fintech app

Tips for fintech app onboarding

It’s a fast-moving world, and therefore, nobody wants to waste their time trying to sign up for an app, so if you want to increase the number of your active clients, you need to have a good onboarding in your app since it plays an essential role in determining the success of any fintech app.  

Within the first few minutes, you must connect with the users, impart knowledge, and earn their trust. You must ensure users can easily understand and navigate your app.  

To understand this further, let’s see what’s fintech onboarding. In essence, it is the process of making your target customers familiar with your product or service. It involves walking a new user through an app so they can get value out of it quickly as possible. A great onboarding process will assure your customers that they’ve made the right choice. 

Fintech onboarding guidelines

Did you know that 38% of new fintech consumers will abandon the onboarding process if it proves to be too long? Therefore, creating an onboarding that helps users learn about a product or service and stay energized in the middle is important. So, if you want to increase the number of your active clients, make your fintech onboarding fast and simple. A clear onboarding process, a responsive design, and a well-organized system to assure your customers that their personal data is safe are the key points to keep users interested in the app. 

Remember that you may have a few challenges, like collecting necessary information without driving your customer away or an onboarding process that seems too long. To get your onboarding process right, you need to monitor performance and adjust parts of the process to give your users a better experience.

Onboarding UX

UX is one of the latest fintech development trends helping companies get and keep customers by improving user experience. In fact, according to a Deloitte study, 38% of customers state that UX is the most important criterion when choosing a digital financial service. Therefore, if you want to improve your users’ experience, you must create the right user experience design (UX) for your fintech products.

Here are a few benefits for fintech app onboarding with UX

– Easy In-built Design: having an intuitive interface design will make them navigate easily and naturally. We encourage testing your interface to predict how your users behave when navigating. Remember to research your customers’ needs; each client has unique needs. 

– Personalized Experience: it is not a secret that all clients would rather have an app customized to their interests. If you want to stay ahead of the curve, we recommend you personalize every consumer’s experience. 

– Self-Service Experience: many customers prefer mobile banking because they can carry out transactions by themselves wherever and whenever they want because it gives them the possibility to do it themselves; for that reason, remember to include self-service features. 

– Improved Bottom Line: last but not least, an adequately designed fintech UX interface can increase your app’s conversion rate, transforming the company’s profitability. 

Don’t waste more time and start using UX to your advantage today!

Fintech mobile app design

As part of your fintech app’s onboarding process, we mentioned the benefits of UX in the previous paragraph. We will talk about design; both are related and must work in parallel.   

Mobile app design is essential, especially today when the world of personal finances and mobile banking continues to grow and become more complex, thus, to take your users’ attention, you will need to have more than an innovative idea and a visually stunning app to stand out, but how to design a user-friendly onboarding in fintech apps? Your onboarding should help guide people to use your app. Remember that fintech only exists to make financial services much more accessible. 

First, the most important point to take care of is to Know Your Customer (KYC). These are the processes you use to verify the identity of your user. It’s key to fighting identity theft, money laundering, and fraud. You can do it through these three options: Identify Document Verification, Customer Authentication, and Risk Assessment. There are many ways to go through KYC, including asking for verified documents and a photo for proof. 

Considering the above, let’s look at the types of onboarding that will give users a personalized experience: 

A benefits-oriented onboarding process: this approach puts the benefits of using your app front and center. The idea is to encourage users to engage with the app by telling them how they’ll benefit from it. 

Progressive onboarding approach: an interactive walkthrough explaining features and benefits as users go through your app, normally using pop-up windows or tooltips. This onboarding approach is most effective because most users prefer to learn while doing. 

Features-Oriented Onboarding: it’s like the other two, but the only difference is that this onboarding method focuses on features and functionalities instead.

  • Personalization and AI-driven Recommendations: Leveraging Artificial Intelligence (AI) to offer personalized financial insights, spending patterns, and investment suggestions can significantly enhance user engagement and drive better financial decisions. AI algorithms can analyze user data to deliver tailored experiences that cater to individual needs and goals.
  • Augmented Reality (AR) and Virtual Reality (VR) Integration:  Augmented Reality (AR) and Virtual Reality (VR) Integration: While still emerging in Fintech, AR and VR technologies can potentially transform how users interact with financial data and services. These technologies can be used to create immersive experiences for investment analysis, virtual banking branches, or interactive financial simulations, making the app more engaging and memorable. And can be also very helpful to improve the onboarding process.  

Knowing this, what is the best way to design an effective onboarding process for fintech apps? It always depends on the nature of your fintech app, but you must create a fast sign-up process and a seamless, intuitive user journey. Let’s see more information about this in the following paragraph.

Fintech onboarding process

Creating a smooth onboarding experience in your fintech app involves several essential components that work together to ensure users can easily understand and navigate your app. Provide a seamless sign-up and onboarding experience to ensure you retain customers right from the start. 

Therefore, here are some tips for optimizing the onboarding process of your fintech app: 

  1. Simplify the KYC Process: the key is to make collecting information as seamless as possible, reducing the number of steps and inputs required during registration. For example, you can use validations to prevent users from entering bad data, use ID verification technology, utilize social media or email integration for a quicker sign-up process, and request only essential information to minimize friction and offer users live chat or phone support. 
  1. Ongoing Profiling: ask for essential information initially and request additional details as needed. It is recommended to provide clear instructions and guidance throughout the onboarding process. 
  1. – Personalize the User’s Journey & Segments: when you provide a singular onboarding experience, you are not considering a wide spectrum of users. Hyper personalization features allow apps to serve specific market segments and underserved customers.  
  1. – Establish Trust Right Away: fintech apps deal with sensitive financial information, so it is crucial to boost user confidence in your platform as a trustworthy, considerate tool by only asking them to submit the minimum information necessary at any given time. Also, you can let them use the app without registering for an account and then ask for all the information. Another way to increase trust is to add safety precautions, for example, automatically log users out after a set amount of time. Also, explain why you need personal information and how your app will use this info, and they’ll be more open to sharing their details.

Fintech app onboarding case study

We have all been new users; when we download an app, we expect preliminaries or introductions that guide us through the app. Recently studies have shown that a lack of an onboarding process could be one of the reasons for a low sign-up rate. For that reason, generating a good first impression through an onboarding process is so important because it determines if a user will sign up or leave the app altogether. 

Studies show that the key to successful onboarding is to create a great user onboarding process, build expectations and trust through content and make the user onboarding process seamless for the user. Likewise, remember to test on users though out A/B testing. This will guide you to find out which is the best fit.  

To sum up, case studies show that proper onboarding is key to a successful fintech app because it will determine whether a user will sign up. Remember to create short onboarding processes that adapt to each user’s needs. 

Remember that your fintech app onboarding is the first step of customers’ relationship with their bank.

Do you want to develop an app for your business?

At ThinkUp, we are a digital product development company, obsessed with quality and specialized in mobile apps and unique user experiences. We create world-class digital products for startups and enterprises, with the goal of transforming and empowering businesses.

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