UK Banking onboarding

Initial assumption

• Link sample. Clients are not happy that the process of opening an account takes a long time
• The user is not aware of the status of the application
• Support is bombarded with letters.
• Clients want to know the status of an application and when their applications will be considered.

Research and and methods to get more data

• Compiled questions and conducted high-quality interviews with colleagues from the compliance department. It is they who process the data of future potential customers
• Link sample line The support team also conducted an interview
• The method of interviewing colleagues was chosen because of the problem in data processing. It is the colleagues who process the questionnaires.

Main finding from research data

• Compliance department lacks the primary data that we receive from the application on the site. Their pain is that then each time you need to write an e-mail message to the client asking for additional data. Clients do not respond quickly or send incorrect documents. As a result, it takes time to open an account.
• From start to account opening takes 10 days.
• The account is opened in the UK. There is a regulator in the face of the FCA. He has a big requirement for those who want to open an account.
• I saw a list of data that the regulator requires to open an account. Got a mild shock. There is a lot to ask.
• Due to the fact that the form is easy and potential clients think that it is easy to open an account in the UK. About 60% of requests to open an account do not meet the requirement. It turns out that the compliance loses 60% of the time for processing applications that do not meet the requirements and are abandoned to users

Main goal

• Improve the registration form, thereby reducing the burden on compliance
• Reduce the number of requests to the support team

Moneff is fintech company in the United Kingdom. Main products are multicurrecy bank accounts, FX and merchant. Moneff is the one-stop hub for small business owners. We enable SMEs and sole traders to move their money efficiently by offering free multi-currency business accounts (subject to eligibility), transfers with competitive FX rates, card issuing and online payment processing services.

Solution

Metrics or what changed to good way

• Compliance planned to hire another assistant to help with applications. With saved N amount money.
• The load on compliance has fallen. 10% of incoming applications do not meet the requirement.
• The load on the support team has fallen. If earlier the number of letters per week was 50 and now 10 letters per week regarding applications and registration.

Team

• Lead Product Designer: Farkhod Saydullaev
• Product Designer: Daria Zubarevich
• UX copywriter: Lala Cooper
• Graphic designer: Timur Hayrulin

Conclusion

Nothing ideal. Each product can be improved better then previos day. With our team we will improve our onborading and step by step.

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