How Sigmastocks optimised their onboarding in less than 4 weeks
Swedish startup Sigmastocks is on a mission to change the financial industry with a new savings alternative that lets people save in stocks instead of expensive mutual funds. Combining their service with Tink’s Account Check ensures customers can reliably verify their bank account details and set up a direct debit in less than a minute, making onboarding easier. Here’s how it all works.
Sigmastocks is on a mission to change the financial industry with a new savings alternative that lets people save in stocks instead of expensive mutual funds.
To simplify the customer onboarding, Sigmastocks is using Tink to streamline the account verification process.
This lets Sigmastocks reliably verify customers’ bank account details so they can set up a direct debit in less than a minute.
Sigmastocks is revolutionising the way people save money by allowing customers to save in stocks instead of expensive mutual funds. The reason is simple: most people don’t know how much they’re paying in mutual fund fees because many hidden fees can be difficult to find. Annual fees, for instance, don't include the fund’s commission and it can be difficult to calculate how a little more than one percent actually affects a return in mutual funds.
Here’s an example: Penny invested 10,000 Swedish kronor (SEK) when she was 20 years old and has been saving SEK 1,000 every month until now, when she’ll retire. If she had put her savings in shares instead of funds with high fees, her total savings would have been almost SEK 2.7 million. Since she saved in mutual funds, she’ll only get about SEK 1.7 million.
This is why Mai Thai, Nanna Stranne and Carl Lindberg founded Sigmastocks in 2014 – to change the savings narrative. Since then, the Sigmastocks tool has helped thousands of customers save smarter and at a much lower cost.
Smart, personal investment – without the hassle
Sigmastocks is one of the few companies that offer customers savings in shares instead of funds, with a proper robo advisor so customers don’t have to manage investments entirely on their own.
Through Sigmastocks, customers can personalise their investments based on many different factors such as risk level, and personal preferences. Customers can choose specific markets or sectors, or set other parameters based on their values, like excluding fossil fuels or the defence industry from their portfolio.
Sigmastocks also removes the complexity, headaches, and hidden costs of investing thanks to built-in features designed to save users time and money. Shares are purchased for all Sigmatocks customers at the same time, and their AI tools can keep fees very low and avoid extra charges. In many cases, customers spend less than if they'd bought and managed the shares themselves.
Customers start by answering questions about their savings plans, risk tolerance and values to personalise their savings profile. Next, they get a portfolio recommendation so they can make well-informed decisions. Then they’re ready to open and manage their account.
Once the account is funded, Sigmastocks starts monitoring and managing the investments so the customer doesn’t have to.
A simplified onboarding
A good onboarding journey is crucial to the customer experience. For the service to work, customers need to set up a direct debit to deposit money, and to do this, they needed to provide their bank account details in the onboarding process – which wasn’t an optimal experience.
Previously, customers needed to manually enter their bank account details – meaning, unless they’d memorised their account numbers, it required some digging. While some could find the details in their banking app, others would have to contact their bank to get the information. And if the customer hasn't given up by then, there’s still the risk of making mistakes (it’s easy to make typos when writing long strings of numbers).
So instead of focusing on providing value for the customers, Sigmastocks were fixing tedious issues like typos – and still losing customers in the onboarding process.
To improve the process, they’re using Tink’s Account Check. This lets customers skip the manual work and have their details automatically fetched – and verified – in less than a minute.
All the customer has to do is consent to sharing their data and authenticate with their bank – all without ever leaving the app or the digital environment they're in. The information is fetched straight from their bank and then the account information is automatically filled in and verified.
Sigmastocks went from initial testing to fully integrated with Account Check in just 4 weeks. The benefits were immediate.
By having customers add their bank with Account Check, Sigmastocks reduced drop-off rates in the onboarding, increased efficiency in their back-office and reduced risk and errors with reliable data straight from banks – making it easier for people to start investing their savings.
Easy and developer friendly
‘With Tink, it was very easy and smooth to get started. We understood perfectly when we read the documentation and the technical sections the first time and that was a big reason for us to choose Tink. The integration was very seamless and easy. We received great support from the Tink developers. Our CTO did most of the implementation and it was clear all the way’, said Nanna Stranne, CEO and founder of Sigmastocks
If you want to take a look at how Account Check works, try our demo. If you like what you’ve read and just want to get right ahead to business – read the docs or start building today.
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