Zolve :

Zolve's mission is simple: we want to make financial products accessible to everyone. Zolve offers the ambitious a plethora of products to simplify banking in the US and other countries, such as:

A Bank Account you can create from anywhere in the world in under five minutes
A high-limit Credit Card that helps build a healthy credit score
Easy, lightning-fast, cross-border money transfers with the best rates in the market

Zolve is expanding its horizons, and they excited to open our doors to everyone expanding theirs.

We believe: that if space tourism is real, so is reaching for the stars.

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ICP :

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Case Study of Zolve ICP :

Arun survived tooth pain for 737 days and in US it requires to have family doctor for Non-emergency issues and to get one it takes up to 2 months.

Arun_Zolve_Case_Study.pdf

ICP Prioritization :

ICP 1 ( Relocating for Studies ) : This is the primary TG as it not only solving customer pain points but also helping the Zolve community to grow, as Zolve acquire users in India and retain them in US ( currently serving India-US corridor and plan to expand to UK, Australia, Canada).

Zolve has partnered with affiliates in India who are education loan providers, overseas education counsellors, visa consultants and accommodation providers, among others.

They have a strong presence across more than 380 US universities, and have a long-term student ambassador programme to help with growth in the US, this creates a

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ICP 2 ( Relocating for Job ) : This is also one of the important TG's but the acquisition is different from the ICP 1, as it does corporate tie-ups and is useful for the users that face problems like Arun.

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ICP 3 : These ICP's have other options like Scapia, Niyo, Fi, MakeMyTrip providing a better travel ecosystem suite which is not the current focus of Zolve.

JTBD ( Job To Be Done )

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Activation Metric - Hypothesis

1. H1 : 400k+ global users in 4 years
   
2. H2 : 0.3 million students going to US from India every year
   
3. H3 : 1 event per University captures <=> 200 - 300 students signups
   
4. H4 : 1 LinkedIn posts university meetups <=> 500 - 800 signups
   
5. H5 : 50k $ Scholarship capturing the top 50 blog / media spaces

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Validating Activation Metrics

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Growth Stage / Mature Stage

• Does it impact the retention curve ?
• Does it increase on referral or WOM ?
• Does it improve LTV ?

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Activation Metrics Hypothesis Details

• Hypothesis 1 : 400k+ global users in 4 years

• • This information builds the trust for upcoming users, as it's a financial services product in which user wants to know what they are signing up for.
  • It will remove any hinderance in mind about personal details being asked during the Customer Journey, like uploading a passport, or any other identification to be done for a particular service.
  • Showcases the high growth of the product in a shorter span.
  • Also the company was launched during COVID, which makes it more compelling to believe the legit ecosystem of the product being used widely.
    
• Hypothesis 2 : ~ 0.3 million students going to US from India every year
• • As people plan to go for graduations outside India the major chunk is working in the Tier 1 cities, so communicating and conducting events in these cities accelerate the acquisition.
  • Considering two programs at high level Masters of Science / MBA
  • • These folks will be connected somewhere as there are forums and channels, WOM will spread very quickly as the pain points of their US journey will be revolving around this mainly.
  • Every year this will be new set of students mostly, less of the ones who defer. So, the community will expand if acquired at the very right points in India.
    
• Hypothesis 3 : 1 event per US University can capture 200 - 300 students signups
• • Calculation of the above expected student metrics :
  • • Students per university ( TS ) = 3,000,00
    • No. of Universities ( N ) = 350
    • Students per university => TS / N = ~ 860
    • Diluting the above, close to the mode value of 500
    • Even if 150 student arrive to the event, the WOM will atleast double and that still have the scope to cover the available TG.
  • Closed feedback loops showcases the customer first attitude.
  • Creating awareness about the usage of financial products to the young audience.
  • • For example : Credit Card history is not just about getting a Credit Card, but also being looked up by the employer, which is mostly the primary goal of any student.
  • Creating awareness about the health insurance and its importance, which is being overlooked by most of the people even in their later ages.
    
• Hypothesis 4 : 1 LinkedIn posts of university meetups <=> 450 signups
• • 50-60% of the TG is on LinkedIn and will search for the students of the specific universities in US, if the post is positioned correctly the reach can make sure to touch the above signups atleast. Let's calculate the above metric :
  • • Current following of LinkedIn page : 17,000
    • Indian students finalizing the US school : 3,00,000
    • Active on LinkedIn : 1,00,000 ( < 50% )
    • Active on LinkedIn and can reach the Zolve impression ( AZS ): 50,000
    • Linkedin Post impressions average conversion rate is 3%
    • • 3% of AZS = 1500
    • Diluting the AZS conversion rate to 30% --> 450
      
• Hypothesis 5 : 50,000 $ worth scholarships capturing atleast 30 blog / media spaces
• • Announcing the scholarships helped them get on the different media channels.
    
  • Once the media channels are aware about Zolve, then every news linked to Zolve will show up in these media channels helping build the brands name and gaining a space in the mind of people.
    
    
  • Also the WOM / Referral becomes stronger in the age group of 18 -23 as they hear about the scholarship available from a company and then research the whole ecosystem, this is where the customer is activated.
    
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Activation Metrics parameters to track :

D1 and D30 retentions :

• D1 will play the activation metric role. If the user is not triggered with the pain point as he/she made to think about this or in journey planning to take an action like that. As soon as the user encounters the product what is the conversion rate of the user.
• D30 will help us realise the customer journey that has happened so far and what all user is planning in the journey ahead.
• To make sure the retention coreelation of D1 / D30 is strong we need to build close loops and push the user engagement and onboarding / financial services leverage

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Acquisition Source :

As there are multiple sources to acquire the market like ( community events, referral, social media marketing, giveaways ) so tracking of the specific channels is important as to perform below tasks:

• Analyse the acquistion strategies and improve the trigger points as to acquire the customers on the channels where the conversion rates are higher.
• Budget allocation for the future campaigns.
  

DAU / MAU :

• Tracking this data will be helpful to analyse the business and correlate the Subscription/retention rates and prioritise the features that are critical and issues faced by users, but only DAU/MAU won't serve the purpose.
• As there are multiple stages in the product creating the account, onboarding as per the user persona, peronalised experience.
• Then the another stage is to access the financial services offered like insurance, loans, credit card and other rewards ecosystem.
• So to understand the volume and category of services being used. Blockers that are faced by user while accessing particular services.

To address the user concerns, DAU/MAU will give only the business knowledge on how the product is performing but to determine the retention rate and how to increase the retention rate, a dashboard displaying multiple end points of the application will build the product more stronger.

Given that the legal compliances/other non automated processes are involved while issuing credit cards, loans , insurances, " Work Graph " introduced by a company called "Soroco" will help build the product more stronger and will help prioritize the features that needs automation/ remodeling / optimization or solve a critical engineering problem.

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User Cohorts :

• As the product scale it is important to analyse that which category of users are higher in acquisition.
• As it is quiet possible that as we reach the thresholds per year of the students, the corporate channel will play a majority role to focus.
• Or another case would be to involve more financial products as to keep the retention rate stable and increasing.
• Customer support will play a substantial role as the product offerings increase.
• Category Creation => Bringing the pain points visible in the user life and evolving goals will cluster multiple ICP's in different segments which will require to push the wide product spectrum.
  

Subscription rate vs Retention:

• Understand which products are being used by each persona.
• Product Reviews and regular discussion with customers will help build a greater subscription rate.
• Given that audience is students, and when taken a loan of amounts that is one of the critical decisions in the life, the student concerned / first app will build higher activation in India and as the user experience grows evolve the retention will grow allowing the risk of launching new products.
• So retention rate will help to build a better subscription rate.

Product Reviews:

• Financial services products demands uniterrupted user journey and when it is about the cross-border payments, it will require higher degree of detailing.
• Given that Zerodha being the big name is Stock Brokerage industry still faces the lot of negative customer reviews on impactful channels like "X"(formerly twitter ), LinkedIn.
• So closed feedback loops if focused more can build the prescience of lot of issues, still actively resolving and providing a right customer experience will be required as the product scales, issue with all the B2C products.

Customer Support :

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• Issues that customers are facing.
• Volume of the issues.
• Category of issues ( Engineering, operations, business/communication or any other category that is to be explored )
• Severity of the issues ( Critical or Normal )
• TAT of the Customer support tickets and the blockers that are increasing the TAT.
• Processes that can be involved to improve the TAT.
• Processes that can be involved to improve the issue reporting journey.

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Product Teardown

Onboarding _ Zolve (2).pdf

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