Review on fintech signup flows: Top 5 strategies to reduce friction

Fintech — a term that comes from the combination of ‘financial technology’ — is used to help companies, business owners and consumers better manage their financial operations with specialized software and algorithms.

According to EY's 2019 Fintech Adoption Index, one-third of consumers use at least two of these services and they are increasingly aware of fintech as a part of their daily lives.

Given the increase in popularity, what solutions have these companies developed to register users and verify their identity, without offering too much friction in the process? 

In this post, we analyze the signup forms of some of the most famous fintech companies.

1. N26 — Detailed multi-step form

N26 is a bank operating with a full European banking license that currently operates in 26 markets worldwide and has over 5 million customers. 

As in most banking entities, the signup process consists of an extensive form that they have managed to organize and lighten up in order to get a really good UX.

First of all, the form provides a preview of the steps of the form, gives access to the privacy policy and legal texts, and displays a country field pre-filled with the data from our browser.

Next, the form will ask us for name, surname, email and date of birth, being this one the screen with more fields in the entire form.

Form step 3 will simply ask us for a mobile phone number which, as instructed, will be used later as a second authentication factor. However, no code is sent to this number during the registration process. It will be used afterwards.

In the 4th step of the form, we will simply have to enter our home address in a field that will show matches as we write it, although the option of adding it manually is also available.

Although it is not shown in the side menu, form step 5 is actually divided into seven steps, Except for the first one, each of them has a single field per step to make it lighter.

Note that the fields have been simplified to the maximum and external links are provided to expand information by opening a new tab in the browser, and without leaving the form.

Once we have entered our personal and financial data, the form asks us to set the password to access our account and enter a promotional or guest code, if we have one.

Finally, a screen is displayed with the legal conditions that we must accept to register our account and the submission button. 

Note again that the most relevant information and permissions has been organized and summarized, and external links are provided to expand it without leaving the form.

What we love about N26’s signup flow

• General UX. Despite being a really long form, they have managed to not get tedious as you fill it out thanks to the side menu and the short questions.
• Form navigation. Content distribution in many different steps, with no more than four fields per each one. Data is saved between them, so you can navigate the form back and forth without losing answers.
• Content simplicity. Most of the steps in the form ask a single question and all content has been reduced to the maximum, without sacrificing understandability.
• Contextual help. As the content has been simplified, it provides links to expand the information and solve the doubts that may arise when filling in the form.

2. Mercury — Progressive profiling in two phases

Mercury is a digital banking company that provides banking services and bank accounts designed specifically for startups.

Compared to other fintech companies, their signup process is faster, easier and shorter, but without sacrificing security. Let's see how they have designed it.

Mercury's signup form is displayed in the center of the screen and the first step is the one with the most fields in the entire form, asking for name, surname, email and a password.

In form step 2, it simply asks for the name of the company and the user’s job title, which can be chosen from a selector with predefined options.

The third step of the form asks us for a callsign for our account, which is pre-filled with a suggestion that we can edit.

The 4th step of the form asks us to check a series of characteristics, if we meet them.

Next, and just before the ending screen, the form includes a text to inform about the legal checks that will be made before enabling the account.

Finally, the ending screen confirms that our account has been created and allows us to access a profile in which we can attach, at any time, all the information necessary to verify our identity.

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When the account is created, an email with a magic link is sent to verify that we have access to the email account that we have used to register.

What we love about Mercury's signup flow

• Fast and easy. The simplest fintech signup process we have reviewed. Just four simple steps and a final disclosure to create an account.
• Email verification. After form submission, an email is sent with a magic link to confirm that the user has access to the registered email account.
• Progressive profiling. Once the account is created, we have access to our company profile in which we can progressively attach the needed official documentation.
• Mobile friendly. A single column form that fits perfectly on any screen size so that we can register from anywhere and at any time.

3. Brex — Simple conditional logic

Brex is a financial service and technology company that offers business credit cards and cash management accounts to technology companies.

Their registration form shares similarities with the forms of the previous companies, but it incorporates some new features such as conditional logic.

In this case, the first step of the form is again the step with the largest number of fields, asking for name, surname, email, password and an optional referral code.

In the second step of the form, we are asked to indicate if our company is registered and the form displays different steps depending on the response.

If the answer is no, it allows us to connect with LegalZoom to incorporate it.

If the answer is yes, it will ask us for the name of the company and will continue to ask us for related details with a single question for each step.

Finally, the form will display different options for us to choose the service to hire.

Once we have chosen the option we prefer, the form will redirect us to a profile page where we can progressively fill in all the information about our company.

At the same time, an email with a magic link is sent to us, in order to verify that we have access to the email account with which we have registered.

What we love about Brex's signup flow

• Visual simplicity. Simple questions and all answer options at a glance at every step, with a clear layout and typography.
• Use of conditional logic. Although it is a simple use, it is quite useful since it allows you to register your company using LegalZoom from the form itself.
• Progressive profiling. Once the account is created, we have access to our company profile in which we can progressively attach the needed official documentation.
• Email verification. After form submission, an email is sent with a magic link to confirm that the user has access to the registered email account.

4. Coinbase — MFA

Coinbase is an online platform for buying, selling, transferring, and storing digital currency which seeks to create an open financial system for the world.

Their registration form stands out for being focused on user verification and multi-factor authentication, in addition to communicating relevant legal information.

As in many forms from fintech companies, the first step just asks for name, surname, email and password, plus the privacy police checkbox.

Then, the form displays two legal texts and the option to subscribe to the newsletter, each one in a separate step.

The form will only allow us to continue by verifying the email that we have used to register, just by clicking on the magic link of the email that has been sent to that same account.

Next, we must also provide a mobile phone number. A temporary code (OTP) will be sent as a second authentication factor and we must input it in the form to continue.

The 9th step of the form just asks us to indicate our citizenship. This step is followed by three steps that asked for more personal data and details on how we will use Coinbase.

Finally, we are asked for a third authentication factor, for which we can choose between three documents (Passport, Driver’s License or National ID Card) and three ways to provide them (via webcam, mobile camera or uploading a file).

Note that we will not be able to access our account until the provided ID document is verified.

What we love about Coinbase’s signup flow

• High level of security. It doesn’t create the account until the user identity is verified. The data is saved so you can attach the official ID document later.
• Multi-factor authentication. Three factors to authenticate the user before creating an account: magic link, OTP by SMS and an official ID document.
• ID verification options. It allows users to choose between three types of official ID documentation to verify their identity at the end of the process.
• Attachment options. Choose whether to attach the ID document we have chosen using the webcam, mobile camera or uploading a file.

5. Wise — Social login & Conditional logic

Wise is a company specialized in the management of electronic money that offers multi-currency accounts, cards and transfers between countries for individuals and companies.

Their signup form stands out for its brevity and low friction, allowing you to start using the service in seconds.

The first step of the form allows us to choose to register with an email or some social login options (Facebook, Gmail or Apple ID).

Then we are asked what type of account we want to create (personal or business), displaying different steps depending on the response.

We will also be asked for a mobile phone number to send an OTP as a verification factor.

Finally, if we have chosen the option to register with email instead of social login, it will ask us to set a password before giving us direct access to the application.

What we love about Coinbase’s signup flow

• Social login options. Three different social login options (Facebook, Gmail or Apple) to streamline the user registration and verification process as much as possible.
• Minimum number of steps. In addition to an email or the social login, it just asks for the country from which we operate and a phone number to send us an OTP.
• Email and phone verification. To secure the signup process, since the form is so short, it is necessary to verify both the email and a mobile phone number.
• Straight to the transfer screen. As a final touch to a quick and clean form, it redirects us directly to the screen where we can start managing operations.
  

Not sure which one would be best for your company? Build them with Arengu in no time and find which one works best for you. Signup free or schedule a demo with our team.