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Onboarding for a SaaS Fintech BtoB Platform

My Role

Lead Product Designer & Manager

Client

Dash.fi

Teammates

Head of Product, Product Manager, Engineers, BI, Risk, CEO

Responsibilities

Plan and Own Product, Defend product design strategy, Research, Product UX UI Design , Problem Solving

01. Overview

Dash.fi, a Saas FinTech startup catering to digitally native businesses with significant marketing budgets, has unveiled a revolutionary charge card tailored for advertising expenses. This innovative card tackles challenges associated with scaling ad spending, offering solutions to problems like card failures, low limits, payment holds, underwriting delays, unreliable data, rigid authorizations, cash flow constraints, delayed reconciliations, talent shortages, and manual paydowns.

02. Problem Statement

The current client onboarding process is characterized by inefficiencies and obstacles that slow down the enrollment of new clients and create friction in the customer acquisition journey. This problem hinders our ability to swiftly and smoothly onboard new clients, leading to suboptimal experiences and potential delays in business growth.

03. Process & Experience

Goals

My objective is to streamline the client onboarding process, making it seamless and efficient. I want to create an outstanding first impression for clients, increase the number of new applications, and reduce the time it takes to submit them. Simultaneously, I aim to enhance Know Your Customer (KYC) procedures and risk mitigation, leading to decreased churn rates. My overarching goal is to eliminate friction in the onboarding journey, ensuring a positive experience for clients and driving business growth.

Understanding the Business challenge

In our startup, we face a set of critical business challenges that demand our focused attention. First and foremost, we are committed to making the onboarding process as seamless as possible for our users. Simultaneously, we must navigate the complex landscape of compliance and regulations while ensuring the utmost security and privacy to build trust with our customers. By effectively mitigating fraud and reducing churn rate, we aim to create a robust and dependable platform. Additionally, we recognize the importance of establishing trust right from the start and minimizing the time it takes for a user to create an account. A key objective is also to reduce support ticket volumes associated with onboarding, ultimately enhancing user satisfaction and acquiring new users swiftly. These challenges define our path forward, guiding our efforts to provide a superior user experience.

Product Challenge

I'm faced with the challenge of minimizing onboarding friction by achieving the lowest Onboarding Friction index. This means I need to reduce the time it takes to open a new account, minimize the required fields, and ensure efficient customer verification. I'm working on creating a unified onboarding process for both domestic and international clients, as well as addressing the complexities of identifying controlling officers and beneficiaries. These objectives are central to my product development efforts aimed at enhancing the onboarding experience

Quantitative / Qualitative Research and Analysis

I first conduct an audit of the onboarding to understand user painpoints. I created a user journey map to highlight bottlenecks and have a big picture of design opportunities. I conducted search with google analytics and hotjar recordings to understand user and traffic, understand churn rate. I ran competitor analysis, analyze user feedbacks and conduct user interviews (with users who created support ticket, who had struggle with onboarding), I ran holistic evaluation.

General Observations

40% of fintech user abandon onboarding processes whenit s too long 70% decrease in average onboarding completion time Increase approved applications by 30% Selfie identification reduce fraud by 90% 80% of support issues could have been self resolved with better placeholders and error messages

Competitor analysis

Analyzing competitors like Ramp and Revolut provides insights that can shape my business strategy. Ramp's user pre-selection strategy could streamline my onboarding process, and their interactive product walkthrough might inspire me to enhance the user experience. I need to be cautious about adopting long, complex flows that could discourage potential users. On the other hand, Revolut's shorter onboarding process aligns with my goal of reducing friction. I must learn from their technical issues and lack of real-person support to offer superior service and reliability. These insights provide valuable lessons to refine my approach and gain a competitive edge in the market.

User Needs

User needs to KYC and KYB verification easily User needs to submit his application quickly User needs to feel secure on the application flow If error message appears, user needs to understand what s asked User needs to be able to contact support to don't get stuck

User Personas, User Journey and Flow Charts

I created user personas and journey based on the user research and testimonials, which helped me communicate my findings with the team. The persona also ensured that users’ goals and frustrations were at the front of my mind as I progressed with the flow.

04. The Solution

I synced with the whole team to defend my product design strategy and ensure alignment on requirements and tech feasibility. Once we were all on the same page, I took the lead in creating tickets in Jira to manage both the product and our teams. It was important to me that our collaboration was well-organized and that everyone had a clear understanding of their roles and responsibilities.

I've developed a comprehensive solution to address my challenge, which focuses on streamlining the onboarding process and enhancing user experience while also mitigating risk and ensuring compliance. This solution consists of two key steps: In the initial step, we aim to complete account creation in less than 5 minutes, utilizing Plaid to expedite the Know Your Customer (KYC) process for faster user verification. In the subsequent step, we gather essential information about beneficiaries, banking details, and any necessary supplementary documents.

To improve the user interface, I implement several enhancements, including the removal of optional fields, providing clearerlabel, explanations and placeholders, and adopting a minimalist design to minimize distractions. I also add white space to allow the design to breathe, creating a visually appealing and less cluttered interface. I also prioritize support accessibility throughout the entire user journey to ensure that user do not encounter obstacles or become stranded at any point in the process. These solutions collectively aim to simplify the onboarding experience, making it more efficient, user-friendly, and encouraging for our clients.

05. Outcome & Iteration

The outcomes of Dash.fi's onboarding enhancements are impressive. User satisfaction with onboarding has surged from 20% to an impressive 75% thanks to a streamlined process as creating an account now takes less than 5 minutes, and the entire process is completed in under 10 minutes. This reduces user friction and builds trust by explaining the necessity of information for compliance. From a business perspective, the streamlined KYC process mitigates risks, improves operational efficiency, and reduces fraud. The churn rate has decreased by 50%, and the number of support tickets related to onboarding has been halved, reducing challenges by 50%. Small but impactful iteration in the second phase, such as clearer instructions, faster bank account connections, and improved links, have contributed to an enhanced user experience.

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