Proven Best Practices For Fintech Onboarding

Fintech apps have immense potential, but developing a good one is only half the work done. Of course, getting it up and running gives you a great start, but seamless customer onboarding is the key to success. You must ensure that the process leads to happy and engaged users who are ready to return. Fintech companies should care even more because customer expectations are higher than in any other domain. After all, they expect you to go the extra mile with the trust factor because money is involved. Moreover, the industry is more competitive than you imagine, so you cannot compromise with the UX. Fortunately, you can rely on these proven best practices to ensure an optimal fintech onboarding experience.

Add Safety Precautions

Fintech users always worry about using new apps because they must share personal and financial details. Adding safety precautions in your app builds their confidence and shows that securing their data is important for your business. In this context, you can integrate a few safety features into the onboarding process. For example, automatically logging users out after a specific time and sending notifications to confirm purchases are good options. These precautions may seem intrusive or annoying in shopping or streaming apps, but they are the best ones for Fintech products.

Prioritize Regulations

Designing the onboarding process for a fintech app is a complex process because of the regulations in the industry. You must comply with legal norms such as KYC and anti-money laundering laws while collecting information from first-time users. The core objective of these laws is to ensure that malicious actors do not misuse your financial services. Compliance does more than keep your business on the right side of the law. Features like identity verification may affect the app’s workflow, but you have valid reasons to implement these requirements. The app users will surely have no qualms about the extra effort during onboarding when they trust your business.

Justify the Need for Personal Information

Justifying the need for personal information is another effective best practice for fintech onboarding. Users often feel apprehensive about sharing personal information as part of the registration process. You must understand that their concerns are genuine because most first-timers may have just heard about your brand. But you can win their trust by explaining how you intend to use the data. For example, you can display how personal information will enhance their UX. Users will be comfortable sharing details once they are convinced about their good intentions.

Simplify in-app Forms

Filling up forms is perhaps the most cumbersome part of the registration process for new app users. Form-filling can be even more tedious for fintech customers because they cannot memorize card numbers and details. However, you can simplify them to enhance the onboarding experience. Minimize the number of fields as far as possible, and avoid asking for unnecessary details. Also, build forms that do not break when the user makes an error because filling them from scratch can be frustrating enough to send them away for good. UX-wise, forms are a can of worms. Many fintech companies prefer to hire a fintech design agency to eliminate any drop-offs subpar user experience may cause.

Ensure Omnichannel Ease

An omnichannel approach is another best practice you cannot overlook with Fintech onboarding. The process should be seamless across multiple channels. For example, users may start in the app and continue via email or with push and in-app notifications. An uninterrupted cycle makes users stick because they need not stress about switching between devices and channels. Pay attention to the moving parts and ensure your messaging and brand consistency. After all, users will not be impressed if the email graphics do not replicate the aesthetics of the UI. It leads to a break in the UX, which is the biggest turn-off for app users.

Humanize Your Brand

Humanizing your brand can take your app onboarding experience to the next level. The best way to do it is by sharing valuable information in-app and providing features to ease the UX. For example, you must list how users can send or receive payments to enrich their lives. Using simple language and appropriate images in the app UI enables novice customers to understand the benefits of using it. Humanizing a fintech brand is also about building trust and fostering long-term relationships with the users.

An ideal fintech onboarding experience is about ensuring ease and credibility for the users. It enables you to make them stick and trust your app with their money for the long haul. You can rely on these best practices to win loyal customers for your business and strengthen your fintech brand.