We have designed & deployed a new client onboarding for a financial services broker - TMS. The goal was to make the process the quickest on the market!
There is nothing worse for our business than a poorly designed registration process for new clients of our platform. Every additional click can discourage a user potentially interested in our service and make him/her simply close the browser window. These are real losses, especially for companies operating in the investment market. There, the formalities for these types of procedures can be very complicated. One of such companies – TMS Brokers – was assisted by us in improving the whole process. Now it is very simple and takes only a few minutes.
CLIENT
The TMS brand has been operating in Poland for over 20 years. The company was the first currency brokerage house in our country. During these two decades, it has gained a leading position, giving clients the opportunity to invest in the currency, cryptocurrency, and commodity markets and to conclude contracts for indices and shares of the largest stock exchanges in the world. Thousands of investors have already trusted it.
In addition to trading itself, TMS clients also have the opportunity to constantly gain knowledge about investing, participating in webinars and training courses. They have access to market analyses and recommendations of experts 24 hours a day. They can also be confident about their money. The company is under the constant supervision of the Polish Financial Supervision Authority.
TMS has won the most important industry awards. These included first places in the prestigious world Rankings of Reuters and Bloomberg's Forecast Relevance. The company was also awarded the FXCUFFS award for the transparency of its offer and nominated for the prestigious Mobile Trend Awards.
CHALLENGE
The company needed to cut down the registration time of the new user in the ecosystem and streamline the whole process as much as possible. So far, it took too long to set up an account, verify all personal data and meet the necessary formalities. Some of the users, having had enough of successive forms and manual entry of data, simply gave up. The problem concerned primarily the necessary scanning and sending of identity documents.
SOLUTION
We started by redesigning the onboarding process. The key was to establish the registration stages in such a way that the user could set up a brokerage account as quickly as possible. We wanted him to have a sense of "lightness" and ease of taking necessary actions. Every next step can be skipped and returned to at any time. Thanks to our efforts, while maintaining all formal requirements, we managed to shorten the time of the registration process from hours to just a few minutes.
Easier scanning of identity documents
This has been achieved primarily through the use of a modern, automated document scanning method. Joining forces with the IT TMS department we used the IDScan service from GBG. The service checks the document for originality in relevant European databases. It has the ability, among other things, to automatically verify the place of residence of a person and determine whether a given document has not been reported as lost. This helps to avoid possible fraud and extortion.
What does the whole process look like? First of all, it is optimized for mobile users. Nevertheless, a large portion of clients still starts registering on the TMS platform on laptops or desktops. Before the document is scanned, the process can be transferred to a smartphone. The user receives a text message with a link to a dedicated page, through which he/she uploads a photo of his/her identity card or passport, and then returns to the computer screen. The documents are automatically verified. So there is no need to enter your data into the forms again later.
Integration with online payment systems and banks
The platform requires double verification. In addition to the identity document, the first deposit must be made. A bank transfer is an additional confirmation of your identity. We have also managed to make this step as simple as possible. Everything is automated and integrated with the Internet banking systems of the most popular banks in Poland.
Simplicity above all
The registration process is intuitive. The user's actions boil down to ticking a few boxes and selecting appropriate options from the available lists – for example, an appropriate tax office or bank. Thanks to such simplicity, in a few minutes you can sign a brokerage agreement and start investing.
Transparent Client Zone
The process of registering a new user has been designed to run smoothly even if you leave out one of the process steps or errors. What the user does not provide at the beginning can be completed in the Client Zone. This is important because so far many people got confused while filling in the mandatory MIFID Survey. It is a form that checks the knowledge about the financial market and the accompanying threats. Only after correct answers are given, the client receives an "open" status and can start investing online.
END RESULT
We have elevated the process of onboarding the client's services to a whole new level. Thanks to our work, the process of registering new users on the platform was shortened to a few minutes. What did our advanced onboarding path optimization give? The conversion of the whole process has visibly increased. Now the clients can easily go through all the stages and start investing faster and, as the examples in investing show, time and the ability to react quickly are often crucial. No other institution operating in this industry in Poland can boast such a solution.
Time of execution: 4 months
The Client: Brokerage House TMS Brokers S.A. - www.tms.pl
