INDUSTRY:

Fintech

 

LOCATION:

South East Asia

CHALLENGES:

  • Slow lead assignment and first response to prospects

  • Low buyer engagement levels

  • Insufficient visibility of key metrics

HOW FRESHWORKS CRM HELPED

  • Role & skill-based lead engagement and response 

  • Improved visibility and forecasting

MOST-LOVED FEATURES

  • Auto-lead assignment
  • Sales Sequences
  • Sales campaigns
  • Customizable Reports & Dashboards

Over the last few years, the fintech industry has witnessed unprecedented growth with consumers shifting towards cashless and contactless forms of payment. Over the last few months, the pandemic has accelerated this shift even further.

Here’s some evidence. By June 2020, usage of mobile e-wallets among Malaysian consumers increased by 40%. That’s according to a Mastercard study quoted in Digital News Asia. But why are we quoting a statistic from Malaysia, in particular? That’s because we turn our attention to its largest payment gateway provider from the region, iPay88.

Launched in 2006, iPay88 offers businesses an easy-to-integrate and secure means of processing payment transactions. Today, it commands close to 60% of the market share in Malaysia’s e-commerce payment gateway market. That amounts to more than 35,000 merchants as customers.

In 2015, they were acquired by Japan-based NTT Data Corporation.

 

The market opportunity & iPay88’s Sales Challenges

 

Over the past few years, as digital commerce gained prominence to become a strong growth lever of the global economy, iPay88 found itself at the center of a huge market opportunity in the South-East Asian region. However, converting this market opportunity to business revenue wasn’t without its challenges.

 

Here is a snapshot:

 

  • Slow lead assignment and first response: iPay88 wanted to assign inbound leads based on parameters like their industry or the size of their business. This would help them assign such leads to the rep most qualified to take the conversation forward. Back in 2017, it took iPay88 around a day to assign leads to a sales rep. This was because the entire process of lead assignment was manual, with multiple stakeholders involved. And given the highly competitive nature of the market, this delay impacted their pipeline building efforts.

 

  • Low engagement levels: Keeping iPay88’s prospects engaged all through the sales cycle was critical to hitting customer acquisition goals. But iPay88’s sales teams were using spreadsheets to manually segment their inbound leads for the purpose of nurturing them based on their industry or company size. They would then use these segmented lists to send emails from their email client. There was no automation or machine intelligence involved throughout the process. This was cumbersome and took away the sales team’s selling time.

“After our campaign was set up manually, we could not track the open rate of our emails or how many were clicking on mid- to bottom-funnel links. Therefore, our teams were unable to filter the prospects who were engaging with us and understand their intent to use our services.”

Chan Kok Long

Co-founder and Executive Director

iPay88

  • Insufficient visibility of key metrics: iPay88’s sales leadership team felt they lacked a granular understanding of their sales activities, given the lack of an overarching data tracking and management mechanism. For example, it was hard for them to arrive at metrics like the number and source of inbound leads, the performance of reps segmented by their area of expertise, or even the health of the pipeline.

 

How Freshworks CRM Sales Cloud Optimized iPay88’s Sales Efforts and Improved Outcomes

 

iPay88’s sales leadership were drawn to the idea of process automation and started evaluating multiple CRM platforms in the market to overcome their sales challenges. They finally chose Freshworks CRM Sales Cloud for its lead management and campaign automation capabilities.

 

Thanks to its easy-to-use interface, iPay88’s sales teams were quick to adopt the new platform. Here is how they took full advantage of what Freshworks CRM Sales Cloud had to offer:

 

  • Faster lead response: With automated lead management from Sales Cloud, iPay88 is now able to assign leads to sales representatives in real-time irrespective of the channel they come from - search, email, website, or social media. Reps are assigned to leads based on their domain expertise that allows them to tackle queries and objections quickly and effectively, resulting in improved conversion rates.

 

  • Improved visibility and forecasting: With Freddy AI, iPay88’s sales teams now can identify and prioritize the most promising deals with ease. To add to this, by virtue of tracking all lead and deal activity across the sales cycle, Freshworks CRM Sales Cloud provides iPay88 easy access to a host of activity and performance metrics. This has enabled the leadership team to forecast accurately and work towards a predictable revenue pipeline.

“Let’s take a simple but important use case. Freshworks CRM Sales Cloud allows us to track the channel source and share of leads per channel throughout the year. The uncluttered, data-rich visualizations that shows our sales performance is delivered through easily configurable dashboards through the Sales Cloud. On the whole, it boosts transparency and moves us away from siloed working.”

Chan Kok Long

Co-founder and Executive Director

iPay88