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KYC Onboarding

KYC Onboarding

1. Setting the Scene

Imagine a new investor logging into Mint, ready to complete their KYC process. Instead of a seamless experience, they are directed to Mint’s in-house form for 30% of the process, only to be redirected to Signzy’s external portal for the remaining 70%. Once they’re done, they discover they need to re-enter the same details to create their investment profile. Frustrating, isn’t it?

This was the reality for Mint users and brokers—a fragmented, time-consuming onboarding process that hampered user engagement and operational efficiency.

2. Identifying the Problem

  • User Challenges:
    • Investors faced duplication of effort, entering the same information twice.
    • Switching between portals was disruptive and broke user trust.
    • Many dropped out mid-process due to unclear instructions or a lack of transparency.
  • Broker Challenges:
    • Brokers had limited visibility into application progress.
    • Tracking updates required accessing multiple systems, leading to inefficiencies.

3. Our Mission

To design an integrated, seamless KYC onboarding flow that would:

  1. Combine all steps into Mint’s in-house form, eliminating dependency on external portals.
  2. Automate investment profile creation during onboarding to save time and effort.
  3. Provide a clear, guided experience for users while enhancing tracking capabilities for brokers.

4. Diving into Research

To truly understand the problem, we:

  • Interviewed Brokers: They emphasized the need for a centralized dashboard to track applications.
  • Observed User Behavior: Mapped the existing user journey and identified frustration points during transitions between Mint and Signzy.
  • Analyzed Competitors: Studied KYC flows of leading platforms to identify what worked well in the industry.
  • Regulatory Deep-Dive: Collaborated with compliance teams to ensure every step met industry standards for BSE, NSE, and MFU.

Key Insight: Users wanted a one-stop solution that would guide them step-by-step without requiring them to leave the platform or re-enter details.

5. Designing the Solution

The result was a 13-step, streamlined KYC onboarding flow, fully integrated into Mint. Here’s how it worked:

  1. OTP Authentication: Users began by entering their mobile number for verification.
  2. PAN Validation: Instant checks ensured the PAN was verified, building trust.
  3. Preparation Guidance: Users were prompted to gather documents (e.g., Aadhaar, PAN, voter ID, canceled cheque, signature) upfront.
  4. Identity Verification: Uploading PAN or using DigiLocker simplified the process.
  5. Address Verification: Users could choose from multiple options (e.g., Aadhaar, driving license, passport).
  6. Holding Pattern Selection: Introduced clear UI options for joint, single, or survivor patterns.
  7. Personal & Nominee Details: Added intuitive fields for personal data and nominee assignment.
  8. Bank Details: Guided users with examples on uploading a canceled cheque image.
  9. Signature Upload: Offered both upload and on-screen signature options.
  10. Photo Verification: Users could retake their photo for better quality.
  11. Video Verification: Enabled recording a short video with an auto-generated number displayed on the screen.
  12. Review Step: Gave users one final opportunity to verify all details.
  13. Dashboard Redirection: After submission, users were seamlessly guided to their investment dashboard.







6. Key Innovations

  • Integrated Investment Profile Creation: Automatically created investment profiles during onboarding, reducing duplicate data entry.
  • Transparency for Brokers: Developed real-time tracking for brokers, allowing them to monitor application status directly from their portal.
  • User-Friendly Interface: Designed with clear instructions, visual aids, and progress indicators to keep users informed and engaged.

7. The Impact

  • Efficiency Boost:
    • Onboarding time reduced by 50%.
    • Elimination of duplicate steps resulted in smoother user journeys.
  • Higher Completion Rates: KYC completion rates jumped by 30%, with fewer dropouts during the process.
  • Brokers Empowered: Real-time updates reduced manual follow-ups, improving broker satisfaction.
  • User Delight: Users appreciated the intuitive, guided flow and felt more confident completing their KYC on Mint’s platform.

8. Challenges & Learnings

  • Challenge: Balancing the complexity of regulatory requirements with the need for simplicity in design.
  • Solution: Broke down tasks into bite-sized, digestible steps and used progress indicators to reduce cognitive load.
  • Challenge: Ensuring high-quality document uploads.
  • Solution: Added examples and resources to improve upload quality.