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Moreover, the need to always use apps for everything financial transaction led to the rise of new FinTechs. Hence, users were faced with numerous options, which accounted for the massive dumping of FinTech apps at any perceived dissatisfaction. Many FinTechs suffered abandonment due to this. Furthermore, during the outbreak of the pandemic, users spent more time on their apps, but in the past 20 months, that amount has decreased. For instance, in 2020, users were willing to spend 26 minutes onboarding to a FinTech app. Presently, in 2022, that number has been cut by eight minutes to 18 minutes 53 seconds total before a client drops out of the process for good. In this article, I address how startups can reduce this abandonment.
Let Users Know That Their Data Are Highly Protected
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Studies have shown that the banking industry experienced a 1,318% year-on-year surge in cybersecurity attacks in the first half of 2021 alone. Your ability to guarantee high data protection in your startup can help increase adoption. Therefore, using international standard protection tools of AI and ML is pivotal.
Increase Information On App
Simplify UX and UI
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According to Finextra, complicated and complex applications can affect the likelihood of completing applications too. This complicated process could range from poor UX (user experience) design or overly strict AML/KYC procedures. Many users reported this as one of the reasons for leaving the onboarding process.
Build Trust From The Outset
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