About the App
CashX Online Loan Sri Lanka is a mobile app specifically designed for individuals who want to get a loan via their phone or tablet. The app allows users to quickly obtain an online cash loan.
Challenges
- Low trust in online loans. Many customers had negative experiences with scammers and unscrupulous microfinance organizations. To address this, creatives needed to be adapted: including real customer reviews and emphasizing the company’s licensing and data security.
- Strict regulations for financial services in the region. This slowed down the process and required constant revisions of wording to avoid legally incorrect expressions.
- Limited understanding of the product and low financial literacy among part of the target audience. Detailed explanations of loan terms and step-by-step examples of filling out the application helped reduce barriers and increase engagement.
Solution
Target Audience Analysis
- Age: 20–54 years.
- Income level: average and below average.
- Needs: urgent money for medical expenses, education, and utilities.
Ads & Banners Development
- Video ads. Explained the simple loan process, included real stories (actors), and showed examples of filling out the application.
- Banners. Displayed loan terms, customer reviews, and photos of people whose loans were approved.
- Google Ads. Videos of varying lengths such as 7–15 seconds, 16–20 seconds, 21–30 seconds, and 30+ seconds to cover more placements. Thus, our team tested top-performing videos in different timeframes and 3 formats: horizontal, vertical, and square. In addition we tested 6-second teaser ads.
Product & Communication Localization
- Translation of advertising materials into Sinhala by a native speaker.
- Adaptation of use-case examples to local realities (e.g., “loan for roof repair before the rainy season”).
- Setting up an auto-response on the Facebook page, which led to additional conversions.
Results
Over 6 months of cooperation between Acquisition.mobi and CashX, the following key results were achieved:
- Total app installs reached 32789.
- The number of applications hit 5684, while the number of loans issued achieved 2889.
- Conversion rate from application to loan issued was 50.82%.
