100%
Payment volume growth from 2021 to 2022
50%
Top-up failure rate in 2022
25%
Customer satisfaction score in 2022
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Nanovest is an online trading platform that lets customers buy and sell US stocks and cryptocurrencies quickly, easily, and affordably. Through Nanovest’s app, customers can start investing with as little as Rp5,000. Nanovest’s goal is to democratize investing, making it accessible and inclusive for everyone in Indonesia.
Currently, Nanovest serves over 2 million users from various cities in Indonesia, handling hundreds of millions of transactions daily.
Challenge
Finding a reliable payment partner
Nanovest needs a reliable and professional payment partner that can handle their digital transactions quickly and accurately. This would ensure a seamless and pleasant transaction experience for their customers.
Catering to diverse demographic groups by accepting a wide range of investment sums
Nanovest caters to three main investor demographics–Gen X, Millennials, and Gen Z–each with their own preferences, ranging from the amounts they invest to the types of investments they choose.Nanovest must be flexible enough to accommodate all their needs.
As such, Nanovest must be able to accept a broad range of investment sums, starting from as low as Rp5,000 to encourage younger investors to invest, while also accommodating large amounts sometimes favored by more established, older investors.
Limited manpower
As a startup, Nanovest has limited human resources. They need to achieve as much as they can while making use of smart solutions to boost their efficiency wherever possible.
Solutions
Fast integration experience
By partnering with Xendit, Nanovest is able to provide its customers with the convenience of digital payment services such as Virtual Account and E-wallet from leading banks and providers in Indonesia, hassle-free.
They enabled these payment methods quickly through just one integration–without having to manually connect with each individual payment service. This way, Nanovest saved a significant amount of time, which could be channeled to much more valuable activities in the product development.
Optimizing customer experience
To address the needs of its customers, Nanovest provides payment services that cater to the specific requirements of each demographic group, such as:
- E-wallet: top providers like Dana, OVO, and ShopeePay are popular among customers below the age of 30 (Gen Z), who tend to perform small and frequent transactions.
- Virtual Account: typically used by customers aged 30 and above (Gen X and Millennials), who tend to perform larger transactions.
The use of Xendit’s reliable APIs in these payment methods helped to increase customers’ top-up success rates.
Moreover, Xendit’s real-time notification feature enhances the seamless payment experience by providing customers with immediate notifications upon receiving payments.
Streamlined reconciliation on a single platform
All reconciliation processes can now be done on one centralized platform through the Xendit Dashboard. This allows employees to quickly perform reconciliation without having to gather data from different sources.
Result
Accomplishing Nanovest’s mission of democratizing investment in Indonesia
By providing an easy, secure, and reliable payment services, Nanovest has successfully made investing accessible to many Indonesians who were previously unable to invest.
2x increase in transaction volume
With payment services that cater to customers’ needs, Nanovest achieved 2x increase in transactions (YoY) for crypto products and 50% for foreign stock products.
50% decrease in top-up failure rate
Using Xendit’s APIs, Nanovest achieved a 50% reduction in top-up failure rates from 10% to 3-5% from 2022 to 2023.
25% increase in customer satisfaction
As a result of the improved payment experience, customer satisfaction scores have also increased by 25%, from 70 to 90, throughout the 2022-2023 period.
Achieving more while maintaining the same headcount
Despite the number of transactions having doubled, Nanovest can run their reconciliation process smoothly and efficiently without requiring more manpower.
Without Xendit | With Xendit | |
Accepting payments |
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Reducing payment failed rate | Top-up failure rate is relatively high at 10% | API helps to reduce top-up failure rate to only 3-5% |
Reconciliation | Long, tedious reconciliation process | Reconciliation process can be done quickly, such that there is no need to increase headcount even when the transaction volume has doubled |
