User onboarding is a crucial juncture of Fintech apps. It’s a set of actions that appear after a user downloads your fintech app for the first time and before they can start using the app. 

Creating a good first impression is very important because it is the factor that makes your user stick around your app and make further transactions. 

Similarly, an efficient and clear fintech onboarding process will help in transforming a mobile user from prospect user to a potential customer. This is one of the first important factor that makes a customer happy and an engaged user. 

A key aim of onboarding is to make sure users achieve what they set out to accomplish with your app — quickly and hassle-free!

Do you know what are the essential factors to create a good fintech onboarding experience? In this guide, we had highlighted the significance of onboarding customers and best practices to make them happy and hooked on the app. 

Onboarding a new user 

Being a mobile app marketer, ensuring the app functionality, optimizing the app store and marketing strategies are a vital part. However, several other things should be considered, because apart from downloading an app, providing a seamless experience will hold the user. 

As per the recent study conducted by Deloitte, 38% of customers prefer great UX  and considers it as the main criteria when selecting a digital financial service. The fintech Onboarding user experience is very critical, as it falls under banking and finance.

The first and challenging step of a mobile user marketing is getting them to download, if this has been accomplished, then an efficient functionality of the app and the clear onboarding process will do the rest. In the onboarding process, you introduce your users to the app and help them in exploring it. Hence, this first impression has to be remarkable.

How Fintech app Onboarding experience creates an impact on users?

The spending power of the people keeps on increasing, hence businesses can’t avoid the requirement of a tech-driven approach that mobile services offer. By 2025, there will be a huge influence on the mobile service offerings of the financial institution. Because a study states that around 70% of the people between 18 years to 29 years had never visited a bank and prefer to do all the transactions through mobile and net banking. 

User onboarding and Customer loyalty are critical hot spots to best utilize advanced mobile capabilities. Requirements for a lot of typing and complex sign-in processes are proven to be the huge barriers when it comes to fintech user onboarding.

However, a mobile app developer needs to remember one thing that there are two types of app users.

1. A completely new user who need more guidance as they do not have any idea about the functionality and features of the app

2. Second, an existing user but new to this version and needs more information on this specific version 

Hence the developer should design the app accordingly that helps both types of customers. 

Statistics that prove the importance of fintech user onboarding

1. Creating a first and best impression is very important for brand success as one in four users uninstall an app that failed to make the best first impression
2. 24% of the apps are never being used after installation 
3. As per a study conducted by Deloitte, 38% of the users state that consider UX as the main criteria before they choose a digital financial service. It also added that 28% prefer simple enrollment and easy login
4. According to the Mobile Payment Apps Benchmark Report, users take around 12 days to get completely engaged with the newly downloaded app and only 35% of the users are successful in it. 

Guidelines to provide a better fintech user experience 

1. Streamline your app registration process

Statistics state that over 72% of mobile app users prefer to have a minimal onboarding process. Any process that takes more than a minute tends to frustrate the users and more likely to stop using the app. It is suggested to streamline the signup process and refrain from asking unnecessary or irrelevant information. 

2. Make users feel secure

Most of the app users are concerned about disclosing their personal information, and they think multiple times before disclosing it online. Hence, it is your responsibility to make them feel secure and give them insights on why you need this information and how would you be using it. 

– Over 82% of the mobile app users prefer to know the reason for providing any sensitive information

– A report states that almost 90% of the users state that the security of their personal information has a high impact on their satisfaction

Hence, if you want to retain your mobile users, you need to gain their trust by ensuring that your customer’s data are very crucial for your app success and so the data will be highly protected. 

Let them explore the app: As soon as a customer downloads the app, instead of flooding their mobile with messages, and requests to access their SMS, location, camera, and other services, let them explore the app to better understand your app features. 

Allow them to explore the features without registration: This is one of the proven strategies for mobile app success. When you allow your users to explore the app before registration, they will get insights about your app functionality and features. 

Demonstrate your trust towards your customers: Make sure you had fulfilled all the required safety precautions, especially the ones required to make the transactions.

3. Make them understand why you need the personal data

As soon as a user downloads an app, they should inevitably share their personal and sensitive information as part of the registration process. If you can convince your customer with a valid reason for sharing the data, you will not only make your customer satisfied but also keep them consistently engaged. 

Here are some guidelines to help your customer understand the purpose

• – Explain in detail how this information will be used
• – Mention how this will benefit them in terms of better customer service
• – How their mobile app experience will greatly improve with it

4. Provide a seamless onboarding experience

A seamless app onboarding experience is vital for a successful mobile app. The features of the Fintech app or various payment methods can be listed out, but explaining the benefits of using the apps is not simple. You have to convince your users about its enriching experience 

Takeaway

From the home page of your app to the images they view on the app to the emails they receive, everything demonstrates your brand identity. These are all the important aspects of connecting your customer with your app. Hence, focusing on making the app relatable and providing a seamless experience shouldn’t be the least priority.  

Ultimately, onboarding for the Fintech app is very similar to the onboarding of other apps in various other verticals. However, being a financial transaction mobile app, a sense of security comes as a topmost priority. The way you establish your brand and security make your customer put trust in your app.