Product Designer
Byte Exchange - KYC & Onboarding
Industry
Fintech
Year
2023
Contribution
Led the project
Last year, 2023, I worked at Hamilton Capital Holding as a full time Product Designer. I owned the entire onboarding/sign-up process for both the website and mobile app, aiming to improve the onboarding journey while complying to KYC guidelines. I worked closely with the business analyst, product owner and developers to pinpoint any issues and improve the process from start to finish.
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A small company overview, Byte Exchange is a cryptocurrency exchange platform that enables users to trade a variety of digital assets. It is a relatively new exchange established in 2021 and aims to provide users with a simple and user-friendly trading experience. Byte Exchange offers users a range of trading features, including buying and selling cryptocurrencies, spot trading, and advanced trading.
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Proper onboarding procedures, including KYC verification, help exchanges demonstrate their commitment to protecting customers' assets and maintaining a secure platform. However, our previous onboarding process had a high number of customer drop-offs despite being fully compliant with regulatory guidelines. This resulted in fewer users registering on the platform.
Challenges
The platform was experiencing a decrease in user registration process. Hence significant number of users, who started the registration process were not able to complete it successfully. This resulted in significant drop off rate.
Another issue was to increase user engagement by adhering to KYC and AML guidelines.
some of the issues:
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Lack of Visual Feedback: Users faced confusion and difficulty understanding the progress of the verification process .
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Repetition of Personalised Questions: Overly repetitive and intrusive questioning raised security concerns and eroded user trust, resulting in heightened cognitive load and increased drop-offs.
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Accessibility and Error Messaging: Non-compliance with WCAG guidelines and inadequate error messaging further compounded user frustration and confusion, contributing to a suboptimal user experience.
Solutions
In response to declining user registrations and challenges in successful verification, we devised tailored onboarding scenarios based on users' risk profiles.
Alongside, we implemented several key solution elements to address the root issues and enhance the overall onboarding experience.
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Simplified Onboarding Flows: The revised onboarding flow prioritised user experience by deferring personal questions upfront, focusing instead on country selection to assess risk levels.
Separate Flows: Tailored flows for each risk category ensured a personalised onboarding experience.
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Onboarding Roadmap: Pre-defined steps and document instructions expedited the onboarding process, enhancing user readiness.
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Responsive Design: Anticipating future needs, we integrated responsive design principles to accommodate upcoming MVP applications seamlessly.
Impact
26.3%
Increase in successful registration.
65%
Decrease in average time taken by user to complete the onboarding process.
13.7%
Decrease in abandonment rate, the new flow is now more engaging and less frustrating for users.
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Easy Trade - Accessible trading webapp
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