Forrester Total Economic Impact™: Discover the ROI of Signicat
Digital Identity is becoming increasingly relevant across both regulated and non-regulated sectors, encompassing both public and private domains.
Today, a growing number of organisations and companies are embracing digital processes, convinced of the competitive advantages of performing a process digitally rather than in person, such as verifying a person's identity or signing a contract. However, in this process, they require substantial data to make informed decisions.
In the realm of Digital Identity, these organizations must prioritize delivering a secure, smooth, and scalable user experience to mitigate fraud, improve customer experience, and ensure compliance with local regulations.
Signicat's digital identity platform streamlines and replaces labor-intensive, time-consuming manual processes with a single platform to verify and authenticate both individuals and businesses. It offers a comprehensive one-stop-shop that includes identity proofing, authentication, fraud prevention, and electronic signing within a single platform that also offers optimised orchestration of these workflows. This enables organisations to reduce fraud, optimise the customer onboarding experience, and bolster their compliance capabilities through a single, efficient provider.
To quantify the business upside and cost savings enabled by Signicat’s solutions, Signicat commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study. The study examines the potential return on investment (ROI) enterprises may realise by implementing Signicat’s solutions. The primary objective of this study is to help companies evaluate the potential financial impact of Signicat on their organisations and make informed technology investment decisions.
Study methodology
The Forrester Total Economic Impact™ (TEI) study is a 20-year proven methodology used by Forrester to assess the financial impact of technology investment on organisations. It evaluates four key components: cost, benefits, flexibility, and risk, providing a standardised framework for quantifying return on investment (ROI) and serving as a valuable tool for organisations to make well-informed technology decisions.
For this study, Forrester conducted confidential interviews with five prominent customers of Signicat: a Global Card and Payment Provider, a leading Nordic Card and Payment company, a Global Digital Marketplace, an HR Consulting Firm, and a European Buy-Now-Pay-Later company. These interviews served as a basis for the creation of a “Composite” organization; a representative company that is a customer of Signicat that experiences the benefits of working with Signicat and the resulting ROI. The purpose of this approach is to facilitate performance benchmarks for other companies against this “Composite” organisation.
This "Composite" organisation in this study is a financial services company with a global revenue of €16 billion that deploys Signicat in 4 different markets and caters to both consumer and corporate clients.
–“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.”
Investing in Signicat provides 303% ROI: the data is here
The study results reveal highly compelling quantitative benefits regarding the impact of a company engaging Signicat's services. Some of the most noteworthy findings include:
- 303% ROI: Investing in Signicat yields a remarkable 303% return on investment (ROI). The data from the Total Economic Impact™ of Signicat study underscores the substantial financial gains realized by the composite organization utilizing Signicat's innovative solutions, showcasing the significant value and effectiveness of our offerings in driving business growth and success.
- +19% increase in conversion rates: Signicat's expertise and technology enable the implementation of faster, more efficient customer onboarding without compromising security or compliance, resulting in improved customer experiences and a notable 19% increase in conversion rates.
- 75% reduction in fraud rate: Leveraging various identification methods, such as electronic IDs and video identification, coupled with robust fraud monitoring capabilities, Signicat effectively reduces instances of fraudulent customers being onboarded into organizations. It also prevents fraudsters from masquerading as legitimate customers to gain access to existing customer accounts or portals.
- Operational efficiencies: Manual verifications during onboarding are time-intensive and require meticulous handling to comply with AML and KYC regulations. Automating this process through Signicat's digital identity platform not only saves valuable time for Compliance teams but also enables them to focus on more value-adding tasks.
In addition, there exist several unquantifiable yet valuable benefits, including the enhanced user experience, accelerated time to value for the company, the assurance of leveraging an industry leading expert in local and global AML regulations, and the ease of entering new markets in days without the complexities of compliance and local regulations. This is all made possible by having a single provider for all processes in every country - the one-stop-shop solution offered by Signicat.
–“Having Signicat as a partner and using their services is critical for our business.”
How Signicat covers the full digital identity lifecycle
Signicat's Digital Identity Platform incorporates the most extensive suite of identity-proofing, authentication, and electronic signing solutions in the world, all easily accessible through a single integration point. The platform effectively manages and orchestrates the entire identity lifecycle, from recognition and onboarding, through login and consent, to making legally binding business agreements which stand the test of time.
–“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]."
Signicat’s solution and benefits at a glance:
- Identity Proofing: With access to 30+ trusted electronic IDs, video identification, ID document verification services, and 130+ risk and identity data sources, Signicat helps you automate the entire identity verification process, save costs associated with Onboarding processes and dramatically reduces the number of fraudsters an organization onboards faster. Signicat’s unique one-stop-shop offering and its undisputed leadership in the European Digital Identity market, provide our customers with numerous benefits and the possibility of highly customized solutions tailored to their specific needs.
- Authentication: Leveraging trusted electronic IDs and biometric authentication for logins not only mitigates fraud but also enhances the login experience, resulting in cost savings for customer support operations.
- Electronic Signing: The digitalisation of the signature process has yielded significant cost-saving, amounting to thousands of Euros annually for Signicat customers, all while contributing to a reduced ecological footprint.
- Trust Orchestration: Our anti-fraud solution will help you to build, implement and orchestrate any Digital Identity flow, complying with KYC/AML regulations across Europe, regardless of the needs of your business.