How to Design Effective, Risk-Driven Onboarding Flows

A joint report from Fintrail and Jumio on how to build an effective onboarding flow with the right type and right number of onboarding controls.

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Customers expect to be able to open accounts in minutes while firms need to capture all of the information required to assess the risk of the customer.

Some checks are required by regulations, whilst others can be deployed on a risk-based approach. The key to effective onboarding is to get the balance right between hard-and-fast regulatory compliance and a seamless and intuitive user experience.

Practical insights from Fintechs across the FinTech FinCrime Exchange:

  • 67% of respondents said they risk assessed customers on a dynamic basis throughout the onboarding flow.

  • 56% of respondents said improvements were still needed in their onboarding flows to get the balance right between risk mitigation and operational effectiveness/user experience.

What you'll learn:

    • The first practical steps to start building or refining an effective onboarding journey
    • Three example onboarding flows for low, medium and high risk products
    • Operational benefits of taking a risk-based approach and the best time to run a customer risk assessment (during or after the onboarding flow)