Account creation.
Making onboarding easy.
Industry
Role
Year
Our goal was to create a frictionless, user-friendly onboarding system that not only adhered to compliance and KYC requirements but also addressed user concerns about sharing financial information. We aimed for a high completion rate (targeting around 50%) and made sure initial funding steps were transparent, intuitive, and confidence-inspiring.
How do we create a seamless onboarding experience for a white-labeled investing app with no existing user base?
We identified that our partners’ target audience often includes users of popular U.S. robo-advisors like Wealthfront, Betterment, and Acorns. To explore their concerns and motivations, we interviewed 10 users of these apps, ranging from novice to intermediate investors. A key finding was anxiety around sharing financial data:
We identified that our partners’ target audience often includes users of popular U.S. robo-advisors like Wealthfront, Betterment, and Acorns. To explore their concerns and motivations, we interviewed 10 users of these apps, ranging from novice to intermediate investors. A key finding was anxiety around sharing financial data:
I’m a bit uneasy about sharing my Social Security number. I need to know exactly why it’s required and how it’s being protected.
I value how quick and straightforward my current app is.
These comments highlighted the importance of trust signals and transparency and how ease of use is a primary factor that drives people to download robo-advisor apps.
We examined three leading fintech apps (including the ones mentioned above) to identify common patterns, best practices in UX and copywriting, effective trust signals, and how they structure information collection. This exercise underscored several key points:
The value of a friendly tone of voice
Collecting only essential information to keep onboarding as brief as possible
Postponing the collection of sensitive data until later in the flow, when users are already more invested
These insights helped us refine our approach, ensuring that our onboarding flow would meet user expectations around clarity, simplicity, and trustworthiness.
We compiled our draft designs into a Figma prototype, incorporating insights from user interviews and forming specific hypotheses to test. We decided two rounds of testing would be sufficient initially to validate the core flow, and these tests resulted in our first version of the onboarding experience, that was enough to kick-off building process.
Later, we moved on to high-fidelity prototypes for four additional testing rounds. A key discovery from these sessions was that consolidating KYC requirements—ID verification and personal information—into fewer screens significantly reduced confusion and drop-off rates.
We held daily syncs with leadership, as well as with key team members - such as the Chief Compliance Officer, to ensure we met legal requirements in a highly regulated niche. I also frequently consulted the CEO to align with broader business objectives. The bulk of our collaboration was with developers. Involving them early helped us avoid feasibility issues, work efficiently, and iterate quickly. Clear alignment on transaction flows and ID checks was particularly critical due to their complexity from both engineering and UX perspectives.
Early screens in any onboarding flow are often the most frequently abandoned because new users aren’t yet committed. To address this, we designed visually appealing, streamlined pages for basic data collection. We also captured contact details early to facilitate re-engagement if users dropped off.
It’s tempting to collect as much data as possible upfront, but our tests showed that longer funnels lead to higher abandonment rates. As a result, we removed any optional fields that could be collected later in the post-onboarding experience.
To motivate users to fund their accounts, we made the portfolio-building process interactive: users answered a set of questions to generate a recommended portfolio. Immediately afterward, they were offered one-time or recurring deposit options, alongside projections of how their account might grow. This step turned out to be the most engaging, with users frequently experimenting with different deposit amounts before ultimately deciding to fund their accounts.
Ask for sensitive data last
People are cautious about sharing personal information with services they haven’t fully vetted. Trust signals - such as lock icons, encryption assurances, and clear explanations of legal requirements, are key to alleviating these fears. Additionally, collecting the most sensitive data (like a Social Security number) later in the process ensures that users are already more invested and therefore less likely to abandon the flow.
Outcomes
When we soft-launched the onboarding flow to 500 beta users, real-time analytics enabled quick iterations. Here’s what we found:
Completion rate
We reached a 47% completion rate - slightly below our 50% target but still a solid start for a new fintech product. By refining copy and improving the value proposition on the “Get Started” screen, we boosted conversion by an additional 5%.
Funding metrics
Of those who completed onboarding, 69% funded their accounts, averaging $55/month in recurring deposits, exceeding our initial expectations. We noticed many users defaulted to the pre-set deposit amount, so we incrementally raised it from $25 to $100 and then to $150, which subsequently increased the average funding amount.
Analytics showed three main drop-off points in the identity verification process:
Address Input (lengthy form) - We implemented Google API–based address auto-completion.
Employer Information (too many details) - We worked with compliance to reduce the required fields.
Agreement Page (overwhelming content) - We shortened the legal text to make it more scannable.