Mastering User Onboarding In FinTech
A slick onboarding journey is critical to successfully growing a user base. At Behind Login, we've looked at the most common requirements for user onboarding and then explored how some of the top apps in the FinTech industry have designed these journeys for users.
Across the app landscape there is a very broad range of sign up experiences and onboarding solutions all executed with varying levels of success. One key player we kept coming back to, ticking all the boxes of onboarding best practice, is the FinTech darling, Revolut.
As demonstrated through Revolut's exceptional growth stats from 0.1M users in 2016 to 15M users at the end of 2021 and now 25M in November 2022, the Revolut onboarding journey brings together the best practice in product design from across the industry to create a slick, compelling user sign up journey.
Check out the user onboarding journey here:
We've broken down the journey with user feedback from a 'UX deep-dive research session' and overlaid our expert researcher insights to provide some key takeaways for product designers looking to design the optimum onboarding journey.
(1/10) Capture phone number
An easy way to capture a valuable user engagement tool if onboarding doesn’t complete.
Enables a security layer of 2-factor authentication to reduce fraud and align to the PSD2 initiative.
Auto-populates the phone from user's device so it is very easy one-tap to progress
A progress bar might be helpful ("how long is this going to take?!").
(2/10) 6 digit code
Effective UI to ensure clarity on each digit input for users.
Again uses the auto-populate feature for easy one-tap progress.
Clearly says “You won’t receive an SMS if you already have an account” to deal with error handling and provides a link to login.
Clear and consistent title labels make it obvious what a user needs to do at this and each other stage of the journey.
(3/10) Country of residence & T&Cs
Auto-populates with country of residence (using the device's location) so very easy one-tap to progress.
Clear links to T&Cs and Privacy Policy which typically have low open rates so kept lower in the screen hierarchy with concise language.
The “Sign up securely” button indicates a successful milestone complete after only 3 taps. A user now has successfully (partially) onboarded to an application that can easily be returned to if required.
(4/10) Name
Includes clear language that 'This should match your official ID' to reduce errors in future.
Auto-populates with users name from the device so very easy one-tap to progress.
(5/10) Choose a @Revtag
Unique to Revolut and could be an unclear requirement to users but with simple language clearly explains the value exchange to users 'Your unique name for getting paid by anyone'.
Simple input and immediate availability feedback with clear pass/fail UI.
(6/10) Date of birth
Includes clear language that this should match your official ID to reduce errors in future.
Uses the numeric keyboard to make it easy to input.
Specifies DD/MM/YY format in input field (hidden for user privacy in this screenshot).
(7/10) Take a quick selfie
Again simple language and good use of imagery to show user requirement.
Why don’t they just use the FaceID capability from iOS, removing the need for this. Perhaps to allow for facial authentication on multiple devices in future? Food for thought...
(8/10) Create a passcode
Only a 4-digit passcode instead of the more modern 6-digit code (also offered on iOS) could create some user anxiety about security risk.
User is also required to confirm the passcode to reduce risk of error.
— At this point Revolut has everything they need to securely open a user's account. The value exchange now shifts to a commercial focus as Revolut tries to monetise each user. There is always a fine balance of user-centricity and commercial value which Revolut have struck nicely. Let’s check it out —
(9/10) Select plan (Metal, Premium, Plus, Standard)
Revolut offers a series of paid 'Plans' that gives users various benefits, from ‘No Fee ATM Withdrawals’ to ‘Winter Sports Cover’. Each benefit is clearly listed in each plan.
Revolut auto select Premium, which may be the most popular plan or the best commercial value.
The user has the option to ‘Skip’ but this is a small UI element on the top right of the screen which may not be seen, prompting users to select a plan from the paid choices to continue.
Revolut may see some drop off here but we assume the value outweighs the cost, and Revolut already has core user details so the user is invested to the journey and more likely to convert.
(10/10) Get a card
There is no indication of the cost of a physical card which may encourage users to select this option (perhaps under false pretences?).
The screen hierarchy is promoting the ‘Physical debit card’, again focusing on generating value from users where possible.
Onboarding Complete
Once the user selects the card the onboarding is complete in under 2 minutes (including taking the time to talk through their opinions to us) . The benchmark has been set!
Key Takeaways
In 7 taps, 3 manual input fields and less than 2 minutes a user can create a Revolut account.
The use of auto-populate features (phone number, name) and existing device knowledge (country of residence) effectively reduces the need for user input to streamline the journey.
Simplicity is key; Revolut's language is clear, simple and concise, articulating every step of the journey and why they need the user's information.
Capturing contact information (phone number) early in the journey offers a good way to re-engage customers who drop out the funnel.
Revolut have to look at generating value from users and have 2 key steps in the journey where they upsell paid services. Whilst this increases friction in the journey it is a necessary evil to promote their paid services and due to its placement probably doesn't impact conversion too badly.
To find out more about best onboarding practices and assess your competitors get in touch at hello@behindlogin.com