In the realm of digital applications, the onboarding stage serves as the gateway to a customer’s experience, a pivotal moment that can shape perceptions and outcomes. This is particularly true in fintech, where the onboarding process not only marks the initiation of user engagement but also poses a heightened risk of identity fraud. Crafting a seamless fintech onboarding experience stands out as a complex task for UX design specialists, balancing simplicity with the intricate landscape of financial regulations.
Challenges in Fintech Onboarding:
pps like Chime and Monzo have changed the game by letting users access financial services quickly through a mobile app. This is way simpler than the traditional way of signing up at a regular bank. A study in 2020 showed that opening an account with a traditional UK bank needed five times more steps than with a fintech one like Revolut. This shows how important fintech onboarding is for a good user experience.
Making fintech onboarding easy is not just about looking simple. Financial processes are complicated, and the app has to balance being user-friendly with following rules like KYC (Know Your Customer), AML (Anti-Money Laundering), and keeping things secure. Even though it seems easy, fintech onboarding has big challenges. That’s why getting the design of the app right is so important. It not only keeps the app legal but also keeps users happy and engaged.
Fintech Onboarding Excellence:
Several industry leaders have set exemplary standards in fintech onboarding, with Revolut, Public and Acorns standing out among them. The assessment of their onboarding processes involved both quantitative and qualitative measures:
Qualitative Aspects:
Type of information required
ID verification
Account security steps
Handling of legal and privacy notices
Account configuration
Examining each of these companies provides insights into their strategies for overcoming the challenges posed by fintech onboarding.
Revolut
To complete the onboarding process, it takes approximately 10 minutes. The fact that it consists of 17 screens indicates that the process is a bit too lengthy. It might be beneficial to display specific screens after the user has signed up. Simplifying the process by requesting information for only one topic per screen and clearly explaining why specific personal information is being requested is also a good approach to address complexity issues.
Public
Although the onboarding process of the Public application consists of 18 screens, it takes around 7 minutes. The minimal amount of information requested on each screen is why the titles are appropriately chosen for the topics. The process is completed quickly due to its minimalist and straightforward appearance. Unlike traditional banking applications, it smoothly guides new users through the steps without intimidating them, enabling them to complete the process seamlessly.
Acorns
Last but not least, Acorns also operates in the investment and trading space. Although it requires a slightly higher number of clicks compared to Public, it’s still a fintech app designed with user experience (UX) in mind. The onboarding process, consisting of 16 screens, makes this application a breeze for new users. The simple white backdrop, paired with black font, enhances accessibility and ease of navigation. Similar to Public, the app explicitly explains why certain personal information is being requested at each step. To overcome the challenge of the process being tedious, Acorns has also incorporated a number of animations, making the overall experience more dynamic and interactive.
In Conclusion:
The challenges of fintech onboarding are met with innovation and strategic design by industry leaders. Through a blend of quantitative efficiency and qualitative user-centric approaches, Revolut, Public and Acorns showcase excellence in navigating the complexities of fintech onboarding. These lessons serve as a guide for future advancements in the dynamic landscape of financial technology.
