How A Leading FinTech SaaS Reduced Churn by 15% using Locale.ai

Locale.ai recently worked with a leading fintech SaaS platform revolutionising banking and financial services. Their solutions empower businesses with seamless access to banking APIs, simplifying financial operations and enhancing the customer experience. With their rapid growth, and wonderful reviews, they have become the face of the growing backend infrastructure for neo-banks in India.

Let us take you through how the team used Locale.ai to improve customer conversions and, decrease user churn by 15%, and attain operational efficiency.

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Challenges

Prioritisation of Leads

Despite experiencing a significant influx of inbound leads, the sales team encountered considerable difficulties when it came to prioritising these opportunities effectively. The main bottleneck was prioritising them effectively. This absence of actionable insights on product and usage behaviour impeded their ability to tailor their approach to each lead's unique needs and interests, ultimately affecting conversion rates and customer acquisition strategy.

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Unfulfilled Demand

This was a pressing concern as a portion of inbound customers exhibited a common pattern – they would eagerly initiate the activation process, taking one or two crucial steps, but ultimately failing to complete the entire journey. This left a significant pool of potential users who showed genuine interest in the product but dropped off mid-way.

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User Churn

Over time, they noticed a trend among their customers as their engagement with our product dwindled, directly impacting the volume of payments processed. The challenge was the timing – often, by the time the team reached out to these customers, their disengagement had already progressed significantly, making it exceedingly challenging to effectively retain them.

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Unresolved Tickets

Pending tickets posed a persistent challenge. A significant number of customer inquiries and issues remained open and unresolved. This not only strained resources and capacity but also had a direct impact on customer satisfaction. The inability to promptly address and close these tickets often left their customers frustrated and dissatisfied.

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Problem with Existing Systems

Excel Sheets

As the volume of data continued to grow, it became evident that relying solely on Excel had its limitations. Managing and accurately analysing the increasing data volumes posed significant challenges, highlighting the need for a more robust and scalable solution beyond Excel's capabilities.

Excel was good when we were small but as we kept scaling, excel just could not keep up with the data growing with us exponentially. There have been times where we have waited and waited for the data to load before we could even start analysing the data. - Amitesh, VP of Product

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Recurring Meetings

Despite recurring weekly meetings to address pending tickets and customer issues, the discussed actions often remained unimplemented. Additionally, tracking and ensuring the completion of these pending tasks became challenging due to limited bandwidth, causing delays in ticket resolution and customer support.

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Cron Jobs

The team tried experimenting with cron jobs and metabase alerts. Both these options were not user-friendly, they came with a lot of dependencies on the tech team to set up and maintain with no accountability. This made it difficult for the operations team to track and manage their operations.

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How Locale.ai Solves the Problem

Proactive alerts

Instead of discovering an issue hours or days later. Locale.ai constantly monitors data and flags the most important issue on the preferred channel to the team. Enabling them to focus on the most pressing issue as and when it arises.

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Escalation

Locale.ai offers a convenient preset escalation matrix that can be configured either during the initial alert setup or at a later time as needed. This ensures that notifications are strategically directed, avoiding the scenario where everyone is working on every issue as soon as it arises

Locale’s insights panel which demonstrates team performance.

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Improved ownership

Locale.ai enhances ownership and accountability by automatically notifying multiple users when an issue arises. This ensures that everyone is aware of the issue and that it is resolved promptly.

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Auto resolve

Locale.ai's auto-resolve feature has helped the team quickly and efficiently address issues. This feature automatically resolves issues that are no longer relevant, freeing up time for the team to focus on pending tasks.

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Integrations

Locale.ai's connected with Salesforce user data, enriched with the data in their Amplitude about user behaviour, and used SQL to instrument the alert logic. The downstream notification channels included  Slack, and Salesforce where the tickets got created because the team was already well versed with it.

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Impact After Locale.ai

Improved Conversion

With Locale.ai as their operations control tower, they have been able to consolidate disparate data sources (using data enrichment) and act on inbound signups who have already taken high intent actions like check the pricing page, explore the demo pages etc. This approach has yielded a remarkable increase in inbound conversion rates, by over 10%

Earlier our team would keep reaching out to people and then use the same pitch to convert the account. Now we are able to fine tune our pitch based on the pages they have visited, this has led to closing the sales cycle also faster - Amitesh, VP of Product

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Reduced Churn

Since the team implemented Locale.ai’s alerts for touch points like overall time spent on the product, total volume of payments processed, frequency of logins etc the customer success was able to connect with the customers as and when the metric started dropping. This proactive engagement helped them reduce churn by over 15%.

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Increased Productivity

With the implementation of Locale.ai's escalation matrix, the managers can now focus their attention on critical issues rather than being overwhelmed by every exception. The system notifies managers only when a task remains unresolved, allowing them to streamline their workflow and prioritise their involvement.

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How to get started

Excited to get started?  So are we!!! Alerts, workflows and incident management are all just a few clicks away with Locale.ai. Here's how:

• Integration takes 15 mins: Connect your data sources to configure your tables blazing fast.
• Instrument alert rules in SQL: Start monitoring your business events so that you can act on time.
• You're ready to roll: Manage your incidents. Resolve, escalate and take action.

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If you are eager to know more about how Locale.ai helps you set up Alerts, Book a call with one of our specialists to have all your questions answered today! Too good to be true? There is magic in the world, you just haven't seen it yet😌

Go check out our product for yourself and sign up now: https://go.locale.ai/signup