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Why FinServ Onboarding Needs to Change


Imagine the average user. Busy, always moving and constantly on the lookout for the best service. They don’t want to be burdened by lengthy onboarding processes any more than you do. 

That’s why big tech companies invest billions to shave seconds off of the onboarding process. They know that every millisecond impacts their conversion rate. What if financial services could do the same? What if signing up for new financial accounts were as easy as “Sign up with Facebook”?

“But the risk for financial accounts is so much greater,” you might say. Very true-- strict regulation has been one of the main barriers to better user onboarding.

And for good reason! It is hard to overstate how important it is to know that a user is who they say they are when peoples’ livelihood is on the line. No financial service in their right mind would sacrifice security for speed. That’s why at Unum ID we’re improving security and user experience with the power of sharified identity, but more on that later.

Background on Friction

Reducing friction leads to more sales and happier customers. With customer session time on platforms decreasing as well as their loyalty increasing, eliminating friction seems to be the primary factor for both gaining and retaining customers.

Improving customer experience is so crucial to businesses these days that many are centering their whole business model around the concept of “frictionless selling”. This concept has been the differentiating factor for some of the most successful businesses on the planet. Take Airbnb for example. The ease of access for customers to book great deals with just a few clicks fundamentally disrupted the hospitality industry.

Reduced friction can increase conversion as much as 36% and can increase amounts of money in transactions by similar margins.

For many financial services, onboarding is the most important conversion that ever takes place. That’s why we’ve tailored our technology to cut down onboarding times by more than 90% and login times by more than half, streamlining platforms in a revolutionary way.

Most Platforms

Platforms can vary in the time it takes to open an account. Our independent research found that out of 19 financial services, the average time to open an account is around 8.5 minutes. Other studies have suggested that industry wide that number may be more like 18 minutes. The one thing they all have in common is that they lag far behind big tech companies in speed and ease of user experience. Apple touch ID for example can be both set up and reused in a matter of seconds.

Think of the thousands of customers lost every year because of the inconvenience of time. Not to mention the hassle of going through verification steps and the common concerns about giving away personal information.

Some of the slicker FinTechs have invested in patchwork to cut down these times and lead in onboarding speed. This is done in various ways, such as auto populating fields by extracting user data from other sources. Impressive, yes. But these are only shortcuts to get around a fundamentally broken system of customer onboarding.

Luckily, there’s now a better way.

Our Solution

Unum ID fundamentally transforms the onboarding process by eliminating the need for new information input altogether.

Enough with automating the problem away. When you create an ID with our system it only needs to be done once, and can be used across many platforms. This makes the onboarding process for new sign ups instant and hassle free.

This not only applies to signing up customers, but also serves as a way for them to sign back in with no password required! No passwords also means no phishing, so you can also count on reducing behavioral fraud with our solution as well. 

How can such a quick solution also be secure? Let's go into how the product works to explain this further. Unum ID ties your customer to their mobile device through biometrics and behavioral authentication and ties that device to their account with you through cryptography. This creates an immutable, cryptographically verifiable identity that's tied to that user and that user only!

This is a completely new form of bringing on customers, and yet it is also so simple. Most importantly, it allows financial services to finally eliminate friction without sacrificing the security and invaluable trust of their customers. Game changing disruptions like this always benefit those who innovate early, and work against those keeping to old ways. With a groundbreaking improvement of the kind we’re offering, there’s an important question to consider. Are you in?

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