Fintech KYC Onboarding Process 📱
Challenge & Approach:
The amount of required information from customers has increased exponentially over the past few years- which results in a cognitive overload in the end-user.
Statistics show that 68% of consumers have abandoned financial services applications due to the longer-than-anticipated length of the application process and the large amount of personal information required.
Business Value:
- More trust from customers
- Completed onboarding process
- Decrease in application abandonment
- Results in customer loyalty
User Value:
- Less cognitive load
- Increases trust
- Improved usability
Solution:
We split the onboarding process into multiple simple steps that are carefully spread out with information requested only when needed (not in advance or at once).
This solution will make the process much more bearable and will decrease the cognitive overload.
We did this by adding clear CTAs and making the interface less overwhelming by requesting only 5 important pieces of information per step.We’ve learnt that this can build trust and enhance the satisfaction & patience in the overall user experience.
📧 projects@redeemstudio.com