Founded in 2018, Baanx has quickly become a market leader in the cryptobank platform where users can trade cryptocurrencies, access secure lending, and use their credit cards to easily spend cryptocurrencies.
MY ROLE
Designer
Prototype
BAANX
User onboarding
PLATFORMS
Android
iOS
YEAR
2022
The design team identified 3 primary problems with the current process
01. Slow
The onboarding process was input-heavy when gathering information/data from customers and split into several steps and screens.
PROBLEMS
02. Manual
Identity verification checks were also manually completed and took between 2-7 days for accounts to be approved before users could begin trading. This resulted in higher bounce rates.
03. Dated
The team unanimously agreed the Baanx’s mobile application looked visually dated
Opportunity
How might we make Baanx's onboarding process more secure, faster, and modern, enabling users to onboard quickly and start engaging with the platform sooner?
We converted our key problems into opportunities to solve for during the redesign
Slow -> Fast
The new application should consolidate the information/data needed from users. This will improve their experience, boost efficiency, and increase conversion rates.
The goal
Manual -> Automated
The redesign should remove underperforming features such as the manual identity verification check and substitute that for an automated feature. This will streamline customer onboarding while reducing fraud and allowing users to have greater access on the platform from day 1.
Dated -> Relevant
The new website will be visually refreshed yet aligned with the brand
Design Iterations
The new design had many iterations before we had a shippable design candidate.
Meet Baanx’s New Onboarding
RESULTS
✅ BETTER AND FASTER RESULTS
The new onboarding process made it easier for customers to create an account faster and engage with the application. The goal was to onboard 10,000 users in the first 3-6 months, which was successfully achieved.
✅ MODERN
First impressions matter. People like to engage with websites or applications that are modern and sophisticated, yet functional. 38% of people will stop engaging with an application or website if the layout or content is unattractive. Users had a positive sentiment towards the redesign and here’s what they had to say:
✅ GREATER ACCESS OF APP FROM DAY 1
Identity verification on a global scale is no easy feat. Initially, It was at this step in the process that we saw high drop off rates. This is because today’s customers are more impatient than ever. A slow onboarding process can impact the user’s engagement with the application. ID checks were carried out manually and took 2-7 days to verify accounts. To combat this challenge, we partnered with Veriff, an AI powered identity verification and KYC solution that follows robust compliance and ID fraud prevention, to optimize this step of the process.
This small change allowed for faster processing time (7 seconds vs 2-7 days), eliminated human error, eliminated the expense of hiring more staff (reduced the cost of onboarding by 60%), but most importantly, it allowed Baanx to seamlessly scale globally. We were able to have custom flows for users in different countries.
So… What’s Next?
These changes improved the overall conversion rates on our application. Prior to this, we were seeing a success rate of 42%, which has now grown to 54% by implementing these changes.
There’s more work ahead to continue improving the user experience. We are still looking at the number of users who are registering and converting by transacting, and what are the areas of opportunities here.