How to improve user onboarding in the era of digital finance

A new white paper from leading Open Banking platform Plaid explains why user onboarding needs to improve dramatically if digital finance is to reach its full potential.

How to improve user onboarding in digital finance

The paper also explains how this can be achieved by turning onboarding from a friction point to a feature that enables faster, safer payments and better service delivery across the board.

At present, people are finding too much friction in digital finance as users experience escalated authentications and too many complex requests for information.

Meanwhile, banks are struggling to combat growing fraud in the mobile channel. Getting user onboarding right is essential to delivering a successful experience as it provides reliable, verified data about the customer as a basis for all engagements, setting the tone for the entire customer life cycle.

Plaid’s white paper explains how onboarding has evolved from the era of paper and signatures to today’s digitised versions of paper processes that involve e-signatures and document uploads.

Such processes are not usually native to the internet and include slow and cumbersome online verification steps that cause user frustration and lead to lost customers and revenue.

“By integrating a customer’s bank data into user onboarding, the time taken can be reduced from days or weeks to just a few minutes.”

In Unlock improved onboarding to support the next wave of digital finance, Plaid outlines how to take the next step in onboarding, enabling consumers to access their financial lives online rapidly and with minimum hassle.

The new era in onboarding will be fully digital, with Open Banking playing a significant role.

Plaid explains how integrating a customer’s bank data into their onboarding processes can reduce the time taken to onboard new customers from weeks or days to just a few minutes.

What’s more, the provision of accurate and verified customer information during onboarding makes a wide range of other services easier to access, from payments to wealth management, loans, mortgages and other products.

Plaid has developed an onboarding solution that uses open API calls to respond to the customer requirement for faster, easier and more secure onboarding.

By integrating bank-level identity verification and security into onboarding processes enabled by Open Banking, organisations will not only remove friction and enable faster service delivery and transfers of value, but unlock whole new possibilities for product and service development.

Download a copy of Plaid’s new white paper to find out how full-stack onboarding can help FinTechs, banks and WealthTechs deliver smoother, easier user experiences across the board.     

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