Money Lover Uses Facebook Tools To Help People Manage Their Finances
Vietnam-based Money Lover is a personal finance app that helps people with budget planning, expense tracking, bill reminders, and more. Ngo Xuan Huy started Money Lover when he was 21 and he needed a way to manage his finances. He found that most apps were too clunky and didn't provide a pleasant user experience, so he created Money Lover to be an easy-to-use app that could help people manage their finances at their fingertips. Today, Money Lover has been downloaded more than 5M times and it works seamlessly across devices and platforms, providing an all-in-one application for money management.
"Facebook helps us obtain more customers across the globe by audience segmentation and targeting. Moreover, we can understand users better to improve the customer experience and drive more engagement." - Thanh Cong To, Head of Business Development, Money Lover
Money Lover utilized various Facebook products to reach its goals. They integrated Facebook Login to provide customers with an easy way to log in without creating a new username and password. They saw a 60% increase in the number of sign-ups over 6 months since implementing Facebook Login.
To build a better consumer experience, Money Lover used Facebook Analytics for Apps. By using cohorts, they noticed that the number of steps between registration and using the app was affecting their user retention rates. With this insight, they reduced the number of screens consumers were required to go through in order to start using the app after installation. This resulted in a 50% increase in monthly user retention rate.
Money Lover also used Facebook as the main paid user acquisition channel, allocating up to 80% of their entire marketing budget on Facebook App Ads. By using Facebook Analytics for Apps they could gather important insights about their customers and tailor different messages for various audience segments using their app. Coupled with the use of Lookalike Audiences, Money Lover lowered their CPI by 50% for their iOS and Android apps. The users obtained from Facebook App Ads also have a 3X higher conversion rate of upgrading to the paid version of Money Lover than users acquired from other channels.
An FbStart member in the Accelerate Track, Money Lover has leveraged Facebook products and external partner benefits to grow its presence across Southeast Asia. With benefits from FbStart, Money Lover was able to grow its app overseas. Vietnam was previously their biggest market, but thanks to being a FbStart member they could now reach more people in Southeast Asia markets such as Thailand and Indonesia. Within a year, the number of Money Lover users from Thailand and Indonesia market doubled and Money Lover has been topping the charts on both free and paid Personal Finance App rankings in those markets.
- 50%decrease in CPI
- 3xhigher conversion rate of upgrading to a paid app
- 60%increase in app signups
Facebook Products Used
- Facebook Analytics for Apps: gathered insights to build a better customer experience.
- Facebook App Ads: used as its main paid user acquisition channel.
- Facebook Login: provided consumers with an easy way to log in without creating a username and password.
- FbStart: leveraged Facebook products and partner benefits to grow its presence across Southeast Asia.