Transforming the customer onboarding journey

Today’s customers expect more than just access to mobile app—they expect a seamless, intuitive, and secure start to their financial journey. From the very first interaction, customers want an experience that feels personal, effortless, and tailored to their needs.

A modern digital onboarding process delivers just that. It not only meets expectations but also anticipates them—adapting to each customer’s behavior, preferences, and questions in real time.

For customers, this means:

1. An easy, self-guided setup with no unnecessary friction
2. A consistent experience across mobile, web, and in-branch touchpoints
3. Clear, simple steps to meet compliance requirements without confusion
4. A sense of being understood and supported from the very beginning
5. A fast, personalized welcome that builds trust and confidence

Why onboarding matters?

• Over 63% of customers abandon digital banking applications due to complicated onboarding processes.
• 90% of financial institutions report customer abandonment during onboarding, costing millions in lost business.
• 60% reduction in drop-off rates for banks with optimized digital onboarding processes.
• 50% higher customer retention with shorter, digital onboarding processes.
• 20% faster time-to-revenue for banks using digital-first onboarding.

To create a world-class onboarding experience

Learn from digital-native leaders

1. User-centric design: Simplify account opening like Chime with just three easy steps and guide users intuitively using contextual tooltips—an approach perfected by Axis Bank.
2. Automation: Accelerate KYC with AI ,OCR, and ML, as seen in Revolut and Airbnb, enabling real-time identity verification and reducing manual effort and costs by up to 90%.
3. Personalization: Deliver tailored experiences from the very first interaction—take inspiration from Netflix, which curates content based on individual preferences.
4. Multi-channel support: Provide a seamless, consistent journey across platforms, much like Spotify, where users can switch devices without disruption.
5. Gamification: Increase engagement and motivation through rewards and progress tracking—Duolingo does this effectively with gamified elements like streaks and progress bars.

Companies to ace customer onboarding experience

• 1. Revolut
• Treating speed as a core product feature

Philosophy: Banking shouldn’t feel like banking.
Learning for Bank: Speed and flexibility trump rigid processes.

• 2. Spotify
• The “WOW before paywall” strategy

Philosophy: Hook users emotionally before asking for money
Learning for Bank: Reduce upfront asks and tailor services in real time

• 3. Duolingo
• Onboarding as the first lesson

Philosophy: Learning starts at download, not after registration.
Learning for banks: Personalised gamification creates emotional connect

• 4. Axis Bank
• Contextual “Aha!” moments

Philosophy: Digital banking should teach, not frustrate.
Learning for Bank: Embed tool tips to reduce support needs

• 5. Chime (Neobank)
• The anti-bank onboarding playbook

Philosophy: Banking access is a right, not a privilege.
Learning for Bank: Align onboarding with financial benefits.

• 6. Grab
• One-time onboarding for limitless possibilities

Philosophy: One identity to rule all services.
Learning for Bank: Orchestrate customer journey to eliminate frictions

• 7. Netflix
• The “binge-onboarding” engine

Philosophy: Your first click should feel like a personalized cinema.
Learning for Bank: Show value before commitment.

• 8. Airbnb
• Dual-path trust building

Philosophy: Onboard strangers into a global community.
Learning for Bank: Use AI to streamline KYC verification simple.

6 key takeaways for banks

1. Deliver value in <90s: Let users transact before full KYC. Grant instant access to core features (e.g., Virtual card, balance check). Defer non-critical steps.
2. Embed guidance, not manuals: Inject tooltips in flow that explain jargon on-hover (e.g., “APR”), add progress trackers for multi-step tasks, auto-suggest inputs.
3. Gamify the grind: Turn setup into a game, reward profile completion with perks, celebrate milestones (confetti!), Use progress bars for verification.
4. Trade forms for trust: Show value first by enabling browsing without sign-up or offer free trials.
5. Progressive profiling: Collect data gradually—not in one overwhelming form
6. Spark motional connect: Use real stories, warm tone, and personalized touches to build human connection.

Onboarding isn’t a formality— it’s the first chapter of your product’s story.