free resource · 5 minute read
Earlier this month, I made a post asking if any fintech founder would be interested in having me go through their onboarding to see what they were doing well and what they were missing in terms of best practices. Having assessed over 15 companies, I’ve gathered the best UX practices to enhance user conversions during the process.
I like to think of onboarding like an emotional rollercoaster; it’s crucial to maximize positive experiences and minimize negative ones. So i’ve categorized my findings into two groups: Benefits, which represent elements to maximize, and Barriers, which involve aspects to minimize.
Benefits
Immediate impact
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Look deep into your business and find what genuine value it can provide instantly.
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Any analogy would be how you choose recommend videos over your watch later on Youtube. We prefer immediately gratification.
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The critical part is to then remind them of immediate benefits at certain points in the flow where they are about to do something hard, i.e giving you their social security number. You don’t want them to think, “Is this even worth it?” when they get to this page.
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With Yotta, for example I know that long term its a savings account but at 9pm tonight I have the chance to win $1,000,000 so I’m keen on trying that out.
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Some more inspiration:
“Link a bank, get an instant limit up to $500.”
“Finish KYC to spend your $10 credit with your new virtual card.”
“Link a bank, and we’ll be able to give you 5 instant suggestions on where to cut down spending.”
“Invest today and see a return in days, not years” – You know your app better than I do, but you get the point ;)
Social proof
Humans will default to social proof when they are unsure. If you are about to ask for a social security number or bank information, it’s a good idea to remind them before they are about to do something hard.
Puzzle does a great job at this (see below) but they also take it one step further. Not only including testimonials in the sign up process, but pick the ones written by f
