The fintech banking industry has made commendable strides in recent years, transforming how people manage their finances through innovative solutions like e-wallets, comprehensive mobile banking apps, and agency banking models that extend services even to remote areas. E-wallets have become essential for seamless digital transactions on smartphones, while mobile apps offer real-time account views, enabling everything from balance checks to fund transfers with just a few taps. The industry has also leveraged technology to streamline international remittances, facilitating cross-border transactions with ease. However, despite these groundbreaking advancements that have transformed banking accessibility and convenience, one significant hurdle persists – the sign-up process for new users.
According to ebankIT, the digital onboarding challenge persisted in 2023, with a staggering 90% of financial institutions reporting customer abandonment during the process. This alarming rate stemmed from various factors including complexity (30% of cases), lack of access to identity documents (38%), lengthy application times (21%), and extensive information requirements (21%). As we move into 2024, addressing digital onboarding complexities remains crucial. Key focus areas include delivering a rapid sign-up experience measured in minutes rather than hours or days, implementing prompt and accurate identity verification with robust automated KYC processes, and more.
While the onboarding hurdles of 2023 loomed large, forward-thinking financial institutions are changing the narrative in 2024. These innovators recognize that a seamless, frictionless sign-up experience is paramount to acquiring and retaining customers in today’s hyper-competitive market.
Spearheading this transformation in digital banking is gomoney, whose new onboarding process directly tackles major customer pain points through a fast 90-second account setup. Users get onboard swiftly on the gomoney app by signing up with their emails and phone numbers. Verification is super seamless as users can now choose between either using their BVN or NIN details followed by a swift facial verification to complete the signup process.
In a recent discussion, Andyson Utomodu, Group Head at gomoney, expounded on the need for such user-driven development: “The new onboarding process is driven by the need to make the digital banking experience for our customers better, faster, more secure, and flexible. We wanted to tackle the major challenges customers face when opening a bank account, and we’re proud to have achieved this within 90-seconds. There’s definitely more to be done in terms of improving the overall banking experience and we’re taking it one step at a time.” He explained
Leveraging cutting-edge technology, gomoney optimizes every step for mobile convenience while condensing account creation into a handful of simple actions. This fast process never compromises security – robust protocols including biometric authentication and regulatory compliance checks ensure risk mitigation. Through its reimagined onboarding, gomoney ushers in frictionless digital banking tailored for the modern customer.
In an age where customer experience has become very paramount, gomoney’s dedication to simplifying banking positions it as a pioneer, paving the way for a better and more user-friendly digital banking future for Nigerians. Its innovative approach is proof that the digital bank is committed to delivering value to its customers and ensuring that their needs are met with convenience, efficiency, and excellence.
