How do you Retain the Best User Experience Under Strict Compliance?
In the financial landscape, security and compliance tend to override all other areas of development including any inkling of design inspiration for User Experience.
At nTrust, we have experimented carefully with many user onboarding approaches. Our biggest obstacle was the infamous KYC (aka. Know Your Client) process that is familiar to any financial business. The objective of any designer is to onboard users as fast as possible with the least amount of steps. Meanwhile, the objective for compliance is to collect customer’s personal documents as soon as possible. So, with these two opposing objectives battling it out, is our only recourse to settle for a compromise between the two? Do we settle for mediocrity and call it a day?
In reality, this decision isn’t black or white and requires an understanding of KYC requirements to be solved. I think breaking out the different KYC requirements in the user onboarding flow can transition a much smoother experience. It also allows customers with more time to learn about the product before being forced to provide personal documentation. With any compliance, there are definitive rules, but that doesn’t mean we can’t work within or around the rules.
KYC helps nTrust, as well as regulators, to track the source and destination of every transaction. Destination, in this case, is equivalent to money leaving the nTrust system (also known as a withdrawl).
At nTrust, we don’t believe that money needs to leave the Cloud — our vision and goal is to share that belief with our customers. Our design works to the customer’s advantage by offering 80% of our services with only a basic profile. This gives our customers the ability to quickly signup for an account, and start using our services instantly. It also gives nTrust the opportunity to create signup and referral promotions by rewarding customers with free money credited to their Cloud.
When the customer is ready to withdraw funds or request for an nTrust Cloud Money Prepaid Mastercard, they will be prompted to submit documentation upon performing the action. Most customers don’t reach this barrier until they are comfortable with our product.
User Experience is a never-ending exploration when working with compliance. Rules change frequently and regulations become stricter. If we see this as an opportunity rather than discouragement, we will continue to improve our customer’s satisfaction with our product over time.