The fastest way to onboard customers: introducing Signup+

Andre Reina, Group Product Manager
31 Jan 2023
Signup+ text with plants and foliage growing in the background

Signing up customers shouldn't be a lengthy, manual process that takes days. That’s why we built Signup+. With one quick and secure deposit from a customer’s online bank, signup takes seconds, not days.

Want to learn more?

Join me for a virtual chat on how Signup+ is changing customer onboarding on 29 March at 2:00pm GMT. Register now

Why do people abandon signup?

Signing up customers today is slow, manual and prone to fraud. Potential customers drop off at every step, leaving businesses with fewer customers and lost revenue opportunities.

According to research TrueLayer conducted with YouGov, 4 in 10 people start creating an account, but don’t complete signup

The main reasons for this are: 

  1. The signup experience takes too long

  2. They have concerns about data security 

  3. There’s too much manual information to type

  4. Identity or verification checks take too long

Customers want an easy, secure experience that doesn’t leave them waiting around for approval. In fact, the study found that most people are not willing to spend more than 10 minutes creating an account (give minutes in iGaming).

And of those that do fill out signup forms, scan ID documents and confirm email verifications, 1 in 5 never return to use an app or service because of the long wait for these documents to be checked and approved.

All of this added friction leads to high drop off for businesses and ultimately fewer people using the platform.

Meanwhile, behind the scenes, product, payments and compliance professionals face unique challenges. They must get enough customer information to set up an account securely and meets KYC and compliance requirements, all while verifying a customer is legitimate and able to use the service.

Introducing Signup+

With all of the complexities and steps involved in onboarding a new customer, how can you make the process faster, safer and more reliable?

Signup+ simplifies onboarding by combining account creation with making a payment.

Signup+ uses bank-sourced identity data through open banking to verify a customer’s name, address and date of birth to speed up KYC-compliant onboarding.

With just one quick deposit, new customers can get started gaming, add funds to their wealth management app or buy crypto right away. There are no manual forms to fill out, no document scanning and no waiting days for verification checks. 

With Signup+, onboarding is simple: 

  1. Deposit: The customer chooses to make an initial deposit. They select ‘instant signup’ and their bank.

  2. Authenticate: They’re redirected to their bank where they authenticate their identity and confirm the deposit amount.

  3. Create account: They’re redirected back to your app where their new account is automatically created using bank-sourced identity data.

  4. Get started: Deposited funds instantly appear in their account, so that customers can get started right away.

Bank authentication is built into every payment and real-time identity data checks reduce payment, identity and promo abuse fraud. TrueLayer never shares customer information or credentials, doesn’t store passwords and is 100% API-based.

What Signup+ can do for you

  • Boost new customer acquisition

    Convert more customers with a streamlined signup process that takes seconds, not days.

  • Convert signups to active customers 

    Ensure new signups convert to active customers by combining the signup process with an initial deposit.

  • Increase usage and retention 

    Increase stickiness by optimising the customer experience.

  • Reduce payment, identity and promo abuse fraud

    Say goodbye to payment, identity and bonus abuse fraud with bank authentication built into every payment and real-time identity data checks.

Who’s it for? 

Signup+ is for any business that is looking to speed up its onboarding process. It's especially relevant for regulated industries such as online trading, remittance, crypto and iGaming which have complex and lengthy onboarding processes which new customers struggle to complete.

Currently, it’s only available in the UK, but we’ll be rolling out the product to more countries throughout 2023 and 2024. 

Get started

Learn more about Signup+ or book a demo with our team

Onboarding as easy as making a payment
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