WealthTech platforms are facing significant revenue losses due to high dropout rates among investors during the client onboarding process. According to the WealthTech Onboarding Excellence Report, nearly 35% of investors do not successfully complete the Know Your Customer (KYC) verification phase.
This industry-first study analyzed onboarding challenges across 50 platforms, identifying the reasons behind investor abandonment and offering immediate solutions that could potentially double completion rates for industry leaders. Key findings indicate that lengthy form fills and inefficient document upload processes are the primary drivers of churn.
Leaders in the sector who implement data-driven nudges and seamless identity verification methods experience completion rates that are up to twice as high, according to the report conducted by HyperVerge and The Digital Fifth. The study leverages both quantitative and qualitative insights from top wealth management experts, going beyond general strategies to dissect the essential components of onboarding journeys that successfully convert leads into clients.
Kedar Kulkarni, Founder and CEO of HyperVerge, stated that by evaluating millions of onboarding journeys across renowned WealthTech firms, the company aims to help platforms pinpoint precisely where investors abandon the process, alongside developing strategies to recover lost opportunities for growth.
Sameer Singh Jaini, CEO of The Digital Fifth, noted that the firm collaborates closely with banks, non-banking financial companies (NBFCs), and fintechs to address genuine growth obstacles, with onboarding challenges consistently emerging as a prominent issue. According to Jaini, the report offers WealthTech leaders the data-driven insights necessary to transform onboarding into a significant avenue for growth.
HyperVerge is recognized as a global leader in AI-powered digital onboarding solutions, enabling banks, financial institutions, and other entities to launch comprehensive customer journeys five times more rapidly. The Digital Fifth is noted as Asia’s pioneering fintech and digital finance advisory firm, facilitating transformation within the banking, financial services, and insurance (BFSI) ecosystem.
The findings were published on September 22, 2025.
