Growth & Marketing
October 25, 2020
September 28, 2021
Growth & Marketing
October 25, 2020
September 28, 2021
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.
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.
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.
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.
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.
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.
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.
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.