Clearly, identity verification requirements are complex. But straightforward compliance won’t cut it alone. You need to think carefully about how you will accommodate regulatory standards in a way that is not only compliant, but retains a great UX too.
Failure to do so could result in heavy fines, or your competition gaining the upper hand. At the end of the day, if your competitor has a more enjoyable and seamless sign-up process, and a more engaging user interface, customers will flock to them instead of you.
Millennials and poor UX don’t mix
Of millennials abandoned mobile banking activities due to a long, poorly designed process.
Of customers told their friends and family about a negative experience or terminated their relationship with a financial institution5.
5 Why Millenials Refuse to Open Bank Accounts Digitially, The Financial Brand
To avoid losing customers, you must identify all your potential user journeys and assess how regulations will impact them. Will the new minimum KYC requirements change how your customers engage with your service? You can only design great experiences for your customers once you understand how much user journeys might change.
We’re going to look at the onboarding and registration process to demonstrate how it can affect the user experience. Use our principles to build user-friendly identity verification processes.
