SmartRewards & Rewards Store

Context

For many years, MoneySmart runs “regular” campaigns to attract and reward customers to apply for financial products through us, products such as credit cards, travel insurance, personal loans and more. Rewards are a pre-determined set of 3 and customers will need to select 1 of them when applying for financial products, and when they finally meet the spending requirements (for credit cards) stipulated by the Providers (banks), MoneySmart will then reward Customers with the selected reward.

SmartRewards is a step-up from these “regular” campaigns and rewards customers with SmartPoints instead, allowing them the flexibility of redeeming for ANY rewards that’s available in our new Rewards Store.

July 2023

A crucial component of this program is SmartPoints, that are rewarded to customers who have fulfilled certain conditions such as minimum amount spend on Credit Cards for example.

This powers a crucial selling point to customers - which is they now have the flexibility of redeeming for any product from the Rewards Store, instead of being tied to a limited number of rewards that financial products not onboarded into SmartRewards offer.

I was part of the team that brainstormed, designed and delivered and integrated the SmartRewards program into the existing MoneySmart Shop, where our financial products are listed for customers to self-serve.

Collaboratively with marketing, commercial, product and engineering stakeholders, I designed how the Rewards Store looks like to customers at the delightful end of their customer journey where they can:

• Track how many SmartPoints they have earned and how they were earned

• Browse the Rewards Store and redeem for any product that tickles their fancy

• Top up with cash for any redemption that exceeds the amount of SmartPoints they currently have

Key Results

Financial providers who have agreed to onboard their products on the SmartRewards program saw, on average, an increase of 50% in Actions generated and 30% in Conversion rate. One example is Citibank who benefited from these increased metrics for their credit card products like Citi Rewards, Citi Cashback+ and Citi PremierMiles cards.

June 2024

While the SmartRewards was a success for the team and company, the team saw an opportunity to push farther and increase key metrics for the Rewards Store and the MoneySmart Shop at the same time.

The Rewards Store being hidden behind the login-wall was not ideal for visibility of the SmartRewards program.

The hypothesis that I brought forth to the team is that, by bringing the Store out of the login-wall, we can see increased Actions and Conversions in the MoneySmart Shop, which will trickle down to more financial products purchased by customers, ultimately resulting in more SmartPoints earned by customers.

This benefits not just the SmartRewards team, but also the overall revenue of the company as financial products on the MoneySmart Shop is a key revenue driver.

I designed and prototyped how the Rewards Store will look when non-authenticated and authenticated users browsed, and proposed new features such as product sorting and filtering which brings our Store more in line with the e-commerce listings that users nowadays are accustomed to.

With the prototype crafted, I was able to achieve two things:

• Usability test it with users that my product manager and I recruited from our networks

• Aligned senior stakeholders efficiently with what the scrum team will engineer and deliver

There were plenty of challenges on the engineering front, but ultimate the engineering team were convinced of the value and the trio of me, Product Manager and Engineering Lead were constantly collaborating and communicating honestly on how we can phase and plan out development to ensure that engineering challenges could be overcome.

Challenges

1️⃣ Aligning the various ideas of what good looks like for the Rewards Store that multiple individuals from different teams have. As a Design lead trained in empathy for the collective wisdom of everyone involved in a project, I organized a series group workshops to align on a single vision of what good looks like that is sense-checked by engineering feasibility and a timeline of delivery that is aligned with Product.

2️⃣ Limited inventory of products in Rewards Store at initial launch. Phased out engineering efforts to bring “full-fledged” Rewards Store to allow Commercial team additional time to bring in more inventory.