Acquisition project | Protiviti

Understanding Product, Users and Market

Understanding the Product:

• Explore the Product: Refyne, Asia's largest financial wellness suite, provides employees with Salary On-Demand, Money Guru, Gold Savings, and more to enhance financial well-being, empowering the Indian workforce. Refyne helps employees tackle mid-month cash crunches and unexpected expenses, reducing stress and improving workplace productivity. Elevate employee engagement and satisfaction by integrating with Refyne. It follows a B2B2C model and enters in partnership with employers to offer its services to employees. It comes with 24x7 support from Refyne. Their products are accessible through all digital platforms i.e. mobile and desktop web, iOS and Android Apps. Screenshots of Refyne website and Apps are below.

• Research User Feedback
• • Google reviews: Refyne is rated 3.8/5 on Google reviews. Majority users are satisfied with the products and appreciate the tech behind the product. Small group of users have mentioned below pain points about the product
  • • • Customer service needs improvement
      • Post repayment user journey needs improvement
      • User Onboarding not seamless for some users

• • Marketing ads:
  • • • Everyday is Pay day - Refyne's latest marketing campaign aims towards making customers understand that accessing your earned salary before pay day is a reality now, making every day a salary day.

• • Referral Campaign: Refyne runs its referral campaign via user referral codes. This referral code can be found in the profile page of existing users. Existing user can share the code via SMS or Whatsapp. New Users signed up using referral code get instant money credited to them which they can transfer to their bank account.

• • Organic Search Result: Refyne ranks #1 on Organic SERPs for the keyword 'early wage access India', 'Salary on Demand'. However, they are not found in top 3 of organic SERPs for distant keywords like 'financial wellness India', Financial Literacy India' 'etc.

• • Core Value Proposition: Provide employees with an option to access their own (accrued) earnings at any time

Understanding the User:

Market Research - TAM, SAM and SOM

Experiments to identify where existing acquisition strategy is optimized

Refyne's main acquisition channels currently leveraged, are

• direct partnerships with companies and
• integrations with HR platforms.

Refyne partners with over 150 companies, helping them integrate Earned Wage Access (EWA) solutions seamlessly without requiring substantial internal resources. However, given the high growth target (3 million employees by next year), optimizing acquisition channels that emphasize digital outreach, partnership expansion, and app-based user engagement could prove beneficial​.

Keyword Research

Content Loops

Social Media platform is the highest rated platform for content loops. Prioritizing on UGC on social media could help Refyne create strong content loops and spread awareness about it's brand and products.

Customer Lifetime Value

Below figures are based on assumption

• Average order Value = $3 per user
• Frequency = 1 times a month
• Customer life span (retention) = 1/Churn rate
• • Lets assume churn rate is 3%
  • Retention = 1/0.03 = 33.33 months
• LTV = 3 (Avg order value) x 1 (frequency) x 33.33 (Customer lifespan) = $70

Framework of Ad Campaigns

• Channel Selection
• • LinkedIn and Google are the platform where Refyne's ICP spend most of their time.
• Audience Segment
• • Google - HR Managers with intent for searching employee benefit programs
  • LinkedIn - HR Manager/Payroll leads
• Campaign Structure
• • Objective of the Campaign - Core objective of the campaign is to increase no. of demo calls
  • Ad Groups - Target audience for these campaigns would be HR Managers and Payroll leads of employee centric organizations with high number of blue collar workforce
  • Ad Creative - Static ads, video ads and user testimonials will be the best way to engage with the target audience

Product Integration Framework

*Below framework is developed based on assumption

From above framework we can identify that integration with third part HRMS providers could be most effective as it allows Refyne to reach new customers faster with minimum efforts.

Refyne and Zoho Product Integration

Define Objectives and Success Metrics

• Objective: Enable Darwinbox users (particularly HR and payroll managers) to seamlessly implement Refyne’s Earned Wage Access (EWA) within their existing HRMS and payroll workflows, making EWA accessible directly within the Darwinbox interface.

Success Metrics:

• • Adoption rate among Darwinbox’s existing and new clients.
  • Increase in employee engagement and satisfaction with payroll features.
  • Revenue growth from Darwinbox-integrated Refyne users.

2. Map Out Technical Requirements

• API Integration:
• • Use Refyne’s API to connect with Darwinbox People (HR management) and Darwinbox Payroll, allowing real-time data synchronization of employee attendance, payroll, and leave details.
  • Ensure Refyne’s API can read payroll and work-hour data from Darwinbox systems to calculate eligible earned wages dynamically.
• Data Security:
• • Ensure data encryption, compliance with industry standards for protecting sensitive employee and payroll data.
  • Implement secure token-based authentication for data access and sharing between Refyne and Darwinbox.
• Synchronization Cadence:
• • Schedule data syncs to update payroll information in real-time or near-real-time, with fallback to batch processing for large datasets.

3. User Experience (UX) and Interface Design

• Embedded Refyne Features within Darwinbox:
• • Add an “Earned Wage Access” tab in Darwinbox People and Darwinbox Payroll, allowing employees to view and access earned wages directly within their HR portal.
  • Integrate a Refyne dashboard for HR managers within Darwinbox, providing data on EWA usage, payout history, and engagement metrics.
• Employee Self-Service:
• • Enable employees to view and request advances directly from their Darwinbox accounts.
  • Offer real-time tracking of available earned wages, past withdrawals, and notifications.

4. Measure Outcomes and Optimize

• Track the impact of the integration on HR satisfaction, employee usage rates, and client retention.
• Identify features to enhance based on adoption data, such as automating additional workflows or refining the employee self-service interface.

Refyne EWA integration on Darwinbox payroll page