Doubling Performance of Fintech Product Onboarding

Over the past 10 years of developing fintech products, each team I have worked with has aimed to improve the customer onboarding process. Ignium service was no different. Ignium provides pre-configured infrastructure for micro and small firms, giving them the capability to acquire resources from their patrons using Web3 technologies (NFTs). An integral piece of the system is the onboarding process, encompassing both individual and corporate registration and KYC protocols. One of the main team objectives was to make the onboarding experience simpler by lessening onboarding duration and improving the conversion rate. We responded to customer feedback and our analysis of the data, and, after a few months of implementing changes, we saw substantial development. I will describe the specific advancements we accomplished to reach our goal. Many services have password specifications, but fintechs often enforce greater restrictions as they manage their clients' financial resources. In this situation, the requirements are more stringent. To aid users and give them advance notice, a short hint has been put beneath the password entry field. It was revealed via customer support inquiries that the tip was causing difficulty, leading to a considerable decline in the conversion funnel. The tip was not noticeable enough, and it was not easily understood what qualifications were being met. Consequently, the password requirements section has undergone a full transformation into a checklist format. This has made it simpler for users to comply with the instructions, as the list clearly reveals which of the requirements have been satisfied and which still need to be accomplished. The result of this alteration was a significant boost in the quantity of users who finished the initial step and proceeded to the following one. Ignium needs to incorporate Know Your Customer (KYC) documents into its onboarding process due to relevant legal regulations. This means that users must provide sensitive information which may be unfamiliar to them compared to their normal digital encounters. We have provided users with a brief, helpful description of the goal of data queries through a link to our knowledge base, resulting in a major improvement with little expense. We hypothesized that allowing users to log in with an existing account, a standard in the industry, would increase registration conversion rates as part of the enhancements. The increase in conversion due to the new functionality came with a new challenge: legal users who were registering companies were not aware of the Person-Company tab control. This led to the support team receiving a sudden influx of queries from users who mistakenly registered as individuals. In order to repair it, the UI was altered to ensure it blended aesthetically with the overall design. The update was successful and the feature was able to successfully increase conversion rates as planned. Prior to using the system, users must validate their accounts by confirming their email addresses through a distinct step. Some users contacted customer service because they couldn't locate the verification email. We discovered upon further investigation that the emails provided during registration were inaccurate; we all make mistakes from time to time. We provided an easy solution by displaying the registered email address in the verification step, enabling users to see the address and move back one step if any alterations need to be made. This adjustment had a beneficial consequence on the conversion rate. Originally, the KYC procedure was comprised of two elements: some fields in the Ignium user interface, and a short form with an outside service. Second, the materials used in the design were not very cutting-edge and, therefore, needed to be updated. We identified two issues for improvement. Initially, the individual steps were not broad enough, so it was possible to combine them in order to offer a better user experience with fewer steps. Additionally, the materials employed in the design were not modern enough and had to be revitalized. In the second step, users had to move to a distinct user interface, which could cause a disruption in their faith. In order to address these worries, we combined the steps. To make it easier for users to process, we separated and organized the data fields. A substantial portion of customers originated from Estonia, who could benefit from a streamlined KYC process by using their Estonian ID code. By default, there is only one available field on the form to select which country of residence one has. This field has placeholders for the other fields that can appear if a certain selection is made. This has been done to demonstrate to users what they can expect. When selecting the country of residence as Estonia, the number of fields decreases significantly, surpassing expectations and bringing about a positive response from the users. In this scenario, users only input their ID code and the system will extract the necessary data automatically. Once users have supplied their personal identification number, they have access to the system with a maximum of €1000, which should be sufficient for most purposes. Extra information can be provided, however, if an increased limit is desired. The team regularly kept a watchful eye on the analytical data across the whole funnel, noticing how each betterment had a beneficial effect on the procedure. This ultimately led to a decrease in onboarding time for members from 7 to 3 minutes, a 2.3-time improvement, and a 2.2-time rise in conversion rate from 9 to 20%. These are demonstrated procedures that any fintech product can execute to enhance their onboarding performance. Nevertheless, it's important to bear in mind certain factors before implementation.

Source: https://bootcamp.uxdesign.cc/how-to-2x-performance-of-fintech-product-onboarding-0320a6bd5d96?source=rss------fintech-5