CRED is a members only credit card bill payment platform that rewards its members for clearing their credit card bills on time.
Users can also pay house rent and educational fees using credit card in cred application.
Every time users pay credit card bills on CRED, they receive CRED coins. They can use these to win exclusive rewards or get special access to curated products and experiences.
Goal -
let’s look into features in which we can increase user acquisition and user engagement in the cred application
User Persona
Martand N.
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30
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Bangalore
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Married
Descriptor
Martand works as a Lawyer and loves exploring new technologies. He has been using CRED for 2 years. The best thing he likes about the app is the easy way of paying credit card bills on time and being able to track all the payments he has made.
Goals-
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Looks for exclusive offers and discounts while clearing bills
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Paying credit card bills on time
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Looks forward for Using Cred coins in a more effective way
Frustrations-
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Does Not find the reward section appealing for which he doesn't like using the app much
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Finds the customer care section unresponsive when payments get stuck
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The cred coins are not accepted anywhere and hence not of much use
Brands
Amazon Go, IKEA Interior
Hobbies
Photography and Trading
Dinesh Choudhary
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25
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Hyderabad
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Bachelor
Descriptor
Dinesh works as a software engineer. He pays his credit card bills on time using CRED. he finds it easy to use. He has also opted for due date notifications from CRED app which he gets when the due date is nearby.
Goals-
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Looks for exclusive offers and discounts while clearing bills
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Increase credit score
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Looks forward for Using Cred coins in a more effective way
Frustrations-
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High impact on cibil score if he misses payment on time even once.
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Never got 777 in reward club despite losing more than 2 lakh credit coins
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Looks for more options in store
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Difficult to track when Credit utilisation increases
Brands
Adidas, Apple, crocs
Hobbies
Playing football, guitar, gym
Based on the context, let's summarize the pain points faced by Users
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Users found it difficult to track if their credit card payments exceed a maximum of 30 % which can hamper their credit score.
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they couldn’t find different ways to use their cred coins in a more effective way instantly and they are not acceptable anywhere
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They are looking for more options in store to use their cred coins
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The reward sections is not appealing and doesn't create any interest to use the app further
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There is a high impact on cibil score if he misses payment on time even once.
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The customer care section is not very responsive.
Here are a few proposed solutions to overcome these pain points -
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Introducing a new feature in Cred Application of ordering food delivery - Just like CRED Store, users can also order food from different restaurants present at their location and pay using CRED pay and get exclusive discounts on food dishes. A more happening way of using their CRED Coins.
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The trouble of connecting with a customer care when a payment is stuck- introducing whatsapp chat bot exclusive for customer queries regarding payment gateway/ latest bills/ cred coins available/credit score, to make it easy for the customer to use the app.
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To get notification when credit utilisation increases- It is advisable that people keep their credit utilisation below 30% to maintain a good credit score. So if they have multiple credit cards, to keep a check on how much money they are using on credit. The user will be notified when credit utilisation has reached the limit of 30 % for individual cards.
Metrics to measure success
Metrics to measure the first solution - Introducing a new feature in Cred Application of ordering food delivery - Just like CRED Store, users can also order food from different restaurants present at their location and pay using CRED pay and get exclusive discounts on food dishes. A more happening way of using their CRED Coins.
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Increase in the number of users clicking on restaurants and viewing the restaurants/dishes
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Increase in number of users adding dish in the cart
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Increase in the number of use ordering food from CRED using cred pay
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Increase in use of cred coins
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Increase in new users sign in to CRED
Metrics to measure the second solution - Introducing WhatsApp chat bot for customer care service
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Increase in number of users choosing whatsapp chatbot for customer care
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Increase in time spend in WhatsApp chat bot
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Increase in customer satisfaction using WhatsApp chat bot
Metrics to measure the third solution-To get notification when credit utilization increases
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1.Increase in the number is users clicking the notification
- Increase in number of users navigating to app after clicking the notification
- Increase in the time spend in the application by the users
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4.increase in the number of times users checking the credit card transaction and spending in the CRED app
- Increase in number of users maintaining the credit limit.
Wireframe for the first solution -
