friends & family and draw on their experiences to make decisions
Since they are relatively new, their typical choice of countries are easy access, visa free or visa on arrival countries like Thailand, Sri Lanka, Vietnam
They typically travel with friends or solo and spend only for themselves
They typically travel once a year
They are not highly aware of international charges, advanatages and disavantages of different payment modes
Easy to panic, and wants to save every buck.

ICP 2- Pro Traveller

Some characteristics that define this ICP

Experienced traveller, they have been there done, done that a few times over.
They rely on self research and personal expeirnece to make decisions
Their choice of countries are Europe, APAC, SEA, MEA
They typically travel 2 or more times a year
They typically spend for themselves or family when travelling
Given they have travelled, they have personally felt the pain of forex cards and realising you have paid 2-3% extra with existing CC much after completing the trip. Fi solves an active problem for them

Deepdive on the basis of user research with 15+ users:

	Newbie Travellers	Pro Travellers
Demography
Age	24-35	28-40
Location	Tier 1	Tier 1
Income Level(per annum)	10L+	20L+
Travel Behaviour
Frequency of International Travel	Once a year	2+ times a year
Preferred Countries (in order of preference)	SEA, MEA, APAC	Europe, APAC, MEA, SEA
Trip Duration	5-10 days	10-15 days
Trip Budget	50k-1L	1L-2L
How many people do you end up spending for using the card?	Alone	Alone OR Family
Payment Behaviour
Preferred modes of payment	0 Forex Card > CC > Cash	0 Forex Card > CC > Cash
Pain Points that Fi is solving	Wants to save forex chargesWants one card for all money related problems	Forex charges on existing CCForex card management is a pain in terms of conversion rate & usagePrioritizes convenience
Typical use case for Fi(in order of importance)	ATM WithdrawalsHotel BookingsTravel Bookings (non flight) Food expenses	Hotel BookingsTravel Bookings (non flight) Food expensesATM Withdrawals
What do users love about Fi	Cost SavingCan do all types of transactions	Cost SavingConvenience of loading INR and using 150+ currencies
App Behaviour
Which Fi tier are you on?	Infinite	Infinite
Other features while traveling	Debit CardDebit Card offers page	Debit CardTransaction history
Preferred communication channel	Whatsapp	Whatsapp
Feature ask

Off-App Behaviour
Online App Usage	Social Media: Instagram, Snapchat, TwitterContent: Netflix, Hotstar, Prime, Youtube	Social Media: Twitter, Reddit, InstagramPublication: Moneycontrol, The KenContent: Netflix, Apple tv, Hotstar, YoutubeUsers of BluSmart, Zerodha
Offline Behaviour	Budget Dining-PubsMovies,Shops at H&M, Urbanic, NewMe	Premium DiningShops at H&M, Zara,New experiences,Networking clubs, Cult, Other premium gyms
Time vs Money	Money	Time

Usage Based Segmentation

Note: Frequency of card usage is FIXED. This is the number of times a user travels in a year and can't be influenced. Engagement campaigns will focus on increasing spends per trip

	Casual	Core	Power
Frequency of Card Usage in a year	1-2 times	2-3 times	3+ times
Transaction Frequency (per trip)	4-5	7-10	10+
Spends per Trip on Fi	₹10K-30K	₹30K-50K	₹50K+
Do they maintain ₹50k balance post travel use case?	No	No	Yes
Do they use other featurs of Fi?	Debit card offers page	Debit Card Offers Page Transaction history	Debit Card Offers Page Transaction History Transaction Insights

Product Hook

🪝 Supplementary Cards for Family Members

🎯Goal

Elevate Pro core users to power users by addressing problems faced while maintaining multiple cards during family travels.

🏆Success Metric

% of users opting in for the card
Increase in average spends per card

‼️Problem Statement

When families travel, each member often uses different cards—one with Fi, others with cards with 2-3% forex markup and forex cards.

Why?

In the first experience with Fi (frist trip), user may not have enough confidence to concentrate all spends on Fi and carry no backups.
Users tend to avoid the hassle of onboarding multiple accounts due to a lengthy 60-step process.

Problem with this:

This setup splits the trip budget, resulting in extra charges and missed savings on forex fees.
Complicated expense tracking

👥Target Segment

User who has experienced at least one trip with Fi
User is convinced of the value and conveneince factor that comes with Fi

🤚🏻Supplementary cards is an act of commitment where user is indicating intent to shift most of the spends of the trip to Fi. This can be an ask from user only when they are convinced of the value of the product.

🔀Current alternative

One member of the family uses Fi
Other members hold cards with 2-3% forex markup and forex cards

💡Solution

Enable family spends on Fi account via supplementary cards to all family members.

Supplementary cards provide a streamlined solution to the above mentioned problems

Multiple cards get linked to the same bank account
Cards are issued in the names of the individual family member
Account management remains with the primary Fi user
Transactions get tagged to individual members to ensure proper tracking

Add: Whimsical

📈Other Metrics to Track

Activation rate of supplementary cards
Transaction frequency of supplementary cards
Average transaction size
Total spends from the account (family)

⚡Engagaement Campaigns

Campaign 1:	➕ SUPPLEMENTARY CARD
👥 Segment	Core → Power
🎯 Goal	Increase spends with usage of supplementary card
💭 Insight	Families tend to divide spends across cards, ending up with excess charges, missed forex savings & complicated expense tracking.
🎀 Offer	10% Fi coins on all international spends
📢 Pitch	‘Smarter family trips with Fi’s Supplementary Cards. Unify all spends on Fi to ensure no excess charges, maximum savings and easy spends tracking. Order your family’s card today and get 10% Fi coins on all international spends!’
⌛ Timing	Timing - 2 months after last international transaction. Why 2 months? Assuming 2 trips a year, user would start thinking about the next trip tentatively 2 months after the first one. This would be a good time to start building TOM awareness for the product.
🔁 Channel & Frequency	Channel: 👉🏻 Whatsapp 👉🏻 In-App: Home Page banner, Debit Card Page banner, Debit card offer page banner (images below) Frequency: Once every 2 weeks
🏁 Success Metric	Primary: 🌍Number of users ordering supplementary card Secondary: 🌍 a. Funnel of supplementary card order b. Activation rate of supplementary card c. Avg spend per card of supplementary card

*Promotion channels-

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Campaign 2:

Campaign 2:	🏧 ATM MAX OUT
👥 Segment	Newbie Casual → Core Cohort: a. SEA Travel Userb. Completed first ATM international txnc. Txn value is atleast 20% lower than max limit
🎯 Goal	Increase average ticket size for ATM withdrawals
💭 Insight	😯 Users withdraw 50% less than permissible amount at ATMs, and transact multiple times, ending up paying a lot more in ATM fees levied by international banks. Every ATM transaction attracts flat ₹100 fee from Fi, and ₹100-300 fee from international ATM. To save money, it is smarter to withdraw in one go.
🎀 Offer	Waiver of ₹100 charge
📢 Pitch	‘Hey! I noticed your ₹10K withdrawal for your Thailand trip. Did you know you can now withdraw up to ₹20K daily? Give it a shot. To further save on charges—I'll even waive off ₹100 on your next transaction! Cheers to hassle-free adventures!’
⌛ Timing	Timing- After first international txn meeting cohort requirement.
🔁 Channel & Frequency	Channel: 👉🏻 PN 👉🏻 Whatsapp 👉🏻 Permanent educational comms on app Frequency: Twice in 2 daysDay 1- PN 1 hour after the first ATM txnDay 2- if the user hasn’t met the condition, Whatsapp reminder.
🏁 Success Metric	Primary: 🌍Increase in ATM withdrawal avg ticket size 🌍Number of users withdrawing at highest cap Secondary: 🌍 a. Subsequent withdrawals at highest cap b. Incremental increase in spends

Campaign 3:

Campaign 3:	🛫 AIRPORT BONANZA
👥 Segment	Casual → Core
🎯 Goal	Increase Average Ticket Size for POS spends
💭 Insight	Users tend to increase average spends per day during the end of the trip. 🥂The 2nd top merchant for POS spends is Dubai Duty Free.
🎀 Offer	Flat 1000 Fi coins
📢 Pitch	‘Duty free is now, forex free 💃🏻Cherish the journey till the very end by picking up heartfelt gifts at the airport. Get flat 1000 Fi-Coins for every airport purchase’ T&C- Min purchase of ₹5,000
⌛ Timing	Geolocation check- when user is at an international airport
🔁 Channel & Frequency	Channel: 👉🏻 Whatsapp (PN could be a hit and miss given the limited time frame) 👉🏻 Banner on Debit Card Offers Page Frequency: Once, 1 hour after reaching airport. Why 1 hour? Accounting for immigration, user may not be in a frame of mind to register any promo communication at that time.
🏁 Success Metric	Primary: 🌍Increase in POS avg ticket size 🌍Number of users transacting at airport shops Secondary: 🌍 a. Increase in Spend per card over Baseline of Core Users.

Campaign 4:

Campaign 4:	✈️MILESTONE- 20% higher Spends
👥 Segment	Newbie Core → Power Cohort: a. User has travelled at least once with Fi before
🎯 Goal	Increase spends on the card in the current trip
💭 Insight	Users divide spends between Fi, Forex Cards & Credit Cards. Even though Fi is a more financially prudent choice, the wallet of the user is divided between different payment modes.
🎀 Offer	₹5K flight voucher
📢 Pitch	‘<Fi vs Forex Educational Image> No inactivity charge, No reloading charge and a ₹5K flight voucher. Fly with Fi - Spend ₹70K* with Fi 0 forex card and get a ₹5K flight voucher’ *₹70K is a placeholder. The amount should be min 20% higher than P60 spends
⌛ Timing	User turns international toggle under card settings on indicating intent to travel.
🔁 Channel & Frequency	Channel: 👉🏻 PN 👉🏻 In-app banners Frequency: Milestone communication- Once every 3 days till user does first international txn Then, nudges at every ₹10K transaction done to nudge users towards the end milestone
🏁 Success Metric	Primary: 🌍Increase in average spends per card Secondary: 🌍 Number of users reaching the milestone

Campaign 5:

Campaign 5:	🧾 TRIP SUMMARY
👥 Segment	Newbie Casual → Core
🎯 Goal	Ensure user transacts with Fi for the next trip
💭 Insight	😯 New Users transacting for the first trip don't realize the value saved since this is a fee you would have paid if you didn't use Fi
🎀 Offer	Summary of savings
📢 Pitch	‘Holy Jolly, you saved ₹3,000 on this trip! We hope your first adventure with Fi was great, here is a summary of your savings and spends on the trip’ The communication leads to a visual representation of spends and savings (sample below)
⌛ Timing	Timing- 10 days after last international txn
🔁 Channel & Frequency	Channel: 👉🏻 PN 👉🏻 Whatsapp Frequency: Twice a week till user clicks and consumes insights
🏁 Success Metric	Primary: 🌍Click conversion to consuming trip summary

Spend Insights sample-

WhatsApp Image 2024-02-03 at 12.05.19 PM.jpeg

Campaign 6:

Campaign 6:	🏷️ DEBIT CARD OFFERS/DISCOUNTS
👥 Segment	Core → Power
🎯 Goal	Retention for the upcoming trip
💭 Insight	Users don’t engage with Fi post their travels. There is a need to maintain Top of the mind presence to ensure Fi is the user’s wallet for the next trip
🎀 Offer	List of Discount offers on international bookings
📢 Pitch	‘Long time, wanderer! 🌍✈️ Time to dust off the suitcase and start planning your next global quest! 🗺️ To spark some inspiration, here's a sneak peek at some discounts on international brands you can get with your Fi card. Let the adventure begin again!’
⌛ Timing	One month after the user’s last international transaction
🔁 Channel & Frequency	Channel: 👉🏻 Whatsapp PDF 👉🏻 Debit Card offers page on app Frequency: Once every month, on the 10th of the month Why 10th? First 7 days of the month are stressful with rent and utility payments taking money out of the account. 2nd week is a better time to nudge indulgent spends.
🏁 Success Metric	Primary: 🌍Number of users who transact internationally after the communication starts Secondary: 🌍 Time between first communication to action (international txn)

RETENTION

Bird's Eye View

Retention Curve - Blended for Onboarded cohorts from May 21-Nov23

M2 retention is ~30% after which it starts tapering down until stabilization at 2% in M26.

What are we looking at?

Blended Retention curve of cohorts of all onboarded users[average of M1 retention of all cohorts, and so on] who have transacted internationally at least once

Microscopic View

Which ICPs drive the best retention?

ICP Segmentation:
- Pro Travellers ICP derive more value since they are highly aware of the nuances of international travel and rely on Fi on the back of lowest transaction charges.
Usage based Segmentation:
- Core & Power users drive the best retention. They are more 'aware' users and derive more value out of the product with each subsequent usage
- - Casual users are more prone to fall under At Risk bucket due to lower awareness of international payment related charges, limits that may be uncontrollable. For eg, a casual user in Thailand attempts cash withdrawal. They would be aware of ₹100 fee charged by Fi, however, they may be thrown off when prompted of the additional fee charged by international ATMs, over and above all fees. These users are not aware that this is an international ATM fee that is levied on all international cards, debit or credit, and may accord this to miscommunication by Fi, and churn. Core & Power users are aware of the nuances.

Which channels drive the best retention?

Organic
- Organic channel attracts users who rely on self research to reach a decision of payment mode to be used for Fi. These users are highly aware and dot all t's in their research. As a result, they make full use of the product and drive higher retention
Referral
- Referral has as high retention and usage since these are users who would 've seeked advice from other travellers and tend to trust the recommendation

CHURN

Here are the top Voluntary & Involuntary reasons for Churn

Screenshot 2024-02-02 at 11.48.57 AM.png

👀Negative Actions to look for

Reduced frequency of transaction within a week
No reattempts after transaction failure
User toggles international settings off within 7 days of first international transaction
- Average duration of a trip is 7 days. If a user is toggling settings off under this timeline, it is safe to assume that intent to use is wavering
Customer service ticker under buckets
- ATM failure
- Transaction failure
User moves balance out of the account to 'origin account' within 7 days of first international transaction
- Origin account is the account from which funds were first transferred to Fi
- Average duration of a trip is 7 days. If a user is moving balance out under this timeline, it is safe to assume that intent to use is wavering
User searches 'close account' on Fi's search widget or FAQs

💥Resurrection Campaigns

Campaign 1: Fi over Credit Cards

Churn Reason	Competition: Started using Credit Card for international spendsPerceived value difference is of credit vs debit
👥 Segment	Casual & Core
💼 JTBD	Educate users that they are actually paying more for 1 month of delayed repayment. Inform user of Fi’s compeitive advantage over 0 Forex CC - Significantly lower International ATM Withdrawals Fee
🎀 Offer	Communicate ATM Fee comparison
📢 Pitch	‘We miss being your partner in adventure!Did you know that Fi offers the lowest withdrawal fee at ₹100, while other credit cards charge up to ₹500? Slot Fi in your wallet and let the adventure begin again!’
⌛ Timing	M+1 of natural frequency breach of the cohortIf a user naturally transacts once every 6 months, activate campaign if user doesn’t transact for 7 months from last transactions
🔁 Frequency	Channel: 👉🏻 If user is still app active in last 30 days, Push Notifications 👉🏻 If user has uninstalled app or not app active, Email & Retargeted Ads on Twitter, Instagram Frequency: 3x - 1 per week
🏁 Success Metric	Primary: 🌍Conversion- Successful international ATM withdrawal Secondary: 🌍 Conversion- Overall successful international txns

Campaign 2: Savings Validation

Churn Reason	Value Realization Missing: Could not understand if i actually saved anything
👥 Segment	Casual 🗨️User stopped transacting after 1st international transaction for T+2 days
💼 JTBD	Validate savings made by the user during by virtue of using Fi 0 forex debit card
🎀 Offer	Validate savings made in the first transaction
📢 Pitch	‘👏🏻 You saved ₹200 on your international splurge already. Keep using Fi to save 2.5% on every single spend! ’
⌛ Timing	T+2 after first international spend
🔁 Frequency	Channel: 👉🏻 If user is still app active, Push Notification 👉🏻 If user has uninstalled app or not app active, Whatsapp Frequency: 2x- Daily, 1 per day
🏁 Success Metric	Primary: 🌍Conversion- Successful international transaction

Campaign 3: Awareness of international charges

Churn Reason	International Merchant mentioned they will charge extra on POS
👥 Segment	Casual 🗨️User in cash-heavy countries 🗨️User has stopped transacting after <7 days(average travel duration) of first transaction
💼 JTBD	Educate users on financially prudent way to transact in the country
🎀 Offer	Communication of ATM limit
📢 Pitch	‘We noticed Fi has not part of your adventure for the past few days. Everything okay? Don’t forget, you can withdraw upto ₹20K everyday with yoru card and avoid international merchant levied fees on every transaction’
⌛ Timing	T+2 after first international spend, less than 7 days since first transaction
🔁 Frequency	Channel: 👉🏻 If user is still app active, Push Notification 👉🏻 If user has uninstalled app or not app active, WhatsappFrequency: 2x- every alternate day
🏁 Success Metric	Primary: 🌍Conversion- Successful international transaction

Campaign 4: Forex refund issue

Churn Reason	Poor experience with forex refund
👥 Segment	All - look for negative action ❌ Negative Action - User reached out to customer service for forex refund not processed on time
💼 JTBD	Apologize for inconvenience, Incentivize user to keep using Fi
🎀 Offer	0 Forex benefit with no balance requirement for 6 months
📢 Pitch	‘We sincerely apologize for the inconvenience faced. As a gesture of regret, we’d like to offer you continued 0 forex benefits without any balance requirement. While it doesn’t make up for the delay caused, we hope you will give Fi another chance to accompany you on your next adventure. Claim Now.’
⌛ Timing	T+1 after successful resolution of the issue
🔁 Frequency	Channel: 👉🏻 Whatsapp Frequency: Once
🏁 Success Metric	↩️ User claims benefit 🌍Conversion- Successful international transaction

Campaign 5: Failed ATM attempt

Churn Reason	Wasn’t aware of country specific ATM limit and transaction failed with multiple attempts
👥 Segment	Casual, Core Event: Failed transaction because of transaction amount higher than limit
💼 JTBD	User must be feeling anxiety at this time. Ease their concerns and educate on proper usage
🎀 Offer	Communication of right amount to transact
📢 Pitch	‘Hey hey, noticed your recent transaction hiccup - nothing to worry about. Just a heads up- We have country specific daily ATM withdrawal limits. All you need to do is retry the transaction of under ₹50K (depending on country). You can withdraw this amount daily and continue to use the card for online and POS transactions. Reach out to us if you still face an issue. Check out this PDF for all country limits’
⌛ Timing	T+2 mins after transaction failure
🔁 Frequency	Channel: 👉🏻 PN 👉🏻 Email 👉🏻 Whatsapp Frequency: T+2 mins - Trigger PN & Email If user does not reattempt for T+1 day, trigger Whatsapp
🏁 Success Metric	🌍Conversion- Successful international ATM withdrawal