Custom KYB Solution for an Institutional-Grade Trading Platform
We created a clear and intuitive custom KYB (Know Your Business) and Compliance flow for an institutional-grade trading platform.
Tools:
Figma, FigJam, Protopie, Xmind
About client
The client is a UK-based digital asset execution company providing OTC trade negotiation and execution service. The service allows institutional traders to execute large block cryptocurrency trades through a safe and secure platform with transparent prices.
The client offers various services, including:
institutional grade KYC/KYB;
direct access to unrivalled cryptocurrency market liquidity with complete privacy;
API integrations that allow functionality to be integrated into counterpart platforms or institutional partners;
token issuance and sale proceeds conversion.
Location:
United Kingdom
Domain:
Fintech, UI/UX Design
Challenges
A fast-growing company wants to be able to support the flow of new customers and would like to optimise the process of gathering KYB information. The primary client's pain point is the confusion during providing initial KYB information, which leads to excessive time consumption for users and compliance officers.
Main challenge:
Without significant changes in framework and form composition, review user experience for new users and save their time together with compliance officers' time. Smooth their communication with users and inside the department.
KYB, or Know Your Business
Outlines the process a financial institution must go through to verify the legitimacy of a corporate client. It includes verification of registration credentials, location, the UBOs (Ultimate Beneficial Owners) of that business, etc. KYB is significant in identifying fake business entities and shell companies. It is crucial for efficient KYC and AML compliance.
Galyna R.
UX Architect
Yuriy S.
UI Designer
Process
01 Research
We conducted interviews with stakeholders, performed user research and defined the key pain points to solve.
02 Brainstorm and define
Our team developed a new solution for optimized, simplified and smooth KYB flow.
03 UX Architecture
UX expert created the information architecture of KYB flow and set up typical page composition for screens.
04 UX Design
UX expert prepared wireframes with navigation and interaction recommendations for all KYB sections and combined them in clickable wireframes.
05 Validate
We validated the concept with key stakeholders and held user testing that showed positive results.
06 UI Design
Based on the wireframes, we prepared a consistent and clear UI design for 40+ screens.
Problems to solve
01
User's frustration during first entrances;
02
Difficulties in navigating through informational architecture and finding needed pages during first visits;
03
User needs to enter up to 10 types of information on different pages;
04
Missed guidance on the first page and exploring the application before providing information;
05
Communication takes too many resources and repeats from user to user;
06
Mistakes in entering data, missing essential parts of information that is needed to be provided (the process can take up to 3-6 iterations before a user will enter all data correctly);
07
Too many requests to compliance officers with not full or not correct information, lots of questions;
08
Often a few iterations of communication end up with manual uploading of appropriate documents to the system by the compliance officer (after the user sends them to the compliance officer via email).
Our Solutions
After identifying the main pain points, we prepared a vision for optimized flow and interactions. Our main goal was to simplify the flows for both: user and compliance officer.
Corporate structure editor
Split process to small step-by-step questions
Directors
Are you director of the ABC organisation?
Yes, I'm the director
No, I'm not a director
Multiselected of responsible person(s)
Signatory
Please select all directors that will sign agreements: and check their emails, they will be used to
Attaged files management
Documents
Upload all required documents for ABC LTD. It can be photos or scans.
Certificate of Incorporation
Document12.pdf
Certificate_01
Corporate Structure Chart
Chart Structure.jpeg 12
Articles Of Association
Doc.pdf
Doc25.pdf
Certificate of Good Standing
Certificate-11.21.20...pdf
Confirmation Statement
Certificate_01.png
Certificate_02.png
Certificate_01.png
Proof of Address
Proof of Bank Details
Shareholders Register
Other (optional)
Automatic process of adding a user
03 User Guidance
Guide user through all the process to minimize mistakes
Decrease load to compliance officers by automating the process and guiding users;
04 Clear Feedback
All compliance officer’s corrections are accompanied by a link to the exact place where these changes should be made.
After submitting the information, return feedback in clear form and with linking to appropriate pages.
Compliance checks
Consistent design
05 Consistent UI Design
Key design requirement: consistency
Styles for graphic design were inherited from live product, as well as a few updates to overall styles were suggested to improve user experience on every page.
Despite inherited forms and styles, tens of interfaces required graphic design composition and solutions. As a result, 40+ screens were prepared.
Compliance Flow Review
Compliance Flow Review
In addition to the main request, during the research we discovered compliance officers' pain points and suggested solving them as well.
The thing was in compliance flow for officers is general:
In addition to all covered above, there was no place for compliance officers where to manage compliance for one organisation. All the information was located on different pages and required much time and effort to review everything. With the company's growth and the increase in customers number, this could become a major issue.
Key issues:
No organised workplace for compliance process
No centralised information about what is needed to be reviewed, what is in progress by other officers and what is already reviewed
Not obvious way to communicate with other officers in the process of compliance review
No clear flow and policy for compliance review
What we did:
Prepared the general flow as well as the detailed flow of work on subpages
Prepared all logic related to statuses (decided to distinguish the concept of verification status and compliance status)
Worked out cases of usage
Designed high fidelity wireframes and gathered feedback regarding it
Designed detailed interface for the history of changes section
Outcomes
After conducting a comprehensive discovery, we developed a new solution for optimised, simplified and smooth KYB flow, which:
Is clear and intuitive;
Doesn't cause any difficulties or frustration;
Saves time for both users and compliance officers;
Helps to concentrate the user's attention and significantly eliminate mistakes;
Builds user loyalty and trust in the product during first visits;
Keeps users engaged while gathering KYB information;
Facilitates the everyday work of compliance officers.
We’ve created a clear and intuitive custom KYB solution and optimised both user and compliance officer flows.
