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Product Overview

Monnai is an API-based B2B solution suite that provides consumer insights for fintechs across the globe. Their primary markets are the emerging fintech markets of India, South-East Asia and LATAM, where they have a stable customer base and have currently achieved PMF with their solutions.

Monnai's API solution provides state-of-the-art, real-time intelligence powered by alternate data - we aim to bring inclusive financial coverage to all sections of the population.

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For the purpose this assignment, we will consider a flagship product offering within Monnai - Monnai Risk Engine.

What does Monnai Risk Engine do?

Monnai Risk Engine is an offering that aims to ease onboarding & credit decisioning through customizable rules & ML-driven scoring models.

The product aims to unlock access to financial instruments for all segments of the population through its tailored solution platform.

A snapshot of the product dashboard displaying masked user information with Risk Score -

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Value Proposition(s)

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User base

Who are the users?

The primary customers of Monnai's Risk Score are fintech & lending platforms in India & Southeast Asia, with a smaller presence in LATAM, Americas & Europe.

What do they feel about the product online?

Unfortunately, being a B2B business focused on company outcomes rather than individual outcomes, online research does not reveal a lot about what Monnai customers feel about the product.

However, by talking directly with customers through Zoom/GMeet calls, phone calls & Slack discussions - we have been able to narrow down our user base into a set of ICP's which can be chosen for the exercise.

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Ideal Customer Profile

ICP 1 - Product Leader @ Payment Fintech

Our first ICP is Shreya, a Product Lead at a Unicorn Fintech. Below are her detailed attributes -

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Key problem statement

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Jobs to be Done

• Want to identify riskiest customers at on-boarding so we can add more guardrails
• Want to identify my most trustworthy customers so we can customize better rates & offers
• Want to provide access to services for all segments of the population.

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ICP 2 - Head of Compliance @ Tier II Lending Firm

Our second ICP is Samir, Head of Compliance @ Lending firm focused in Tier II, III cities -

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Key problem statement

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Jobs to be Done

• Want to stop fraudsters from entering the customer platform
• Want to ensure good users are not affected by the fraud detection systems put in place

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ICP 3 - Growth Leader @ Identity Leader

Our third ICP is Rishab, Growth Leader @ Identity Verification Channel Partner -

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Key problem statement

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Jobs to be Done

• Want to increase customer usage of my platform by leveraging Monnai's services
• Want an explainable & attractive solution that I can evangelize to my customers

ICP Prioritization

Using the ICP Prioritization Framework, we arrive at our final ICP's to target for this asignment -

1. ICP 1 - Product Head @ Payment Unicorn
2. ICP 3 - VP of Growth @ Identity Leader Firm

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Market Analysis

Total Addressable Market

For the scope of this assignment, we need to view the company's potential under the B2B2C lens in India alone. This is because Monnai earns revenue based on the number of customers/users that get on-boarded to their customer's platforms, hence indirectly tying their market to the needs of the end users.

In that regard, looking the core value that Monnai can offer to fintechs, we need to estimate the number of users who are likely to start availing online financial services over the next 5 years.

We consider the below factors -

1. Increasing internet and smartphone penetration: India's internet penetration is expected to reach 70% by 2025, and smartphone adoption is already around 75%. This creates a large potential user base.
2. As of November 2022, UPI boasted over 300 million monthly active users in India. UPI transactions have witnessed a phenomenal CAGR (Compound Annual Growth Rate) of 147% in volume and 168% in value between FY 2017-18 and FY 2022-23 [Press Information Bureau, India]
3. We will add a probability of 50% (1 in 2) of these users to transition into other fintech & online lending platforms, bringing user base to roughly 150 million users.
4. These users may on average access at least 2 other platforms. However, many of these users may have already on-boarded to these platforms, bringing down the available whitespace.
5. We will hence stick to a TAM of 150 million potential new user on-boardings.

Servicable Addressable Market

Considering the available market of 150 million new user on-boardings, Monnai will only be able to capture some of these due to -

1. Existing systems built by customers that they do not migrate off of
2. Choosing specific cohorts of on-boardings only to go through Monnai

Considering these limitations, we will take ~80% of the market, which is roughly 120 million new user on-boardings.

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Serviceable Obtainable Market

The SOM for this product will depend on the match-making between exact value prop & the need that customers have for such a product.

The competitive landscape for Monnai is significant, and the market is typically splitting between 3-4 major players right now. The market however is highly serviceable, with companies constantly looking for new or better solutions to solve their on-boarding problems. Around 20% of companies may currently not be looking for new providers.

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Based on this, we will take 80% of this market again to arrive at a SOM of ~100 million new user on-boardings spread across various financial services & applications.

Core Value Proposition(s)

Based on the ICP's and the available value propositions for the product, we can narrow down on the below Core Value Propositions that will go into the Acquisition channel messaging -

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Acquisition Channels

Experiment #1

Paid advertising

In this experiment, we will run a paid ads program that generates in-bound leads & helps build publicity for the product.

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Our first step is to identify the strongest PMF & ICP for the product - this is where our right to win is.

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For this, we will choose our ICP 1 - Product @ Payment Fintech as a target. In this case, we will not further optimize for factors such as gender or hobbies, and instead focus on the keys to unlock this channel.

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Channel selection - LinkedIn Ads

Audience - Middle & upper management executives aged 30+ in Finance, Banking & Fintech companies

This can be achieved through LinkedIn's ad targeting mechanism -

Geography - India, to start with. We can hyper-target with Bengaluru, Mumbai if required.

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Target company industry & size filters will be applied (Finance and 500+)

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To match with our ICP, we can choose job experience of 10+ years and mid-senior to senior levels.

Further, we can optimize on member skills to be in Product, Compliance & Business Development.

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We will not optimize for gender, but optimize for ages above 30. The remaining attributes do not need further filtering.

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The goal is also to avoid hyper-targeting in this experiment, so as to put the word out on the company & get as many leads as possible.

Ad creative sample #1

The messaging is clear and succinct - "Monnai provides a better way to on-board and know your customers, so that you can identify the safe users while eliminating risk."

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Ad creative sample #2 -

The messaging here - "Monnai helps you make better decisions for all segments of the population, ensuring we do right by both you and your customers."

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Experiment #2

Paid ads with a flavour of PLG

For this experiment, we will continue to use similar channels, but instead go for targeted Account-Based Marketing.

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On top of this ABM strategy, we will attempt to create a mini PLG motion where the user gets to experience the product before they move into the Sales cycle.

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Step 1 - Monnai will identify a set of leads & potential companies for the platform, which can span across geographies in India, Indonesia, LATAM. The idea is to identify companies which have an affinity for such a use-case, but may not be tempted to use or consider Monnai's product.

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Step 2 - Using LinkedIn Company Targeting, we implement an ABM mechanism that displays targeted ads across a list of prospects using a list.

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Here, since we have already shortlisted the prospect list, we only need to ensure fitment within our ICP #1, ICP #3 (chosen ICP's). For this, LinkedIn's Job Experience/Demographics filters can be applied on top -

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Step 3 - Once we have this targeted strategy ready, the task is to create a good creative that tempts the user to actually try the product directly.

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Step 4 - With a CTA on "Try now", the page will lead them to a direct sandbox portal, where Monnai will control access for users who arrive through these links only.

In this page, users will have 2 credits which they can use to check email & phone number of any user, which will give them a masked response with blurred details.

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(Mockup for reference, this implementation will need to have a lot more finesse)

Step 5 - User will ideally try to use their 2 credits & check for the risk categories & recommendations out of curiosity. On the third attempt, the page will prompt them to contact Monnai for a POC & proceed with the Sales cycle.

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Experiment #3

Partner program

For this phase, the strategy will be to focus on ICP #3.

Who is the ICP?​

Our partner ICP is typically a Growth Leader at an Identity Channel Partner. They can also be of a similar role in a Alternate Data/Financial Services Partner, since the motivations & roles of these personas tend to remain the same.

How will the partnership work?

Step 1 - Monnai will provide a partnership benefit to channel partners in the form of a direct payment incentive. This will be worked out as a % of revenue brought onto Monnai by the channel partner.

This will be calculated based on the MRR brought in by the partner, and disbursed on a monthly cycle.

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Step 2 - The partner on-boards onto Monnai platform with an integration via API, and then provides access to Monnai services to their customers.

Step 3 - Partner evangelizes Monnai services to their customers based on the Core Value Prop.

Core Value Proposition for Channel customers will focus on -​

1. Coverage to underserved markets with an easier decisioning framework
2. Explainable Insights for every decision

How does this benefit the partner?

1. Provides an additional flavour of services that they can provide to their customers
2. Incentive to evangelize Monnai services since it adds to their revenue

How will they keep track?

Monnai will display -

1. Transactions Dashboard that informs them of their customers and the volumes they bring in from them
2. Incentive Dashboard​ that informs them of cumulative incentive updated in real-time.

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