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Entercard

Now we benefit from lower client acquisition expenses and fast automatic processing

 

Entercard is one of Scandinavia’s leading credit market companies with over 1.7 million customers in four markets. Through their two owners, Barclays Principal Investments Limited and Swedbank, they get access to global and unique expertise within lending. Their mission is to finance the big and small moments of everyday life. They help customers live their lives as they see fit, providing the means for change, come rain or shine. Entercard is present in Norway, Sweden, Denmark and Finland and has over 450 dedicated employees.

As many businesses persistently strive to minimize manual work and digitalize, the well-known Scandinavian credit market company Entercard also transitioned their ID verification, onboarding, authentication and signing processes to a digital area. The company searched for simple, high-quality, and exceptionally secure solutions to simplify their digital journey. It led them to search for a service provider to deliver effortless and easily verifiable digital identity authentication and e-signing solutions accessible through a unified API across Norway, Sweden, Finland and Denmark.

– By partnering with Signicat, our operations have shifted significantly. ID verification, smooth onboarding, strong customer authentication, and mandatory AML workflows are now customer-driven and hassle-free. Additionally, increased focus on B2B and automated processes has resulted in substantial operational cost savings.
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Challenge

In 2007, the financial company faced the drawbacks of manual identification processes. Face-to-face interactions were necessary for each identification, leading to many delays. Paper-based contracts were signed using wet signatures and sent via mail, making signatures prone to errors such as missing witnesses or a bad copy of the ID papers.

Solution

Choosing Signicat was the crucial move Entercard needed to improve their operations. Signicat offered verified digital identities with frictionless, PSD2-compliant biometric authentication and a unified e-signature solution across Norway, Sweden, Finland, and Denmark through a single API. Also, the company's expansion into a new market was effortlessly made possible by the same service provider, requiring no significant investments in new user flows or integrations.

Signicat's commitment to quality and compliance perfectly matched Entercard's priorities. The platform's high competence support ensured the implementation of a customer-friendly workflow that balanced speed and ease without compromising security. The outcome was a significant reduction in onboarding drop-off rates, and an improved user experience with MobileID where the customer has full control over the user journeys when accessing accounts and payment transactions. This while keeping the solution secure and PSD2 compliant.

Result

Signicat's services have helped Entercard's operations to shift significantly. ID verification, smooth onboarding, strong customer authentication and mandatory AML workflows are now customer-driven and hassle-free. More focusing on B2B and automated processes has resulted in substantial operational cost savings.

Entercard now benefits from lower client acquisition expenses and fast automatic processing. They can now operate at a lower cost while providing remarkable service across various channels. This boosted market cap and enabled the delivery of excellent customer experiences for financial services through white labeling. Individuals and businesses can now easily become customers through multiple brands, contributing to Entercard's remarkable expansion and market presence.