TrueLayer launched an automated onboarding product called Signup+ #

The European open banking platform TrueLayer has launched an automated onboarding product using OpenAPI.

Signup+ is focused at solving inefficient registration and account signup processes for business with required verification for onboarding new customers. The team believes that insufficient processes can affect drop-off rates, making them higher than needed.

Usually, onboarding takes a lot of time and manual effort on gathering vans verifying personal information and establishing proof of address. Sighup+ automates the process using open banking technology in conjunction with real-time identity data. It allows the product to improve onboarding, making it a “forefront of the conversation about where open banking is headed.”

Adebayo Familusi, CEO of Remitise, said that the product can improve the overall customer experience and increase customer conversion.

This proves to be crucial according to the research by TrueLayer and YouGov which states that four in 10 people start creating an account for an online service but never complete the sign-up process. About 46% of individuals drop off when asked to submit information in response to a verification request, and three-quarters of customers are only willing to spend 10 minutes on the process.

CEO and Founder of TrueLayer Francesco Simoneschi commented on the launch: “In financial services and beyond, clunky and inefficient signup processes lead to as much as 40% of potential revenues being lost.”