Anonymized Fintech Case Study

Customer Profile

One of the major mobile payments platforms based in Brazil, this company serves as a critical player in the rapidly growing digital banking industry across Latin America. The company has experienced a significant increase in its active user base, which expanded from 36 million to an impressive 60 million in 2022. With its user-centric approach and commitment to innovation, this fintech leader has become a preferred choice for individuals seeking convenient and secure digital payment solutions. By embracing technology and understanding the evolving needs of its customers, the company has positioned itself as a leading fintech player in the region, reshaping how people transact and engage with one another.

Business Challenge

The team recognized that payments were not just transactions, but also conversations. To enhance its payment platform, the company aimed to leverage social interaction and provide users with a seamless and integrated messaging experience. The challenge was finding a chat platform to facilitate private interactions, improve customer experience, and generate more transactional value.

Why Sendbird

After an in-depth evaluation, the company selected Sendbird as their messaging and chat platform provider to address their communication needs. Sendbird's in-app messaging capabilities offered a solution to the impersonal experience of email and text messaging while mitigating identity risks associated with legacy SMS platforms. "We are not a chat platform, so we are going to use social interaction to improve the payment platform that we have," says the company’s Vice President of Social "Our first step was to connect all of the users between themselves through payments. The second step we are providing now is using the Sendbird platform to provide the best information and a better customer experience."

Unlike most businesses that lack the technology and expertise to build custom messaging experiences, Sendbird provided the necessary tools to embed modern messaging capabilities into the company's platform.

Results

Integrating Sendbird's messaging platform with the payment environment yielded significant results, driving customer engagement and transactional value. The company observed that socially active users who utilized the messaging feature performed twice as many transactions as others and were 2.4 times more likely to continue accessing the platform. Additionally, socially active users had an average ticket of 53% higher, indicating increased spending.

Adoption of the messaging platform facilitated conversations during transactions, establishing a higher level of trust between users, with the seamless exchange of private messages between buyers and sellers resulting in increased business opportunities. For example, when a user purchases items at an event, the seller can follow up with a private message offering additional items from their collection, leading to further transactions.

"Users’ average spend is three times higher too," noted the fintech giant’s Vice President of Social. "They are making more connections, so the network effect is stronger."

Sendbird's messaging platform enabled the cultivation of positive customer responses, building relationships in real-time, and improving overall customer experience. By prioritizing social engagement and integrating a robust private messaging platform, the company successfully drove customer engagement and transactional value, setting a foundation for future growth and expansion.

Through partnership with Sendbird, this transformed the payment platform into a social and interactive hub, fostering a much stronger sense of community among its users. The integration of chat and messaging capabilities helped propel the company’s growth and position as a leader in Latin America's digital banking and fintech space.