Identity Verification Conversion Rates: How to Onboard More Real Users
Blog post from Didit
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The identity verification conversion rate is crucial for fintech and marketplace platforms, as it measures the percentage of users who successfully complete the Know Your Customer (KYC) process. While average completion rates range from 60% to 85%, a significant portion of users abandon the process due to friction rather than fraud. This friction often arises from poorly designed workflows that demand unnecessary steps or run inefficiently on mobile devices, leading to economic losses greater than potential fraud costs. To improve conversion rates, platforms can implement progressive and risk-based KYC, which tailors verification intensity based on user risk profiles, allowing low-risk users to undergo less stringent checks. Sub-2-second verification processes, A/B testing of different workflow configurations, and reusable KYC are strategies that enhance user experience and reduce drop-off rates. Didit’s Workflow Orchestrator facilitates these improvements with features like branching logic, A/B testing, and zero-code configuration, enabling platforms to optimize their KYC flows while maintaining compliance with regulatory standards.
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