Signicat, the pan-European leader in Digital Identity, today released a study commissioned from Forrester Consulting on the Total Economic Impact™ (TEI) of Signicat. The study examines the significant benefits of Signicat's solutions for businesses, covering both quantifiable and qualitative advantages.
Through customer interviews and financial analysis, the Forrester study found that the composite organization of this study, a financial services organisation with a global revenue of €16 billion, experienced benefits of 303% ROI and a net present value (NPV) of €10,80M over three years as well as payback in less than 6 months and a considerable 75% reduced fraud costs resulting from a fraud rate reduction.
A Game-Changer for Regulated Industries
In the digital landscape, financial institutions face multifaceted challenges: maintaining growth while ensuring compliance, combating fraud in addition to enabling excellent customer experience. And this is at the core of what pan-European Signicat delivers: innovative digital identities solutions. Beyond aiding companies in their digital transition, Signicat fortifies them against the uncertainties of the online world by creating trust.
“We are operating in different markets and the identification space is very messy because of the different local variations. At the same time, AML regulations and consequences of noncompliance are severe. It would be hard to ensure that we have a solid setup and foundation if we tried to manage all the direct integrations in every single market by ourselves. A service provider like Signicat, who has these services available through one counter, is a huge value for us”, states an interviewed Managing Director of Payments at a Tech and Delivery Company to Forrester Consulting.
Quantifiable benefits: Key Findings
The study's quantified findings show significant economic benefits for the composite Signicat clients that amounted to an ROI of 303%:
- A 75% reduced fraud costs resulting from a fraud rate reduction.
- An increase of 19% points in client conversion rates.
- Labour cost savings from digitalization of signatures as well as avoiding more than 1.1 million printed pages in year 1.
- Less than 6 months payback.
- In addition, one Signicat client, an HR consulting firm, found improvements in operational efficiencies from automated identity verification process resulting in 40,000 hours saved in identity verification processes for consultants per year.
Fraud Prevention and Customer-Centric Focus
One of the most compelling findings is that Signicat enabled the composite organization to achieve a 75% reduced fraud cost resulting from a fraud rate reduction. In today's digital landscape, customers demand security and convenience. Signicat's approach not only safeguards against fraud or impersonation but also ensures a seamless and user-friendly experience. This customer-centric focus not only eases the onboarding and authentication for legitimate customers but also discourages fraudsters, making it harder for them to compromise systems.
“We are very proud of Signicat's success in both reducing fraud and enhancing customer satisfaction”, says Asger Hattel, CEO of Signicat. “Our European footprint allows our customers to scale in any country thanks to our technology. Our advantage lies in a comprehensive, one-stop-shop for all digital identity solutions from us as a single and compliant provider. Leading logos across Europe and beyond trust us with their digital customer onboarding journeys, and we work hard every day to make them faster, more secure, more end-user friendly, and, of course, free of fraud”, he added.
Flexibility and Global Coverage
The Total Economic Impact™ study shows that Signicat's flexibility enables companies to expand into new markets with more ease, thanks to Signicat's global coverage and expertise in identification methods.
“It’s important for us to enter new verticals and markets, and Signicat allows us to move to new markets faster as we don’t have to think of what we would need to do” indicates an interviewed Product Development Lead of a Consumer Credit company, when talking about regulatory compliance and customer identity verification challenges.
The study also unveils several qualitative benefits of implementing Signicat solutions:
-Enhanced anti-money laundering (AML) compliance across countries.
-Improved customer experience, aligning with the growing trend of customer centricity.
-Faster customer onboarding drives improved time to value.
-Access to new markets via a one-stop-shop verification platform.
-Reduced environmental impact through digitalization.