- Hay ranks #10 on our APAC’s top 10 retail neobanks to ace CX.
Hay company profile
Hay 8 point customer experience parameter analysis
Top customer experience initiatives
Tiny Big rewards and the referral program
Hay has Tiny Big rewards referral program which is one of the most exciting ways to give cashbacks and simultaneously increase the customer base too.
The program provides referral rewards and a 5% cashback on transactions below AUD 10 (USD 7.27). Hay chose this unique number (AUD 10) using user data to develop a clearer understanding of customer spending habits. From its analysis, 40 per cent of transactions on the platform were below this value.
Ever since the program has been implemented, the number of transactions under this category has spiked by 20%. Hay has created a rewards system that has an actual impact on how customers interact with the program.
Other customer experience initiatives
| Success story: Making customers feel special Hay elevated its first 10,000 users to the status of ‘Founders’. The promise of unique benefits for the account life includes early access to feature releases and a limited-edition founding members card. This elevation creates a feeling of being special and, in turn, loyalty to the brand. |
How you can match up to Hay
- Enhance real-time notifications with instant notifications for spending while including intricate details, such as merchant logos and personalised suggestions
- Integrate auto categorisation of spending into your customer’s dashboard so that it is easier for them to track their spending
- For security, offer your customer location-based restrictions
Actionable insights for Hay
- Make gamification more contextual; add financial contexts like savings goals and spending limits
- Enhance features of ping-pong to build a Hay community
- Make customer service available 24×7, also introduce in-app chat support to resolve customer queries as quick as possible
Read full report here.