This insight was shared during the 2024 MarTech Mashup for Fintechs and Neobanks, which was recently held at Four Points by Sheraton, Victoria Island.

In his welcome address, Saket Kumar Jha, Chief Revenue Officer, APAC & MEA at Netcore Cloud, highlighted that intelligent customer engagement is the new pathway for organizations aiming to grow their revenue and customer base.

He noted that intelligent customer engagement involves using predictive tools and models, insights, and data combined with quality engagements to effectively reach the target audience.

Chukwudi Nwokike, vice president of Customer Success at Netcore Cloud Africa, stated that hyper-personalization is the next frontier in customer service for the financial industry, offering a path to achieving business objectives.

He said:

“The era of merely personalizing content and messages to customers is over, as this approach no longer achieves its intended goals. Hyper-personalization is about reflecting a customer’s daily life—what they do and how they do it. For example, my bank knows the football club I support and, through my transaction alerts and account statements, highlights my spending patterns, trends, and habits.”

He further explained that hyper-personalization is driven by real-time data, machine learning, and artificial intelligence, utilizing a broad range of data points—such as purchase history and customer intent—to enhance engagement and satisfaction.

“To help businesses, particularly in the banking sector, gain a competitive edge, Netcore Cloud has configured its marketing technology platform, Raman AI, to facilitate seamless hyper-personalization. This includes centralizing and integrating customer data, leveraging analytics for insights, creating personalized and engaging content, and continuously optimizing messaging and customer journeys,” he added.

Bhupesh Utreja, country manager of Netcore Cloud Africa, highlighted four crucial metrics for fintech app success: Activation (user sign-up and transactions), Adoption (repeat transactions via the app), Retention/Loyalty, and Cross-sell opportunities.

The GRIP (Guide, Remind, Interact, Productise) framework, engagement with advanced Nudge templates, and gamification of user experiences are additional strategies that fintechs and neobanks can use to increase their revenue and expand their customer base.

“In today’s competitive business environment, especially in Nigeria, standing out as a brand is not just a metric of success but a necessity for survival. Customer lifetime value is the key metric that distinguishes good businesses from great ones,” he emphasized.

This was made known at the 2023 Netcore Cloud Smartech’s Awards Night and Masque Ball which was held in Lagos recently.

According to Nisham Chhabra, Netcore’s Vice President for the Middle East and Africa (MEA), the acceptance, utilization and adoption of marketing technology in Nigeria has grown exponentially and this has led to a mutually-engaging and beneficial relationship between the various brands and their customers.

He said:

“Netcore’s mandate is to deliver a highly personalized and exceptional customer experience with a human face. Since we began in Nigeria, we have witnessed a steady and rapid adoption of this technology by top brands and business in the country. This is why we are here today to reward some of these clients who have used our platform to reach and deliver their messages to their target audience. We will be awarding Nigeria’s top brands in the banking, fintech and aviation sectors.

“Wema Bank won the Best Engagement Strategy award; Ecobank (Champion of Email Engagement); UBA- Omni-channel journey master; Sterling Bank (Best Innovative App of the Year); First Bank (Best Email Engagement); Interswitch (Best Engagement Strategy); Access Bank (Martech Thought leader); Stanbic IBTC Bank (Best Email Campaign); Polaris Bank (Best Use of AI  and Analytics; Carbon (Martech Team of the Year); Opay (Emerging Martech Champion); Fidelity Bank (Martech Automation award of the year); Wakanow (No Code Innovation award)”.

In his own remarks, Chief Edirin Abamwa, CEO of Axon Analytics Limited, one of the subsidiaries of Netcore Cloud, noted that the company is excited with the way marketing technology has come to stay in Nigeria and the impact made so far.

“We are happy with the way marketing technology has become a game changer for various businesses in Nigeria. Tonight, we are reflecting on the many strides made by Netcore Cloud in the evolving landscape of marketing technology which serves as a reminder that excellence knows no boundaries, innovation continues to drive progress.

Using three key metrics, the Martech company was able to analyze over 2 billion emails sent in 2022.

The key metrics are – open rates, click rates and engagement rates. The report listed that email click rates are on the decline as compared to previous years which means that various brands need to provide more value in their content to encourage conversions.

The report highlighted the best days that emails performed best. Cross promotion emails sent on Tuesday performed best with a click rate of 0.28%, Customer information emails on Tuesday and Saturday, General information email on Monday, lifestyle emails on Sunday with maximum clicks on Monday and Tuesday.

Product information performed best on Tuesday and Saturday but had maximum clicks on Tuesday, product marketing on Thursday and Friday with maximum clicks on Tuesday.

Regulatory information had maximum performance on Monday, Tuesday and Friday, security tips had maximum opens on Tuesday with maximum clicks on Friday while special offer emails had maximum opens on Tuesday and maximum clicks on Tuesday.

The report also noted that emails that are relevant to customer segments attract higher click rates while the one specific to products have higher engagement rates.

It further urged email marketers to avoid sending emails in the middle of the night or early hours of the day (12am to 5am), sending out important information on Sundays except it is sensitive.

The best time to send an email is between the hours of 8pm to 3pm.

Chukwudi Nwokike – The Customer Success Head for Netcore in Africa said this, “ Netcore, a market leader in email marketing in Africa, sends out over 15 billion emails annually in Africa alone from our platforms. Our goal is to help brands achieve conversions, increase ROI, and create a positive and interactive experience for customers. This report showcases our commitment to customers and our position as thought leaders in marketing technology and customer experience. The report can be assessed here.

Commenting on the publication of the Annual Report, Nisham Chabbra, Regional Vice-President for Middle East and Africa, Netcore Cloud, said: “We are pleased to announce the publication of our 2023 Banking Report, which provides valuable insights into how banks in Nigeria are leveraging marketing technology to improve customer experience. The report also highlights our continued investment in technology and innovation, as we seek to provide a roadmap for future developments and advancements in the Nigerian banking sector through marketing technology”.

This was noted at the 25th anniversary celebration of the company held at Balmoral Hall, Federal Palace Hotel recently with the theme “Meet the Stars”.

According to Nisham Chhabra, African Regional Vice President, Netcore Cloud, the company began operations in 1977 with a passion and mission to empower brands to deliver a highly personalized and exceptional customer experience with a human face.

Today, it has set the pace in the evolution and adoption of AI powered marketing technology around the world and also in Nigeria.

“Netcore Cloud is the number one marketing technology platform globally. We have connected many brands with their customers in an effective and efficient way. In our twenty five years of operations, we have witnessed unprecedented growth and our client base have grown. Today, we will be celebrating some of our clients whom our technological solution has helped to scale up their operations. Some of the clients to be awarded today includes: Access Bank (Start Transactional Mail Award); Wema Bank (Omni-channel automation master award); First Bank of Nigeria (Innovation in Transaction Emails Award); Ecobank (Netcore Africa Champion Award); UBA (Email Marketing Thought Leadership Award); FCMB (Best Web Engagement Strategy Award) and Sterling Bank for Best In Product Innovation”, he explained.

Chhabra further said that Stanbic IBTC was also rewarded for their efforts in email engagement while Wakanow, Interswitch, Gokada, and Konga were recognized and awarded for Excellence in Web product Experience, Champion of Content and Creativity, No-Code Innovation and Best Use of AI and Analytics respectively.

In his own speech, Saket Kumar Jha, Chief Revenue Officer of Netcore Cloud, gave an historical overview of how the company had grown to become a successful brand in Nigeria.  He hinted that the Netcore Nigeria team had continued to uphold the Netcorian tenets of fostering strong networks and building strong partnerships, which has helped position the brand as a first choice Martech platform for engaging with customers.

He said: “In essence, if you use any of the top banks in Nigeria, it’s almost certain that you’re receiving correspondence from your bank via the Netcore Cloud platform”.

In his closing remarks, Chief Edirin Abamwa, CEO of Axon Analytics Limited, one of the subsidiaries of Netcore Cloud highlighted that Netcore cloud has a mutually-benefitting arrangement with various brands.

“As a business, we have a win-win policy for all our customers and staff. The brands we work with win by having a platform that responds to their customers need instantly, Netcore as a company wins, when our clients are able to satisfy its varied and teeming customers. We will continue to champion the adoption of Martech solutions in Nigeria at all times”, he narrated.