Redesigning the UX Experience of Onboarding: A Quick and Compliant Journey

Mystartr ECF Platform — Onboarding

In the investment platform landscape, ensuring users complete essential compliance steps is crucial for a seamless experience. This case study explores how we addressed a major user pain point: educating users about the necessity of completing their investor profiles and eKYC verification.

By introducing a guided onboarding flow with targeted prompts (We called it as Quick Onboarding), we successfully improved compliance and streamlined the investment journey.

The Problem

The original onboarding flow presented significant challenges:

1. Payment Journey Blockage: Users only realized they needed to fully set up their investor accounts after initiating an investment, causing interruptions in the payment flow.
2. Incomplete Profiles: Users were unaware that completing their investor profiles and eKYC (Know Your Customer) verification was mandatory to be done to be a complaint investor.
3. Lack of Awareness: Users were unaware that completing profiling and eKYC verification was mandatory to be a compliant investor.
4. Poor Communication: The absence of clear prompts led to confusion and incomplete account setups.

These issues created friction in the user journey, resulting in frustration and potential loss of engagement.

Objectives

1. Educate Users Early: Ensure users understand the importance of completing their profiles and eKYC verification during onboarding.
2. Reduce Payment Blockages: Prevent interruptions in the investment process by prompting profile completion beforehand.
3. Enhance Compliance Awareness: Use clear messaging to emphasize the necessity of compliance steps.

The Redesigned Onboarding Flow

To address these challenges, we implemented a series of UX improvements as part of an experiment during an event — The Sandbox 2024:

The Sandbox 2024: Evolving from the Astro Series Sesson 1 &2, The Sandbox 2024 is now an offline event showcasing rigorously vetted, high-potential investment projects. Attendees can explore diverse opportunities presented in succession, with professional advisors on-site to provide expert guidance. Discover the most suitable investments and uncover your next “golden unicorn” at this premier event.

1. Set-Up Modal Prompt: The modal prompts users to set up their investor accounts, whether they are signing up or logging in. As long as their account is not fully set up, the modal will continue to appear. If users choose to set up their accounts, they are guided through a step-by-step process to complete their investor profiles and eKYC verification.
2. Guided Profiling and Verification: Users were guided step-by-step to complete their investor profiles, ensuring they understood each requirement.
3. Quick and Clear Flow: The redesigned process prioritized speed and clarity, making it easy for users to follow through without feeling overwhelmed.

Old Onboarding Flow

New Quick Onboarding Flow

New quick onboarding flow introduced during event day

Onboarding Flow without Boundaries

To ensure users understood the importance of completing their profiles and eKYC verification during onboarding, we introduced Educational Banners. These banners aimed to provide users with more information and encourage them to engage with the process, offering suggestive views to emphasize compliance.

So What We Observe?

We observed several key outcomes from the redesigned onboarding flow:

• Audience Engagement: Users actively read through the educational banners and absorbed the provided information.
• Compliance Steps Completed: Many users followed the guided steps and completed the compliance requirements, such as investor profiling and eKYC verification, while waiting for the event to start.
• Modal Effectiveness: The set-up modal effectively captured user attention, prompting them to complete their profiles and eKYC verification early.

The Outcome

• New User Registrations: A total of 300 investors, with 69 new users signing up.
• Onboarding Engagement: 144 users accessed the quick onboarding page, resulting in a 22% conversion rate (26 registered via email, 6 via phone).
• Key Observation: Investors who begin the setup process are highly likely to complete it. (From Investor Type Selected to eKYC Initiated)

Lessons Learned

1. Early Prompts Are Key: Prompting users early with essential information prevents bottlenecks later in the journey.
2. Clarity Drives Action: Clear, concise messaging encourages users to complete necessary steps without hesitation.
3. Education Enhances Compliance: Providing context about the importance of compliance fosters user trust and engagement.

The success of the redesigned onboarding flow demonstrates the value of proactive education in guiding users toward compliance. By prioritizing clarity and user-centric design, we transformed a major pain point into a seamless experience, setting the stage for sustained engagement and growth. Moving forward, we plan to conduct a detailed analysis of user behavior to identify additional optimization opportunities and develop this feature in the production environment in the future.