Financial Health Segmentation Experiment

In “Understanding Consumer Segmentation by Financial Health”, we examined consumers' personal financial attributes using quantitative data to group them into cohorts with shared financial needs and aspirations.

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Building on this foundation, we collaborated with our product and marketing teams to run various experiments aimed at validating the hypotheses from our segmentation study. Our ultimate goal was to identify upmarket customers and enhance engagement with users of MoneyLion’s financial marketplace by delivering more relevant, differentiated experiences based on their financial journey. 

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Premise of the Experiments

Our segmentation approach defined financial health through four key attributes: cash flow, income, credit score, and account balance. Together, these factors provide a comprehensive snapshot of a user’s financial circumstances, enabling us to determine the most suitable financial products for their needs. This framework led to the identification of three consumer segments: Hackers, Climbers, and Thrivers.

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To validate this approach and assess our ability to deliver in-app experiences tailored to each segment’s financial behaviors and needs, we designed two experiments. In both, each segment was mapped to specific financial products and content:

• Hackers – Earned Wage Access (EWA) and Credit Building
• Climbers – Upmarket Lending
• Thrivers – Savings and Wealth

The experiments evaluated which offers were presented, what financial content was delivered, and how effectively these tailored experiences addressed each segment’s needs.

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Experiment on Content Feed Sequence

This experiment tests the hypothesis that tailoring the presentation of product and financial content based on a user’s financial health will drive deeper engagement (measured by scrolls and interactions), increase overall app usage (measured by login frequency and session duration), and improve retention (measured by return rates).

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Using the framework outlined in the previous section, we designed distinct in-app feed sequences for each segment—Hackers, Climbers, and Thrivers—as well as a default experience for users who don’t fall into these segments. Each feed blends product and financial content in a structured layout designed to maximize relevance and engagement.

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Below is a snapshot of how we lay out each segment’s feed sequence.
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Over the one-month duration of our experiment, the segment-specific feed layout drove statistically significant improvements across key engagement metrics. On average, Scroll Daily Active Users (DAU) increased by 2.23%, the percentage of users who clicked rose by 1.36%, and Click-Through Rate (CTR) improved by 0.9%. Scroll DAU was defined as users who exhibited browsing behavior by scrolling through three or more offers.

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Additionally, we observed slight but promising gains in retention and feed visit frequency—both of which typically require a longer timeframe to show meaningful change. The most notable impact was among Thrivers, who increased overall app visit frequency by approximately 0.5% and retention by about 0.21%.

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These improvements in user engagement suggest that sustained interaction could drive long-term benefits, such as higher Average Revenue Per User (ARPU) and increased overall app usage. This reinforces the value of personalized content delivery in fostering deeper user connections.

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Experiment on Product Offers

In our second experiment, we tested the hypothesis that tailoring product offers to align with a user’s financial health would drive higher adoption.

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To validate this, we created three distinct versions of product offers, each strategically curated to highlight products most relevant to a specific financial health segment. By aligning promotions with users’ unique needs and financial behaviors, we aimed to assess the impact of personalization on user interaction and conversion.

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The chart below shows how we feature different product categories for each segment to optimize relevance and engagement.
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After one month of testing, Climbers and Thrivers—the segments that experienced the most significant changes in curated offers—showed notable gains in engagement. The percentage of users who clicked on offers rose to 2.5% for Climbers and 2.6% for Thrivers, with personal loan click-to-purchase (CTP) rates mirroring this growth at the same respective levels. Additionally, CTR increased to 0.8% for Climbers and 0.5% for Thrivers.

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Both segments also showed a slight uptick in overall offer click volume, driven by a more curated experience that reduced total impressions while increasing engagement per view. Notably, Climbers saw a 0.08% increase in funded loan rates, a key product focus of the featured content. This suggests that greater relevance in offer selection enhances user interaction without requiring a higher volume of impressions.

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Key Takeaway

While our experiments were conducted over a limited timeframe, they confirmed that delivering personalized in-app experiences based on financial health segmentation can lift consumer engagement. We believe this approach holds strong potential to drive long-term outcomes—namely, higher LTV.

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The findings also underscore the importance of continually refining the content mix to strike the right balance between relevance and engagement. A data-driven approach is essential to ensure personalized experiences resonate with users and drive sustainable impact. We’re planning additional long-term experiments to further validate our hypothesis and refine the segmentation model to better inform both marketing and product strategies. Stay tuned!