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Crowdsourcing for the next product breakthrough

Cred’s founder, Kunal Shah, asked users of a networking platform to recommend features that the credit card payment app can integrate to make it to their fintech platform of choice.

August 09, 2019 / 06:00 PM IST

When in doubt, turn to your customers. And what better way to solicit instant feedback than to engage with them on a networking platform.

That is precisely what Kunal Shah, founder of Cred, did this week. He was keen to understand how many people on his network used the fintech startup’s platform to pay their credit card bills, and if they don’t, what additional features on the app could make them change their minds. A couple of days of posting this message, his query had over 1000 responses in the thread.

A common issue that users highlighted was the inability to register on the app, which Cred’s team addressed by asking them to unicast their registered mobile number. Richard Louis, founder and CEO of Doifoo suggested that the platform should instantly credit and release card limits, in addition to integrating prominently used digital wallets like Amazon Pay. This was seconded by others, with one person adding that it should also accept American Express credit cards, in addition to local cards.

In addition to processing large credit payments, Hyderabad-based Nirvik Mitter recommended “pre-caching rewards so that the app loads faster”. He advocated gamifying the ecosystem for the benefit of Cred’s monthly top spenders and using analytics for management of the rewards program. He opined that this would make the platform easier to use, if preset categories had the filter and search options.

Aashima Arora, business manager with Airblack agreed with Nirvik’s observation and advised Cred to integrate its services with bank accounts, so that paid bills do not reflect as pending on the app. She recommended integration with different services like QR codes “so users could see if they can use Cred anywhere that may not directly reflect in rewards.” Other users sought making points transferrable, since they are often left with large number of points after redeeming it for small purchases.


This was an interesting social experiment by Kunal Shah, where he used the principles of crowdsourcing – tapping the collective wisdom of a group to solve issues in an innovative way. By engaging with users of a networking platform and seeking recommendations, it can get a real time insight into what customers seek from its products. Also the resultant customer engagement also boosts brand visibility and confidence. What will be truly interesting, though, is to see how many and which of the user recommendations will ultimately make it to the fintech app.

Incidentally, Bengaluru-based Cred recently raised INR 27.55 crore (USD 4 million) from Sequoia Capital, after finalising a $120 million fresh round from existing and new investors. It plans to use this raised capital to accelerate its growth, expansion, marketing, and general corporate activities.

A members-only app, Cred gives exclusive rewards to users for paying their credit card bill in a timely manner through an app. In return, they get benefits through Cred virtual coins and gems, which they can redeem at coffee shops, movie theatres, online shopping sites, etc. HDFC, ICICI, Kotak Mahindra Bank and Axis Bank are some fiscal entities that have associated with the startup currently.
Moneycontrol Contributor
first published: Aug 9, 2019 06:00 pm

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