Intro to Okcoin
Okcoin is a crypto exchange for buying and selling 80+ crypto assets as a part of OkGroup, and is the American sister company to the Chinese crypto exchange OKX. As a part of global business expansion OkGroup needed to improve the Know Your Customer (KYC) process for traders, while also developing a modular code framework to account for all regulated countries.
Problem
There are multiple problems with the Know Your Customer process. KYC at Okcoin is a cumbersome, fragmented experience. The UI is inconsistent, the flows for different countries are widely variable, and asks questions that go beyond minimum compliance needs but do not serve the trader. Additionally, the code supporting the system is not smart enough to leverage given information to reduce manual effort for sign up.
Hypothesis
A modular and dynamic KYC process will increase user sign up, increase first buy metrics, and reduce overall fraud risk for OkGroup.
Context
KYC is a daunting process for average people, providing sensitive personal information to buy crypto on a platform they have no relationship with beforehand. Potential traders are unable to use the platform without basic identity verification, and are subject to an IP address check before being allowed to create an account - due to Okcoin’s compliance with Anti Money Laundering laws and OFAC sanctions. With initial security checks and identity verification screening out fraudsters - average traders feel overwhelmed before they can even begin to simply buy Bitcoin.
As the lead designer for this projected I worked with the OkGroup Chief Experience Officer (based in the Bay Area), my direct design manager/Head of Design (based in Colorado), a junior designer (based in Brazil), my Product manger (based in Singapore), and a large engineering team (based in Singapore, Hong Kong, and across the US).
This is an ongoing project with phase 1 due to be released November(ish) 2022.
Complete case study available upon interview request