Increase user engagement on your platform by choosing BPAY Payout as a payment solution
A sticky app is one that users love to use regularly, don’t abandon quickly and that therefore increases user engagement. Users find it purposeful, and feel connected to it. As a business, how can you measure user stickiness? One metric, popularised by Facebook, is the Stickiness ratio, which refers to the ratio of daily active users to monthly active users). What it simply means is that a ratio of 0.1 implies that the average user is using your app 3 out of 30 days a month, or 0.9 means 27 out of 30 days a month.
To make the best out of this metric, you’d first need to define active user. The definition of an active user would differ across businesses according to features and capabilities offered to users on your platform. It could be completing a task such as making a purchase, or making a comment, or it could be logging in for a fixed amount of time. Each business would define it differently depending on their user engagement goals.
What is the average user engagement of different industries?
This report by Mixpanel found that the median ratio for SaaS products was 0.1 while financial services scored slightly lower at 0.07. With such statistics, it’s clear that user engagement is rather hard to achieve, yet continues to be a priority for many businesses.
This is because with a higher engagement, businesses have more opportunities to monetise their platform, whether it’s by in-app purchases made by users, or by ad views. Your payments experience on your app can also increase your user engagement . If your payments experience is cumbersome with users having to make multiple clicks to complete payment, or if users feel unsure about the security of your payments process, you could end up losing customers.
How to boost app user engagement using BPAY Payout
One industry that has applied this concept with ingenuity is the Proptech industry. PropTech platforms are an all-in-one solution for multiple parties - landlords, tenants, property managers and owners, tradespeople and real estate agencies - to better manage properties with increased convenience and minimal manual effort.
This industry also has a large use for bill payments. Depending on the arrangement between tenants, homeowners and property managers, bill payments might need to be made for water and electricity to utility companies, or for handyman services by tradespeople.
By enabling BPAY Payouts on a PropTech platform, users can make bill payments directly from the platform to their intended biller. This vastly improves the customer experience, by keeping all their administrative activity on one platform and completely eliminating the need for them to access their banking portal to make the payment.
The benefits of enabling BPAY Payouts with Assembly
When it comes to making bill payments, BPAY is the most widely used service in Australia. With BPAY Payouts customers can make bill payments to billers you partner with, directly from your platform. To do so, customers only need a BPAY Biller Code and their Customer Reference Number (CRN). Assembly validates their details before the payment leaves their wallet account to reduce the risk of an invalid transaction.
Successful transactions and better reconciliation for your business
With BPAY Payouts, your end-user will only need to input a biller code and use a Customer Reference Number (CRN) which Assembly will validate to ensure the transaction goes through successfully.. This also means the payment will be easier to reconcile and in the event of exceptions these are managed by Assembly to any manual effort required.
Improved business value proposition
By enabling BPAY Payouts on your platform, you can work with over 45,000 businesses who accept bill payments from your customers via your app. This means you could offer additional services such as paying council rates, or bill payments to utility service providers. More customers using your platform for different types of bill payments also means more usage and user stickiness, increasing revenue for your business as you start to expand offerings within the same ecosystem.
Better customer experience
Improve your customer on-platform experience by reducing hassle and time spent switching between your platform and their banking portal.
BPAY is a widely used method, and in most cases, is a faster payment option with billers receiving their funds either on the same day or the next day.
To get started on Assembly’s BPAY Payouts for your platform
To enable BPAY Payouts on your platform, drop us a note and our Sales team will get in touch with you.
To learn more about the technical implementation of BPAY Payouts for your platform, please check out our How to Guide, which will help you through the integration process.
September 18, 2020