Growth & Marketing
December 14, 2022
February 20, 2023
Growth & Marketing
December 14, 2022
February 20, 2023
Protecting a company against fraud is critical nowadays, but also reducing friction in the KYC (Know Your Client) process for new customers. Establishing the correct KYC process can positively impact your business as it speeds up the onboarding process and engages your customers with a pleasant experience.
This means that during the registration, the user should only need to provide basic information like name, age, gender etc. Once registered, the user will be guided to the KYC process where the rest of the information will be gathered as easily as possible. Finally, once all the information is provided, the user will be allowed to access the account.
It is the practice of increasing the percentage of users who perform a desired action on a website. These actions include purchasing a product, clicking 'add to cart', signing up for a service, filling out a form, or clicking on a link. CRO can turn website visitors into customers, helping you take advantage of a new influx of traffic to your site by making free trials, purchases, and signups attractive to your users.
During the verification process, some tips should also be followed to avoid users leaving the platform.
Giving users as much information as possible will boost their chances to move through your conversion funnel. One idea is a quick video demo with the steps the user will need to follow before the process begins. Another idea is to write a small recap about the importance of identity verification.
Sometimes, users may not understand a step of the process if the information is not clearly provided. For instance, if the user needs to upload a quality-picture, they might have a different idea of what that means. So if they upload a picture that is not valid for your system, you will need to go back and ask the user for a reupload, this will definitely create friction. Consequently, users may give up before they get to the end.
Try to provide instant feedback to the users by providing onscreen messages about the picture they are uploading. This will allow them to complete the verification process at their first try. Let the user know how much longer the verification process will take. This will help the user to continue avoiding frustrations.
Sometimes a user can be registering on your website while working or traveling by train. Consequently, the KYC verification cannot be done at such time. Send a reminder to the users that have not completed the verification process...
After the users have provided the information required, always let them know the status of their account. It may be approved, declined or under review but in any case, the reason needs to be explained.
Security is vital but to improve the conversion rates, you also need to focus on the customer experience. Reducing friction and understanding the needs of the users will help improve their KYC journey experience.
To summarize, advanced security features and methods, regulation compliance, and a seamless customer experience come together in creating a great onboarding and identity verification solution. Achieving the right balance is essential to the best possible customer conversion rates.