Elevating user experiences in FinTech with insights from industry leaders, Bajaj Finserv & Jar

India is set to become a $10 trillion economy in the next decade, and with Digital India accelerating, affordable smartphones have made the internet accessible to a diverse audience. This widespread adoption of digital platforms has created an immense opportunity for FinTech giants to reach customers even in rural India.

However, it has also come with a unique challenge – a predominantly not-so-tech-savvy user base navigating the digital world with varying degrees of comfort. This has led to:

• Customers finding it challenging to articulate technical issues faced within the platform; even straightforward requests, such as a screenshot of the problem, are met with resistance.
• Support teams struggling to comprehend the exact issue and having to go back to the customer multiple times for input, leaving them annoyed.
• Engineering teams facing difficulties to obtain the context and insights needed for fixes, causing delays in resolution.
• Product teams having a limited scope to gather granular data to effectively capture and analyze user pain points and in-app experience.

The impact of poor customer experiences due to technical issues hits digital businesses where it hurts – Customer Satisfaction (CSAT) score, Net Promoter Score (NPS), and ultimately, revenue. With rising Customer Acquisition Costs (CAC), they cannot afford to lose customers, especially during or after onboarding. But, despite their best efforts, businesses are left in the dark about what’s breaking on the customers’ ends.

While digital businesses have made remarkable strides in digitalization on the customer side, they still grapple with the complexities of hundreds of integrated systems and legacy infrastructure.

Here’s how Bajaj Finserv and Jar unified their teams and data on a modern platform, and drove the voice of the customer beyond the support team, all the way to product and engineering.

Case study 1: How Bajaj FinServ optimized for quicker resolutions and better conversions with DevRev

Bajaj Finserv is a leader in the non-bank and alternative lending sector. Its ‘No-Cost EMI’ is an innovative credit service that helps millions of consumers meet their short-term financial needs. Many strategic initiatives have propelled the company’s growth over the last decade.

But in order to scale faster, their teams needed help understanding how the technical issues in their platform affected conversion journeys. Technical problems like app crashes, UI freezes, and slow performance were disjointed from conversion rates in funnel analysis. Thus, they had an incomplete understanding of the drop-offs.

For instance, Know Your Customer (KYC) is a crucial part of user onboarding on Bajaj Finserv’s apps, and each drop-off is a monetary loss. While the team noticed a drop-off on the KYC screen, they did not understand what was going wrong. The KYC screen loaded without any performance hiccups. The logs had no functional issues. How did they narrow down the problem?

With DevRev, they were able to:

1. Replay and resolve user complaints: DevRev PLuG SDK captures real-time data from mobile and web front end. This enabled Bajaj Finserv teams to replay session recordings of complaining users and precisely identify pain points. Support representatives can see what went wrong without asking annoyed users for screenshots or any additional information. Developers can replay and review logs to troubleshoot issues such as JavaScript errors, browser incompatibility, unresponsiveness, and slow loading times.
2. Uncover the reasons behind drop-offs: Using DevRev, Bajaj Finserv could identify the reasons for conversion drop-offs and improve user experience:
   • Signup and OTP screen drop-offs were due to performance issues.
   • KYC form drop-offs were due to a confusing date picker UI.
   • Optimizing the Fixed Deposit booking journey for better conversion.

DevRev could modernize and seamlessly integrate conversion optimization, troubleshooting, and resolution processes at Bajaj Finserv. The team moved from analyzing through disparate metrics scattered across various tools to a unified analysis, leading to faster resolutions, increased conversions, and improved user experience.

Read more about Bajaj Finserv’s success here.

Case study 2: How Jar improved user experience with DevRev

Jar is one of India's fastest-growing fintech startups, modernizing the traditional habit of saving in physical gold by offering users an option to micro-invest in digital gold. They faced three significant challenges:

1. Understanding the customer base: Jar wanted faster product iterations, for which they conducted user testing and interviews. However, their non-tech-savvy customers were often reluctant to share feedback and the manual methods were non-scalable, consuming up to 15 days to yield any actionable insights.
2. Undetectable conversion drop-offs: Jar consistently sought to optimize conversion flows. Yet the team noticed increased drop-off rates soon after rolling out new changes, defying their expectations. While a conventional funnel analysis tool showed the percentage of users dropping off at each step, it failed to provide any actionable diagnosis.
3. Inability to replicate customer issues: A large portion of Jar's customer base uses the app on low-end devices. This made it difficult to replicate issues. While tests passed on a few devices and emulators, there was a lack of visibility into bugs, leaving developers unable to diagnose the root causes.

With DevRev, Jar was able to:

1. Scale user understanding and research: Jar’s product team used DevRev PLuG to scale user research and analysis with granular data made available in a few clicks. The product team could find answers to unusual behavior such as:
   • Why are users spending over 120 seconds on the login page?
   • Why do many users navigate back and forth between a few screens without completing a key journey?
2. Drilling down on the reasons for drop-offs: DevRev's Funnel Analytics unlocked insights beyond just drop-off percentages. By exposing technical failures causing user struggle, Jar could pinpoint the reasons behind declining conversion rates on critical journeys.
3. Replicating user issues: DevRev PLuG auto-captures issues like crashes and UI freezes on real user devices. These issues can then be filtered by OS, phone model, network, app version, and so on. Many issues that couldn't have been replicated on an identical device environment or a browser-based emulator were now possible.

As a result, Jar quickly spotted what was wrong without waiting for user complaints. With access to contextual insights linking technical errors with struggling behavioral patterns, Jar could continuously improve user experience.

Read more about how Jar boosted conversions here.

Connecting your front-end support teams, who interact with customers daily, with backend product teams, who obsess about customers' needs, transforms collaboration. This leads to faster resolutions, increased conversions, and an improved user experience.

Digital companies can achieve this by hyper-converging their business infrastructure on a common platform, such as DevRev.