Redesigning KYC onboarding to increase completion by 47 percent
Fisdom is a fintech platform serving 1M+ active users across India, managing ₹600+ crores in AUM. In 2020, we launched stock trading and needed a digital KYC process to replace the broken paper-based system used by our partner PSU banks. The problem: users had to submit multiple documents, fill lengthy forms, and often visit branches in person. Drop-off was brutal. I led the redesign to create India's fastest KYC flow while staying compliant with quarterly SEBI regulation changes.
The Challenge
Opening a DEMAT account in India requires Aadhaar verification, PAN linking, bank account validation, risk profiling, and SEBI compliance checks. Our partner banks were using paper KYC, which meant users faced long wait times, frequent errors, and zero transparency into where their application stood. Early research showed most users abandoned the process halfway through because they didn't understand what was needed or why.
Constraints: SEBI regulations changed every quarter. Any design change had to be modular enough to adapt without rebuilding the entire flow. Heavy penalties for non-compliance meant zero margin for error.
What I did
Research: Interviewed bank employees at partner PSU branches to understand how they processed KYC paperwork. Ran usability tests on the existing flow to map exact drop-off points.
Redesign strategy:
Broke the monolithic form into a step-by-step guided flow with real-time validation
Added pre-filled data wherever possible (pulled from Aadhaar, PAN databases)
Introduced penny drop verification, facial recognition, and automated PAN verification to cut manual errors
Built a progress indicator so users knew exactly where they stood
Designed modular UI components that could be swapped or reordered without breaking the flow (critical for quarterly compliance updates)
Execution: Launched V1 with manual document uploads to test in a controlled environment. Iterated based on user feedback. Rolled out automated verification in V2.
The Impact
KYC completion rate increased by 47% — highest in the Indian fintech industry at the time
Average completion time dropped from 12 minutes to 6 minutes
47% of users who abandoned mid-flow returned and completed KYC (resume functionality)
Development cycle cut by 50% — modular design meant we could ship regulatory updates in days, not weeks
The flow became Fisdom's benchmark for compliance-first UX and was referenced in product demos to banking partners
These results demonstrate the effectiveness of the UX improvements in simplifying the KYC process and enhancing user experience. The transition to a fully digital KYC process has not only increased customer satisfaction but also resulted in higher conversion rates.
In conclusion, leading my team to evolve the paper KYC to a fully digital KYC process for Fisdom has been a challenging yet rewarding journey. It has not only created India’s best KYC journey but also set a benchmark for other financial institutions. As we continue to innovate and improve, we remain committed to providing our customers with the best possible experience.
