Have Them at Hello: The UX Way

Warren Buffet once said, “It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” 

What if I tell you, in this world of digital transformation, you don’t have the luxury of 20 years or even 5 minutes?

The window of time to impress your customer shrinks dramatically. So much so, that you get only 0.05 seconds to grab a user's attention and make a positive impact. 

A practical experiment by Taylor and Francis, to ascertain how quickly people form an opinion about a web page through visual appeal confirmed that you only have 50 milliseconds to make a good first impression. 

These crucial hundredths of a second takes place during the onboarding process of a fintech application/website. The way you onboard the user establishes trust and value, cementing the base  for a long-term relationship. 

But onboarding is not just about a simple login. It’s a little (more) complex than that. A good fintech onboarding experience is a result of: 

• Systems that detect fraud. 

• Tech that complies with data privacy regulations. 

• Design that avoids friction.

All of this is put to the test within those critical 50 milliseconds, where the user forms an opinion about your entire brand. 

According to research, 70% of users will switch their fintech providers solely based on their onboarding experience. This means that nearly 3 out of 4 people will abandon an application because of a frustrating onboarding process, making smooth signup a dire need.

Seems daunting? Not if you have good design(ers) by your side. Ahem ahem.

With a user-centric approach, fintech companies can craft an onboarding experience that is secure, intuitive, and engaging. In simpler terms, 

they can craft an experience that keeps the user coming back to their platform amongst others. 

As you read this, the fintech market has touched $312.92 billion with around around 3.5 billion users worldwide. The competition is fierce. In such crowded waters, onboarding holds the power to make or break the success metrics of your application.  

CRED, a fintech lending platform from India, welcomes users with a warm and intriguing design. Its clean and minimal interface compliments the friendly tone of the copies. All of this together, fosters a sense of community at the beginning of onboarding. 

 

Cred landing page 

One of the primary functions of onboarding is fostering trust. But while doing so, it has to follow certain guidelines, requiring a formal approach to data collection for verification. For such instances, Coinbase does a beautiful job of explaining the importance of the collected data in a clear and empathetic way, putting users at ease and ensuring a secure onboarding experience.

Coinbase verification process

Besides this, seamless navigation remains paramount to a successful onboarding experience. If users struggle to interact with the platform initially, they're more likely to abandon the process and form a negative impression of the brand. Grab, a Singapore-based fintech application ensures a well-designed user interface (UI) empowering users to navigate independently, reducing bounce rates.

Grab onboarding page and home page

Studies show a majority of 89% of users, with millennials contributing at 97%, conduct banking activities on mobile instead of desktop or tablet. Therefore, optimizing designs according to mobile screens also becomes a crucial aspect of navigation. 

Another challenge that design solves through systematic navigation is simplification of the verification process. This enables an efficient KYC (Know Your Customer) system, making benefitial for the AML (Anti-Money Laundering) procedures. 

 

CheQ’s interface 

While effective design strategies tackle major fintech challenges, stakeholders mustn't forget to track drop-off rates during onboarding. This practice helps in realizing user pain points to iterate the designs in a timely manner. 

As the fintech industry continues to evolve at a rapid speed, only FinteD (Fintech + Design) guarantees a truly balanced experience that empowers both; users and businesses. 

In the end, it won’t be wrong to say that in this dynamic landscape, FinteD naturally becomes the key to unlocking a seamless onboarding experience. Or becomes the only magic potion to have them at ‘Hello’!