Grow your business: how Signicat customers expanded into a new market in 17 days
Growing a business is about knowing your customers.
Growing a business is hard to do, especially cross-border. Every country is different. There are cultural and compliance differences, plus language, logistics and localization challenges.
Adapting products, services and marketing strategies to local preferences and cultural norms is essential for international expansion. As is cutting through regulatory red tape, particularly around new customer acquisition and ensuring the sign-up process complies with the AML regulations in each country.
So much so, launching in a new country seems almost like starting over. Every time. This is an unscalable model, even for the biggest companies. Expanding globally becomes complex and time-consuming, not to mention manual and expensive. What’s the solution?
–“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 [to be compliant and verify customers].”
A one-stop-shop, a comprehensive portfolio of digital identity solutions, covering the entire customer lifecycle and offering borderless reach and full compliance. This isn’t wishful thinking or some sort of pipe dream when growing a business. It really does exist.
It’s being used today by more than 13,000 companies in 44 countries, large and small, including Allianz, auth0, Bank Norwegian, DNB, Nordea, Santander and Telia. It’s helping them simplify global operations, expand into new markets quickly and easily, and take the complexity out of compliance.
How to grow business faster with 35+ digital identities and biometric identity verification options
Knowing who you are dealing with is becoming increasingly critical for both regulated and unregulated businesses alike. But how do organizations achieve this without compromising the customer experience or increasing abandonment?
Businesses can capture and authenticate identities in various ways.
- Electronic ID (eID, also known as digital identities) is the most convenient solution for remote customer identification. Created by national governments or banks, eIDs allow users to log into an app or account to share verified data with third parties on request.
- Electronic identity document verification services (eIDV) based on biometrics enable users to securely perform a video identification and scan their ID document, all while a liveness detection process is performed. For countries where there is no national electronic identity scheme, user identity verification by video identification is one of the most secure methods at European level, compliant with eIDAS.
Signicat’s digital identity platform streamlines time-consuming, manual processes with a single solution to verify and authenticate individuals and businesses. It offers access to 35+ trusted electronic IDs, video identification, ID document verification services, and 130+ risk and identity data sources.
This helps automate the entire identity verification process, thereby improving access to new markets and minimizing the risk of regulatory non-compliance. Businesses no longer have to invest internal time and effort in investigating local requirements. Nor run the risk of coverage gaps or non-compliance across different markets.
–"Signicat’s value is in offering an easy digital journey for the customer, meeting AML and KYC requirements, and still at the same time reducing fraudsters."
To quantify the business upside and cost savings enabled by Signicat’s one-stop-shop for identity proofing, authentication, fraud prevention and electronic signing, Signicat commissioned Forrester Consulting to conduct a Total Economic Impactä (TEI) study. The study examines the potential return on investment (ROI) businesses may realize by implementing Signicat solutions to inform technology investment decisions.
Customers expanded Signicat into a new market in just 17 days
Forrester interviewed five representatives with experience in using Signicat. And aggregated the interviewees’ experiences, combining the results into a single composite organization. The study revealed that Signicat had a pivotal role when it comes to easier, speedier access to new markets but also improved ability to comply with local and regional AML regulations.
–“Signicat provides the convenience of a one-stop-shop, turnkey approach. 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.”
Some of the key findings include:
- 17 days to deploy Signicat in a new market. Due to robust local identification methods across multiple markets and a quicker, streamlined verification process, the composite organization needed only 17 days to implement a new market, including testing.
- A 19-percentage point increase in client conversion rates. Signicat’s regulatory expertise around identity management and onboarding requirements in multiple markets means the composite organization entered new markets quicker and more easily, leading to a 19% uplift in conversion rates, equivalent to €3.2 million net present value over 3 years.
- €423,000 increase in profit from incremental customers in three years. Effective, localized identification methods increase total addressable market for the composite organization, resulting in new customer acquisitions.
- A 75% reduced fraud costs resulting from a fraud rate reduction. A combination of the different identification methods and monitoring capabilities cut the number of fraudulent customers onboarded and fraudulent take-overs of genuine accounts, equivalent to €7.5 million in savings over 3 years.