Requesting user tax documentation is often a legal requirement for companies offering financial services, retail trading, or banking. This can be challenging as the legal requirements around collecting such documentation are rarely written with the end-user in mind.
At TAINA we address this challenge using intuitive design to create positive user experiences that make it possible to reduce bounce rates in onboarding flows, increase customer satisfaction scores, and receive more accurate information.
We’ve experienced really tangible benefits with this approach. In fact, we’ve seen a reduction of over 50% in time taken to complete tax documentation with our ‘No Tax Form’ customer journey. This provides an online digital workflow for requesting tax information in a way that doesn’t feel like a traditional tax form.
We set ourselves the goal of not only consolidating information but applying a consistent line of sight for our users. The idea was for a user to be able to complete a tax certification journey with as little eye movement as possible. This forced us to ensure the relevant information was always provided in the correct context, reducing fatigue and frustration with some of the more complex questions.
For example, our journey starts with a pre-qualifying questionnaire which is used to establish what tax form the user is eligible to complete. As each question is answered we dynamically add the next relevant question to the screen and scroll it into the centre of the viewport, resulting in next to no eye movement and no additional clicks.
Image showing the TAINA pre-qualifying questionnaire.
Detail of informational text displayed for an address field.
Detail of an opened “More TIN Options” accordion.
Finally, many institutions who handle tax forms will be very aware that receiving documentation is often only the beginning of the certification journey. Information frequently contains errors or is missing supporting evidence, requiring costly back-office re-solicitation of information from the account holder.
We believe that such intervention should be very rare. The same extensive validation rules engine used by TAINA’s back-office software is used in our end-user online journeys. This means that users receive real-time validation of their forms before they even reach back-office processors.
Our rules include:
· Establishing all required fields are present and that any elections made are consistent across all documentation provided
· Cross-reference checks against books and records information
· Cross-reference checks against public datasets, such as the lists of securities on public exchanges or the IRS’ GIIN list
· Country specific format checks for fields like foreign Tax Identification Numbers (FTINs)
· Requesting supporting evidence and documentation.
At TAINA, we treat user experience innovation as one of our primary criteria of success. It has a direct impact on customer satisfaction and ultimately provides adopters of our technology with a commercial advantage in a rapidly changing world.