Success Story

How Wave Money Increased eKYC Upgrades by 30% and Boosted Transactions by 200K Per Month with Insider

App Push
In-App Templates
Architect

15%

increase in new
user registrations

30%

increase in eKYC
upgrades

200K

additional monthly
transactions

Industry

Financial Services

Themes

Customer Retention
Personalization
Automation

Channels

App Push
Web Push
In-App Templates

Tools

Architect
App Push

“Wave Money needed a solution to automate personalized engagement and recover drop-off users efficiently. Insider’s scalable platform and AI-driven tools not only enhanced our customer experience but also positively impacted key business metrics such as transaction volume and customer retention. This has been crucial for maintaining user trust and driving sustainable growth in the competitive digital wallet space.”

Min Soe Paing
Senior Manager Performance Marketing

Executive summary

Wave Money collaborated with Insider to enhance its user registration process, drive eKYC upgrades, and boost transaction volumes. By leveraging App Push notifications and in-app templates, Wave Money achieved significant uplifts in customer engagement and conversions. Insider’s automation capabilities enabled Wave Money to streamline its processes, resulting in increased registrations and transactions.

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About Wave Money

Wave Money is Myanmar’s first and largest mobile financial services provider, offering essential cash transfer, remittance, and payment services to over 30 million customers. With more than 59,000 Wave shops across 290+ townships covering 90% of the country’s geography, the company is a leader in financial inclusion. Its mission is to support Myanmar’s unbanked population while promoting financial empowerment through digital inclusion.

Why Insider?

Wave Money partnered with Insider to address critical challenges in customer engagement and retention. The brand chose Insider for its ability to automate personalized campaigns and recover drop-off users seamlessly. Insider’s AI-powered tools offered the flexibility and scalability needed to meet Wave Money’s evolving needs, outperforming competitors in delivering measurable results.

USE CASE #1

Enhancing New User Registration with Automated App Push

The challenge

Wave Money faced high drop-off rates during the registration process at key steps such as phone input, OTP verification, and temporary password creation. Additionally, many users completed eKYC Level 1 but did not upgrade to Level 2.

The solution

Insider’s App Push feature was deployed to send personalized instructions to users who dropped off at each step of the registration process. Recurring push notifications reminded users to upgrade their eKYC level.

The results

15%

increase in new user
registrations monthly

30%

increase in eKYC Level 2
upgrades monthly

USE CASE #2

Boosting Transaction Frequency with In-App Templates

The challenge

Wave Money wanted to encourage users to explore services they had never tried before and increase transaction volumes to enhance app stickiness. To achieve this, Wave Money launched time-limited promotional campaigns aimed at driving cross-usage behavior. However, the brand faced challenges in increasing the visibility of such campaigns and creating a sense of urgency to maximize its effectiveness.

The solution

Insider recommended leveraging in-app templates to prominently display the promotional campaign details and time limit within the app interface. These templates were designed to capture user attention immediately after completing transactions and highlight the benefits of participating in the campaign. By combining personalized messaging with countdown timers and urgency-driven visuals, Wave Money was able to effectively boost engagement with the promotion.

The results

8M

increase in airtime
transactions

50%

contribution to airtime
transactions

90,000

bill payments
generated

30%

contribution to monthly
bill payments

USE CASE #2

Turning App Push Notifications into a Revenue-Generating Channel

The challenge

Wave Money faced challenges with low app push engagement rates. Even when users clicked into the app from push notifications, they struggled to convert these sessions into meaningful actions, making it difficult to turn app push notifications into a revenue-generating channel. Additionally, Wave Money wanted to ensure users did not miss out on personalized offers that were only valid for a limited time.

The solution

To address these challenges, Wave Money utilized Insider’s rich and automated App Push notifications, which included visually engaging elements like images and urgency-driven messaging. Send Time Optimization was implemented to personalize the timing of notifications for each user’s best time for engagement. Furthermore, Wave Money created coherent, personalized journeys by connecting these push notifications with in-app templates to maintain a seamless experience after users landed in the app. This approach ensured that users were reminded of the offer consistently and encouraged to complete transactions.

The results

10M

in-app templates
impressions per month

200K

in incremental monthly
transactions

5%

clickthrough rate

USE CASE #4

Streamlining Data Integration with Mixpanel Segmentation

The challenge

Sensitive data like balance and transaction amounts were stored in a partner’s MixPanel platform, requiring seamless integration with Insider for effective campaign targeting.

The solution

Insider enabled the dynamic migration of MixPanel segments into Insider’s platform. This allowed Wave Money to combine these segments with Insider’s own segments, facilitating the launch of highly targeted campaigns. Through this integration, Insider achieved a one-time export or sync of segments dynamically from MixPanel to Insider, and successfully combined MixPanel segments with Insider segments to launch targeted campaigns, enhancing campaign effectiveness.

Summary

With Insider’s advanced personalization tools like Architect and App Push, Wave Money significantly improved customer engagement across its app. Automated campaigns helped recover drop-off users while driving eKYC upgrades and transaction growth. The partnership successfully enhanced Wave Money’s ability to deliver timely, relevant messaging that resonated with its audience.

Looking ahead

Wave Money plans to expand its use of Insider’s tools by integrating predictive audience segmentation for even more precise targeting. The brand is also exploring opportunities to enhance customer experiences through conversational channels like WhatsApp.

Favorite feature

Architect

Wave Money’s favorite feature is Architect due to its ability to automate end-to-end customer journeys across multiple touchpoints, ensuring seamless engagement that drives measurable results.

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