Quick and seamless onboarding is a way to gain an edge in today’s cutthroat fintech landscape. After using autofill, our partners Avanza and Qliro managed to reduce friction and boost conversion rates – in vastly different onboarding scenarios. The solution can also be applied beyond financial services, whenever filling in bank account or ID information can help customers save time.
Financial services are characterised by long onboarding flows, and it’s something that scares many users away. Our solution for simpler onboarding – autofill –takes away this headache by automatically retrieving and filling in relevant details for users.
Companies that have used this service have seen the positive results it can have — both for the customer experience and conversion rates.
One example is Avanza, Sweden’s largest stockbroker. By partnering with Tink, they made it easier for customers to get started with their service and move funds to their new Avanza account. Instead of having to spend time manually filling in applications, customers can now get set up in a matter of minutes.
The way it works is simple. The user authenticates with their bank, which lets Tink gather the details from their accounts (including a hard-to-access ISIN code). They then choose which account they want to move funds from – and confirm the transfer into the new Avanza account.
Avanza’s simplified user journey
Lastly, Avanza gives users the option to close their (now empty) old account. As a result of making it easier and quicker for new and existing customers to complete this process, Avanza’s conversion for this service went up by 150%.
Another example is Qliro, who used the autofill solution to help customers apply for online loans and set up direct debit payments.
In both cases, it takes customers just seconds to connect and authenticate with their banks – so their account data can be automatically fed into the online form.
Qliro’s easier setup process
And these are just a couple of use cases. There are many other ways this solution can be used to simplify customers’ onboarding – and not just in financial services.
Beyond financial services, our onboarding solution can be used to simplify the user journey wherever a customer might be asked to fill in their personal ID or bank account details.
It could, for instance, come in handy for any e-commerce or subscription service where a customer may need to connect to their bank account details to get started. Or it could be used to speed up the Know Your Customer (KYC) process for businesses that need to verify a user’s identity.
And with the open banking era upon us, new applications are sure to keep popping up.
If you want to simplify your own onboarding, we can help you do that with just a few lines of code.
Northmill is on a mission to build personalised banking services that improve people’s finances. By plugging Tink’s open banking technology into its app, Northmill will deliver a seamless and relevant customer experience.
When charging or paying out customers, businesses rely on them to provide their account details. But people can make mistakes – or try to commit fraud. Thankfully, account verification can save everyone a lot of grief.