FinTech Chatbot Reduces Trader Churn by 59%
Product used: bespoke customer service chatbot.
MyTradingHub was founded in 2010. As a spinoff of a much larger Forex training company, MyTradingHub's focus is to educate new traders to the intricacies of the Forex industry and make them profitable in this highly competitive market. However, as one of many Forex training companies out there, MyTradingHub struggled to keep the new traders around long enough to complete their training.
In 2016, MyTradingHub came to ubisend to build an in-app conversational interface and Facebook Messenger chatbot that would help keep traders engaged in its training. The chatbot helped reduce trader churn by 59% in a matter of weeks.
An education assistant always on call
MyTradingHub's objective was clear: train as many new traders as possible and help them become profitable.
Over the years the company trained thousands of new traders through website content, video, webinars, ebooks and email campaigns. Upon signing up to MyTradingHub, a new user would have complete access to the platform and training content, and a drip feed of training emails coming through their inbox.
The key metric was its Trader Training Completion metric, or TTC. A trader has reached TTC when he or she has viewed over 80% of the website's training content and performed critical tasks such as quizzes.
We struggled to keep users engaged. In finance and education, timing is everything. Our chatbot allowed us to reach our students at the right time and keep them engaged in their own education.
- MyTradingHub CEO
In summer 2016, MyTradingHub realised its TTC was falling. After interviewing member of its user base, it realised most left simply because they forgot about their training.
In August 2016, MyTradingHub and ubisend worked on a multifunctional investment chatbot to help the company achieve two key objectives: keep its users engaged and informed in the content, and reduce TTC churn.
In the weeks following the release of its on-site and Facebook Messenger chatbots, each onboarded user was invited to enhance their learning by joining the new conversational interface. As an early indicator of the project moving the right way, the MyTradingHub website saw a 17% increase in website traffic towards the training pages.
Finally, three months after the initial chatbot deployment, it was time to review the numbers. The MyTradingHub team was pleased to notice a 59% uplift in TTC from the segment of its users that used the new chatbot.
Keep your customers engaged. Talk to chatbot experts.