Three critical onboarding challenges facing Fintechs in ANZ, and how leaders like Webull are solving them

In the fast-evolving FinTech landscape of Australia and New Zealand, customer onboarding is more than just a technicality – it can be a defining moment for acquiring customer trust, ensuring compliance and delivering long-term business growth.

As digital-first platforms respond to rising user expectations for speed and simplicity, they also face increasing scrutiny from regulators and growing sophistication in fraud attempts. The challenge isn’t just delivering a smooth customer onboarding process, it’s doing so while upholding high standards for security, privacy and compliance.

Customers expect swift and hassle-free digital experiences, so adapting to the rapidly evolving digital and mobile landscape is a must for FinTechs. And yet many still struggle with outdated processes, regulatory complexity and rising identity fraud threats.

From start-ups to well-established enterprises, FinTechs face three key onboarding challenges:

1. Balancing seamless user experiences with strict compliance obligations
2. Preventing fraud in a mobile-first, digital-only world
3. Scaling beyond borders without compromising on local regulatory requirements

By looking at how FinTech leaders like Webull have approached these challenges, we can better understand the practical solutions that enable safe and sustainable growth in this sector, and:

• cut onboarding time
• slash rejection rates by over half
• boost trust with privacy-first process
• scale globally, while remaining fully compliant.
  
  

1. Balancing seamless UX and strict compliance

The challenge:

Fintechs in Australia and New Zealand must meet local compliance requirements such as AUSTRAC’s AML/CTF obligations and New Zealand’s DIA regulations, while delivering an onboarding experience that keeps pace with user expectations. Friction-heavy ID checks and manual processes often lead to drop-offs, especially among mobile-first users.

Real-world example:

"We wanted to make onboarding easy - where a client can open an account in minutes," says Rob Talevski, CEO of Webull Australia. "Using GBG's identity verification platform, we now approve over 80% of client applications on the same day."

The solution:

Adopting digital identity verification (eIDV) with access to local, reliable data sources can help FinTechs accelerate onboarding while remaining compliant. There is no need to choose between security and user satisfaction.

2. Preventing fraud in a digital-only world

The challenge:

The rise of stolen identities, deepfakes, and fake documents means that fraud prevention must be proactive and dynamic. Legacy systems often struggle to detect these threats in real time, increasing both financial and reputational risk.

Real-world example:

“Before partnering with GBG, Webull’s onboarding involved high rejection rates and manual checks,” says Melissa Holder, Head of Customer Success. “Now, with biometric verification and automated checks, our rejection rate dropped from 40% to 18%.”

The solution:

Incorporating layered document verification, facial biometrics, and liveness detection into your onboarding process not only reduces fraud risk it also supports faster decisions, a smoother customer journey and boosts internal efficiency. 

3. Scaling across borders without compliance risk

The challenge:

As Fintechs expand from Australia and New Zealand into Asia or other global markets this means navigating diverse identity systems, data protection laws and regulatory frameworks, each with its own complexity. Without the right infrastructure and technology, growth can stall before it starts.

Real-world example:

Webull, which offers global investing access, leveraged our scalable infrastructure to support 24/7 onboarding. “Our clients can now start their journey anytime, without human intervention” say Holder.

The solution:

The right identity verification partner with global reach and regional expertise ensures that FinTechs can scale confidently, adapting to new markets without introducing compliance gaps or operational bottlenecks.

Modernising onboarding isn’t just about adopting new technology it’s about building trust, reducing risk and allowing for innovation. As FinTechs in Australia and New Zealand grow, those who invest early in smarter, more secure and automated onboarding will be best positioned to succeed.

To learn more about approaches tailored to Fintechs operating in Australia and New Zealand, explore our onboarding solutions or connect with our local experts.