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Hey there! I'm Evan :)

How I helped Allo Bank grow their fundings by Rp XXX billion

An artifact on my first experience at fintech growing fundings for one of the most prominent digital banks in Indonesia

⏳ It all started when..

Allo Bank (IDX: BBHI) started to ramp up their PayLater disbursement in the middle of 2024 FY. With that in mind, it goes without saying that our fundings also needed to grew at similar or even faster rate. However, things weren’t exactly in our favor. Not only were all digital banks attempting to do the same, but those that originally weren’t banks but decided to go down the lending route to generate revenue. On top of that, Allo Bank wasn’t exactly perceived as a bank that provides attractive returns on its savings.

In May 2024, 4 months after I got laid off from Nafas, I had the opportunity to join Allo Bank and helped grow their digital funding business so that they could keep disbursing lending to millions of Indonesia citizens.

💀 Challenges

There were personal challenges and business challenges. Let’s start with the personal challenges first:

The number one reason that makes this journey so challenging is that I had zero experience in digital banking or fintech in general. I didn’t even know what cost of fund was. The huge difference in company culture also makes the entire adaptation process quite handful.

Now, let’s talk about the business challenges:

Public perception: Allo Bank wasn’t exactly known as a bank that gives out attractive returns

Time: With our lending business growing so fast, time isn’t exactly in our side

Operational capability: When I first took over, the kind of promotion that we were able to run was extremely limited since we didn’t have the means to run it.

📚 My Role

Defined the growth model: Defined the funding growth model by breaking it down into 3 levers (acquisition, retention, and resurrection) including how to measure the efforts on each lever.

Improved user acquisition: Increased customer base of Allo Grow and Allo Deposito by more than 50% through various initiatives ranging from increasing rates to creating welcome bonus scheme.

Ran campaigns for repeat users: Ran multiple payday campaigns and flash deal that encouraged existing users to save again and churned users to come back to us.

Inputs for product improvement: I provided some suggestions to PMs on some functionalities that will help us acquire more users and run better promotions (referral code, extra interest campaign, etc).

👓 Our Approach

📊 Defining the growth model

One of the things that I did after joining the company was defining the growth model of our funding business. According to Reforge, growth model is a strategic framework that identifies the key drivers of a business expansion.

In our case, this is how it looked like:

⁠

⁠

The reason why this is important is because it helped us to look at things more clearly. With this chart, now we can see that in order to grow the overall fundings, we “only” need to do 3 things:

Acquisition: How do we get non users into trying Allo Grow / Allo Deposito for the first time

Retention: How do we get users with active balance to retain or add more money to their balance

Resurrection: How do we bring back dormant users to try and save again

Another reason why it’s important is because it helped us in prioritizing. Even though there are 3 different growth levers, there is one specific lever that is more important than the others. After doing our own analysis and research, we decided that improving acquisitions to our saving products was of the utmost importance.

💰 Improving User Acquisition

As mentioned previously, one of the biggest challenge was public perception. When people heard Allo Bank, they didn’t exactly associate Allo Bank with high interest rate. It’s very important for us to turn the tables so we become users’ top of mind when it comes to saving on (generally) risk-free asset like term deposit.

Here are 2 main initiatives that we did to change that:

Raising the interest rate: Along with the research team, we conducted competitive benchmarking and cost of fund simulation to find the best rate for Allo Grow and Allo Deposito. Since then, the overall funding has grown by double-digit growth rate every month.

Welcome reward for first-time users: We created welcome reward for first-time users in Allo Grow and Allo Deposito. Since then, our active user base on both products have grown considerably.

My contribution in these initiatives:

Proposed the new interest for Allo Grow: Some key changes that were made:

Fewer interest slabs, from 15 to just 10

Shorter slabs at the beginning, with the interests going up every 15 days for the first 60 days

Higher rates in all slabs vs the previous one

Proposed the welcome reward for Allo Grow & Allo Deposito

Allo Grow:

Allo Deposito:

🔁 Ran campaigns for repeat users

Managed multiple payday campaigns to segmented users: I almost singlehandedly managed the end-to-end process starting from proposing the payday promo, forecasted expected balance in and cost, to presenting post-promo performance and learnings to the BoD.

Helped prioritize features and improvements: Combining the insights from research, data, and general observation + some campaign ideas that we want to run in the future, I helped providing suggestions to PM on the overall funding product roadmap and what functionality should be built.

Defined key metrics to measure: Our analytics was all over the place when I joined, with the metrics that we religiously tracked every day was too high-level and wasn’t really actionable. Then, I gave our amazing data analyst (shoutout to Rizqi) some guidance on what metrics to track or what dashboard to create that are actionable and allow us to learn things quickly.

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