Case Study

How Neobank North Loop Doubled Its Engagement Rate With Campaign A/B Testing

2xIncrease in Engagement Rate

One challenge international students face when they come to the US is opening a bank account. From not having a social security number to the numerous types of documentation required, the process can be frustrating. A lot of students end up carrying cash as a stop-gap measure until they are able to open an account.

When Tahem Verma came to the US a decade ago, he also faced this difficulty. This inspired him to create a different banking experience for the next generation of international students and global citizens. Read on to discover how he transformed this challenge into an opportunity — and how CleverTap has supported North Loop’s evolution.

The North Loop Story

North Loop is a new-age bank that caters to Non-Resident Indians (NRI) and millennials. Founded by entrepreneur Tahem Verma in 2020, the platform offers global ATM coverage, access to credit, investment opportunities, cryptocurrency, loans, and insurance for customers. Currently, this service is available in North America, UAE, and India.

With no hidden charges, North Loop aims to make its global banking service as fair and transparent as possible.


  • Reducing Shopping Cart Abandonment Cost of Automation Platforms
  • Personalizing the User Experience Need for Enhanced Push Capabilities
  • Understand User Behavior Understand User Behavior

Cost of Automation Platforms

For a startup in its initial stages, every decision is crucial. When it came to their marketing stack, North Loop needed an all-in-one engagement platform that had a variety of critical features and was reasonably priced. This would reduce their total cost of ownership (TCO) and the complexities associated with partnering with multiple engagement vendors.

Need for Enhanced Push Capabilities

It was important for them to invest in an automation partner that would enable them to create campaigns to effectively engage their users. The ability to both personalize their campaigns and automate delivery was essential to go beyond basic messaging and captivate their audiences.

Understand User Behavior

For any marketer, the secret to a successful campaign lies in how well they understand user behavior and can then apply those insights to optimize messages. It’s also important to monitor conversion rates and uninstalls regularly to gauge the general health of the app and take immediate action when these metrics indicate an issue.


Verma was well aware of CleverTap and the features and benefits the platform offered. What sealed the decision for him was the CleverTap for Startups plan which offered them a pricing strategy that was extremely startup friendly.

When it comes to key metrics, Verma’s team largely focuses on accounts opened and the ratio of users depositing funds vs. signing up. “Also, if someone opens an account with us, we focus on whether they are growing their interaction with us,” he adds.

Some important conversion metrics in the customer lifecycle include app installs and uninstalls, completing KYC (know your customer), opening an account, making a deposit, buying stocks, and investing in cryptocurrency.

Actionable Segments to Create Relevant Campaigns

The segmentation model at North Loop groups users according to their geography, demographics, and the products they’re interested in. As described by Verma, “Segmentation not only allows us to better understand customer journeys but also to understand the engagement rate across diverse groups of users. For example, if a user has looked into Bitcoin, we’d then add them to the category of crypto-curious users.”

Campaign A/B Testing to Boost Engagement

A/B testing enables the marketing team at North Loop to compare three different versions of a message for a given campaign. They can test copy, creatives, and calls-to-action to gauge which version outperforms the others, and then use that winning message for the broader campaign. They also have the option to choose the size of the test audience.

This kind of experimentation proved critical to the company’s growth. “After we optimized our campaigns and journeys with CleverTap’s A/B testing, our engagement rate doubled,” notes Verma.

Automated Journeys to Engage Users Across the Lifecycle

Since North Loop has a variety of offerings, each product has a separate onboarding journey that is tailored according to the complexities of the product and user geography. A typical onboarding journey begins with an email that provides users with a one-time password and gathers user details such as name, contact number, and other product-specific information. Subsequent messages contain questions that gauge how interested the user is in investing or making a purchase.

One of their onboarding journeys runs for 13 days. Users receive the first notification an hour after launching the app for the first time. This is followed by notifications on Day 2, Day 4, Day 6, and Day 13. These notifications invite the user to apply for credit, invest in bitcoin, or purchase insurance.

Campaign insights provide the team with updates on how their campaigns and journeys are performing. With this data, they can continually refine their campaigns and journeys to improve results.


Campaign A/B testing has doubled North Loop’s engagement rates. They’ve also seen a reduction in uninstall rates by identifying the reasons for drop-offs during the onboarding journey. Using CleverTap’s real-time analytics has also helped them identify the root cause of user churn so they could take appropriate action to retain the user.

What’s next?

Across the fintech industry, COVID-19 has accelerated product adoption rates. North Loop has also observed an increase in usage due to the convenience their app offers. Talking about future expansions, Verma says: “We’re looking to expand geographically and also across our product stack.” Additionally, they have plans to personalize their campaigns further to improve the customer experience and user engagement. Facebook remarketing and Google audiences are two areas Verma looks forward to exploring using CleverTap.

We are proud to partner with North Loop and help them streamline the process of simplifying banking and investing for Indians around the world.

North Loop is part of the CleverTap for Startups initiative.
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