In an environment where new regulations are frequently introduced, the state of identity verification is in flux. The only way to stay competitive is to learn how to balance the demands of regulatory compliance with an exciting user experience.
This changing regulatory landscape will impact how we verify identity. New regulations will affect Fintech businesses, so prepare for it now with a sound, user-friendly onboarding experience.
Is your organisation prepared for change?
For Fintech businesses like yours, the upcoming regulations and legislation outlined below will affect how you can complete identity verification requirements:
Harness this information to define all possible user journeys that could arise under the new regulatory frameworks.
According to Forrester, abandonment rates can reach at least 54% when it comes to financial matters. Millennials expect so much more from the businesses they interact with, and will seek out better experiences from your competitors if you can’t meet their needs.
Just complying with the new regulations alone isn’t enough. Your customers demand an exceptional user experience at the same time, without compromise. It’s up to you to give it to them.
Use our UX design principles to build a sign-up and verification process that works, for you and your customers
Compliance should work hand in hand with your UX strategy.
We can show you the key areas to consider when introducing new processes for meeting your compliance responsibilities, through numerous UX principles which you should adhere to.
Whether that’s where to consider international differences in identity verification, how to utilise photo-capture technology in your processes, or where to deploy on-brand micro-copy, we’ll take you through the simple measures you need to streamline your user journeys.
Take the initiative and see how you can balance regulatory compliance with a great user experience, all before your competitors do, by downloading our UX guide.
Our best practice guide provides you with further detail, outlining how to present data collection fields to your customers, which will help you collect the data necessary to successfully verify their identities. Download below.UX Guide Best Practice Guide