Small Business Onboarding
Objective & Scope
Launch the Business Savings Account (BSA) onboarding experience as a minimum viable product (MVP) and identify differentiating features to distinguish it from the Small Business Checking onboarding experience.
Create an intuitive interface that guides users through the necessary steps to open a BSA, minimizing complexity and reducing completion time.
Ensure that all KYC identification and documentation requirements are clearly communicated and easy to upload, enhancing the overall user experience.
Identify navigational best practices for digital business account applications to optimize flow and usability.
Design the future digital onboarding journey by fusing the existing branch experience, KYC requirements, and competitor trends to deliver a seamless and innovative journey.
Discovery
Applications for both big bank competitors and smaller digital banks typically consist of four phases:
Pre-application info
Personal questions
Business questions
Review and submit
Distinguishing features among competitors include:
Digital assistance to support users throughout the process
User ID and verification capabilities for quick identity confirmation
Limited number of fields to streamline the application experience
Account activation elements to facilitate rapid onboarding
Design Recommendations
Develop an enhanced experience design that differentiates from competitor offerings by integrating best practices and innovative features.
Conduct a comprehensive assessment of competitors’ language tone and design style, then add elements of personalization to create a more engaging and tailored customer journey.
Implement auto-fill capabilities at all possible touch points for existing customers to reduce friction, while streamlining the experience for new users.
Optimize KYC requirements by doubling up verification processes and pushing certain steps to post-approval where applicable, to speed up onboarding.
Ensure the total number of entry fields does not exceed 80 to maintain a simple, quick, and user-friendly application process.
