Designing the Best Onboarding Experience
Once Monzo selected Jumio, we worked together to develop detailed wireframes and fully define and rigorously test the user experience. Since the entire user experience is taking place on the user’s smartphone, the experience needed to be planned out very carefully — step by step.
Monzo knew that abandonment rates spiked during most online identity checks, so they were motivated to remove as much friction and customer confusion during this step as possible. Monzo realized that when you’re asking customers to take a picture of their driver’s license (or passport) and a selfie with their smartphones, this can be a daunting and even embarrassing process. Whenever possible, Monzo explains each step of the identity verification process to help educate their customers, lessen the perceived anxiety, and increase conversion rates.
The Results
Considerable thought and energy went into the flow and messaging of Monzo’s user experience, but what tangible benefits did Monzo realize from its efforts?
Monzo designed a world-class onboarding experience that is easy, fast, and secure. The new digital experience is in lockstep with their vision of being a new type of bank that puts the customer at the center of their value proposition. Moreover, Monzo was able to roll out the project on time and on budget and cultivate a positive working relationship with Jumio’s Product and Integration teams.
One of the key insights during the testing phase was the discovery that many new users would quit the process when it came to taking a selfie of themselves. We discovered that some users started the process while they were away from their homes and abandoned the process halfway through the online verification process. It was surmised that these new customers may have been self-conscious about taking a selfie of themselves in public.
In response, Monzo started sending out reminder emails the next day to these “abandoned shopping carts” — the customers who had started and abandoned the account setup process so they could retake the selfie within their home and complete the account setup process. This helped close the loop and generate significantly more new accounts. Monzo learned that it took a multi-touch approach to ensure the highest possible conversion rates.
Monzo has been able to measure and benchmark some key stats including the average verification time and improvements to abandonment rates. Since its initial rollout, Jumio has been able to verify 80% of all transaction within 150 seconds and 95% within 270 seconds — crucial to the delivery of a fast, easy customer experience.
Because of the careful planning, Monzo created an account onboarding experience with online identity verification that fulfilled all of its core requirements:
- Faster: Rapidly verify users within the mobile experience in minutes
- More Conversions: Reduce abandonment during online account setup
- Global Coverage: Scale solution to accommodate Monzo’s hyper growth and scale across new and emerging geographies (including Ireland and the US)
- Compliance: Meet and exceed the compliance regulations, including AML, KYC, and GDPR
- Manual Reviews: Dramatically reduce the amount of manual reviews performed by Monzo staff
Just as important, Monzo built in key performance metrics so they could monitor and react to any observed declines in conversion rates and continually look for opportunities to improve the process with better messaging, a more streamlined experience, and technology enhancements.
