Liminal case study

FinTech Reduces Abandonment Rates in Digital Account Opening



How do organizations create compelling and frictionless user onboarding experiences while also maintaining safety and security? How can user onboarding create a competitive advantage rooted in building trust?


A large North American-focused FinTech built a value proposition around providing banking customers the ability to open a new account in less time and a world-class user experience to send and receive payments. Based on the partnerships the FinTech had established, it was evolving as a trusted exchange for businesses and consumers to transact with increased speed and convenience. To expand its network intelligence capabilities, the FinTech was developing an identity assurance platform with user authentication, real-time sharing of identity data with relying parties, and bank-validated identity information. Liminal was engaged in identifying viable alternative document verification solutions to augment the organization’s existing identity verification (IDV) stack and improve the existing digital account opening process.

The Action

As part of the vetting process, the team used Liminal’s proprietary vendor ranking methodology to score document verification providers that met the FinTech’s core value drivers. Liminal narrowed down the field of leading solutions by incorporating testing requirements and thresholds that would improve the FinTech’s current levels of operational efficiency and customer onboarding success rates. The Liminal team rounded out the testing phase with a vendor bake-off, including in-person performance testing, to evaluate the delta in performance efficiencies.


Liminal conducted a three-phased engagement to perform due diligence and evaluate IDV solutions that could be scaled via API. As part of the assessment, our team documented the FinTech’s onboarding flow and user journeys across several key personas to understand customer pain points and process steps that produced additional customer friction. These critical gaps in user onboarding, which often lead to operational inefficiencies and increased user abandonment rates, were used as critical drivers for evaluating IDV solutions that would complement the FinTech’s existing workflow. 

The Outcome

As a result of Liminal’s vendor selection, bakeoff, and performance testing, our client selected and implemented a document verification solution that improved the customer experience at digital onboarding. The implementation’s long-term impact includes improving customer pass rates by 22-26% and reducing costs associated with manual document verification by 40-55%.     

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