One simple way to improve your onboarding

3 min read|Published October 31, 2019

Customers’ first steps inside your service are critical. Asking them to fill in lengthy online applications in order to get started can lead many of them to abandon your offering – and perhaps go explore a competitor’s. Tink’s autofill solves this by fetching the information straight from the customers’ bank accounts and automatically filling it in, making for a more seamless experience – and higher conversion rates.

‘How can we attract more users to our service?’

We get that question a lot. And there are thousands of different answers. But if we were to pick one thing – the lowest hanging fruit – the solution is actually quite straightforward: help your customers to sign up as quickly as possible.

By removing the hurdles that could stand in their way, you make it a lot easier for them to step into your service, and then stick around. Hurdles like time-consuming applications that require users to dig up and type in hard-to-access financial information. According to one study, more than half of people have abandoned a banking application because it simply takes too much time and effort.

Autofill is a simple way to come through all this, and reduce the hassle and stress. We can aggregate the financial data of a user, and fill in the application for them. This makes the onboarding experience much easier for users, since they don’t need to do the digging themselves.

Using this solution, we’ve seen many of our partners’ onboarding flows improve dramatically. After online broker Avanza used autofill to automate their fund transfer process – allowing new or existing users to move their funds to Avanza in minutes instead of days – conversion rates skyrocketed by 150%.

Since the data comes straight from the user’s bank accounts, it also removes the risk of human error. Instead of having to look up and then type in a long string of numbers manually, all users need to do is to authenticate to their bank through your service. Much simpler for everyone.

The autofill solution can be used in thousands of scenarios, beyond the financial industry.

Today, when companies like Netflix and Amazon are taking customer expectations to new highs – expectations that inevitably are seeping into banking services as well – a smooth onboarding experience is a major competitive advantage. By automating the cumbersome form-filling stage, you won’t be taking any chances when turning prospects into long-term customers.

The best part is, upgrading your onboarding takes just minutes.

You can find out more about autofill here. To learn more about the type of data that we can aggregate for customers – and how you can get started in just minutes, read article #2 in our simpler onboarding series.

CategoryProduct

More in Product

2024-07-17

2 min read

Banking on engagement

This Tink white paper introduces new consumer and retail banking executive research from key European markets, setting the scene for banks to take the next step with Personal Finance Management (PFM).

This image depicts a tablescape from above with a slice of cake, fork, drinking glass and mobile phone, with the phone screen displaying Tink's Variable Spend feature in action.

2024-05-30

5 min read

Meet Variable Spend: our latest feature for intelligent expense tracking

Expense tracking can be detailed as well as intuitive – say hello to Variable Spend, a new feature of Tink Data Enrichment designed to help banks offer their customers more insight.

This image depicts an abstract illustration to convey the concept of a categorisation model that extracts value from account and transactional data, with the aim of resulting in a cleaned data set.

2024-05-28

12 min read

Risk decisioning essentials: our latest categorisation model updates to help you get ahead

Confident decisions, top quality reports and going to market faster are just some of the benefits Tink’s new categorisation model has for lenders – deep dive into the world of generative AI, multilingual models, and more with this guide.