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May 28, 2023
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Building a Frictionless Onboarding Process for a Fintech company
Business Problem
The onboarding process in fintech apps is critical as it sets the first impression and can significantly affect user retention and satisfaction. Efficient onboarding ensures a seamless start for users, enhancing their engagement and trust in the financial service provided.
One of the early stage fintech client faced challenges with a lengthy and complex onboarding process that led to high drop-off rates and user dissatisfaction. The process was cumbersome, requiring multiple steps and verification methods that discouraged new users.
Solutions
- eKYC Integration:
- Integrated electronic Know Your Customer (eKYC) technology to streamline identity verification. This allowed new users to verify their identity using their national identification and biometrics quickly. The eKYC solution was implemented in partnership with a leading tech provider, ensuring compliance with regulatory standards while offering a quick and secure verification process
- Simplified Signup Procedures:
- The signup process was redesigned to require minimal user input. The number of screens were reduced from eight to three, only asking for essential information upfront and deferring other details until after the account was created. The app interface was overhauled with user experience (UX) experts to ensure that the signup flow was intuitive and user-friendly.
- Instant Account Funding Options:
- Introduction of multiple instant funding options, including bank transfers, credit/debit card deposits, and mobile wallet integrations, making it easier for users to fund their accounts immediately after setup. Collaborations with major banks and payment gateways were established to support a variety of instant account funding methods
Results
- User Acquisition: Post-implementation, there was a 36% increase in successful onboarding completions.
- Customer Satisfaction: Surveys indicated a 53% improvement in user satisfaction related to the onboarding process.
- Operational Efficiency: The time taken for user verification and account setup decreased by 50%, reducing overhead and customer support queries.
By implementing eKYC, the signup procedures, were simplified and easy account funding options were offered and user onboarding experience became better. This case study demonstrates the significant benefits fintechs can achieve by prioritizing a frictionless onboarding process, ultimately leading to increased user retention and satisfaction.