Case Study: Xapo Bank doubles onboarding conversions with Amplitude

Xapo Bank doubles onboarding conversions with Amplitude

Xapo Bank, a digital-first bank merging traditional finance with crypto, faced challenges in its customer onboarding process. Users were dropping off during the Know Your Customer (KYC) identity verification step, but their previous analytics system was too complex and cumbersome to identify the root causes. To gain deeper, self-service insights into user behavior, the product team turned to Amplitude Analytics.

By using Amplitude's funnels and cohorts, the team discovered regional issues with accepted identity documents, not user errors. Amplitude enabled them to run experiments, such as adding more document options and rearranging steps, which streamlined the process. This data-driven approach led to a 50% increase in applicants starting identity verification and a 2x improvement in onboarding conversion rates, significantly growing their user base.

Xapo Bank