Onboarding project | Fibe.India (Formerly EarlySalary)

Journey on multiple platforms seems identical & allows for similar experience.
Experience on the other hand, as an overall entity, is definitely a mixed bag. There are some harsh reviews as well around, multiple platforms (Google, youtube, mouthshut, etc). Whereas, there are a lot of overwhelmingly happy reviews as well! (Quora especially showed that people find us a one of the best in the industry.)
Consumers of financial tools are not quite up to date with industry practises which also leads to confusion >> Bad reviews

Mapping ICPs @ Fibe

Two major ICPs that have come out through research are:Cash Crunched (Harsh, 90% base) & the Wise Opportunists (Ajay)

	ICP 1	ICP 2
ICP Name	Harsh	Ajay
Age	27	32
Goals	Cater to monetary needs	Fund their large purchases through EMIs
Income levels	35K/month	45K/month
Gender	Male	Male
Location	Metro	Tier 1
Companies	TCS
Marital Status	Single	Married
Where do they spend time?	Digital: Insta, Youtube, Amazon, Swiggy, Prime, etc Physical: Work, Local malls, Street Vendors	Digital: Facebook/Insta, Youtube, Amazon, Prime, Netflix, Zomato etc Physical: Work, Local malls, Marts & Stores, Street Vendors
Pain points	- Unforeseen monetary need - Low or now rainy day savings - New to credit, mismanagement of finances	- No access to Credit cards - Non availability of limit on cards - High IRRs
Most used features on the app	Loan Disbursal, Repayment, Credit Report, Offers & My Fibe	Loan Disbursal, Repayment
Frequency of feature usage	Every 2 to 4 weeks	Once a month up until churn
Time Vs Money	Money	Money
Willingness to pay	High - Would be ready to borrow with processing fee & interest rate	Medium to low - Is looking for cheaper alternatives

Jobs to be done for these customers starkly different - Leading to two strong use cases for the same product

Goal Priority	Tags	Harsh	Ajay
Primary	Functional	They wish to avoid monetary distress at the moment	They wish to fund their large purchases through EMI
Secondary	Financial	They wish to spread out their monetary obligations over a period to achieve financial stability	To get more out of their budget and maximise value either in terms of product or monetary gains
Secondary	Personal		To have access to products that may not be affordable at the moment

Note:

Ajay, a BNPL user, is using our product to fund purchase of another product (From a different organisation) - Primary goal of that product might impact the personal/social goal for our product
Harsh is a heavy credit user who is trying to get access to credit lines from multiple places to serve to their needs and requirements

Link to project Deck: Here

Hypothesis 1:

Customers who do a disbursal into their accounts within 7 days of download

Reasoning:

Users are money conscious and are looking for alternatives that can do the same task at a cheaper price
They are looking for an instant solution to their cash crunch and if they don’t disburse quickly, they might have just done it through another platform

Hypothesis 2:

Customers who do a auto-debit set up within 7 days of download

Reasoning:

Seriousness of customer can be known once they are willing to set-up everything that is needed to disburse the amount into their bank account
Auto-debit is a serious step that requires commitment from user’s end by agreeing to allow lender to deduct EMIs automatically

Hypothesis 3:

Customers who initiate set-up within a day post receiving approval → Credit limit amount that they can withdraw

Reasoning:

Users who are looking for money wish to disburse it right away, if the amount approved for them is more than or close to what they require, they would want to go ahead and complete the process of disbursals
User might window shop at other providers for a day or two to maximise benefit - Limit received + charges over and above (IRR + PF + Others), but should soon be back to take the money if the right amount was provided at the right price

D7 & D30 retention
DAU/MAU → To see how often customer is coming back to get their application completed
Customer Lifetime Value (CLTV) → Direct impact on Activation
Referrals created → Referrer to Referee → Since customers who are activated and happy with the product, refer
Customer Effort Score → How easy is it to move through the application process to get the product promise
Session length → The average amount of time spent reaching the product promise
Feature usage → Activity performed by the customer on the application post activation

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