Partial sign up

Trying to figure out whether to go for a one or two step sign-up process for a mobile app.

1st step Thinking of letting the user to sign up with just the e-mail and password upon which an "User" is created and let inside the app, where it is possible to browse the UI, see what features exist, but not use them, due to financial regulations on KYC.

2nd step For user to start using the features, he must go through the identification flow - pictures of ID, selfie, database checks. (Start of the flow is prompted inside the app, calling to complete the sign-up)

Pending period After the 2nd step is done, there will still be a 1-day pending period where some processing is being made on the background and after that the features are unlocked and all the features are ready to use.

Why I think it might work:

• User gets the feel of the app and features showed to him inside the real environment, which would entice to go further with more complex sign-up step, like the identification.

What I'm a bit afraid of:

• Sort of forcing the user out of a flow. There might be users who are sure of the value this product aims to provide beforehand and eager to do the full sign up by ID'ing themselves.

• The pending period results the user basically being back where he was when doing the 1st step. Still can't use the features for some more time. Feels a bit like a false promise that might backfire.

Any experience if this is a good approach for better conversion? (Given the premise that what the user sees there inside the app is relevant to the problem he hopes to solve with it)