Overview

Apifiny.com is a digital asset trading platform. Users need to sign up and go through a KYC(know your customer) process to enable the trading features.

The existing onboarding workflow received lots of negative feedback. Many users dropped off in the middle the sign-up process. 

In this project, I redesigned the onboarding workflow through analyzing user feedback, conducting the competitive analysis, creating hi-fi mockups and implementing a new design system.

User Feedback

I looked at the existing onboarding workflow and analyzed the user feedback. One of the reasons the onboarding process is so complex is a KYC(Know Your Customer) verification is required by law when users sign up. Many users couldn’t finish the process because the KYC has many questions and requires some documents.

Revised Workflow V1

I didn’t expect to change the design dramatically since team didn’t have the budget at the moment. So I made some simple changes – simplified some screens and changed the step sequence.

Solution: Tiered KYC

The simplified version didn’t make a big difference on its performance. So my PM and I decided to put more effort and come up with a tiered KYC system – users don’t need to finish every question to use the product, the additional information will be required when they want to use advanced features.

Competitive Analysis

Based off of this idea, I did a comprehensive competitive analysis on the onboarding systems of the leading crypto exchanges including Coinbase, Kraken, Gemini, and Bittrex.

New Proposals

The simplified version didn’t make a big difference on its performance. So my PM and I decided to put more effort and come up with a tiered KYC system – users don’t need to finish every question to use the product, the additional information will be required when they want to use advanced features.

I proposed 2 tiered KYC workflow options.

Confirmed KYC Workflow

After going back and forth with the legal and compliance team, we ended up only having 2 tiers. However, users don’t need to go through tier 1 to preview the product features.

Implementing New Design System

While working on the onboarding redesign, I was also creating a new design system for Apifiny.com. 

I decided to implement the new design system to the onboarding screens and test its performance.

Updated Design

Conclusion

The new onboarding workflow has been live along with the new design system.

The new onboarding design brought a 28% increase on the conversion rate and helped us engage valuable business partners.

At the same time, the new design system helped Apifiny.com decrease its bounce rate by 48%.

As the next steps, I’m working reconstructing the user dashboard so it can be better integrated with the new design system and the onboarding workflow.