Myandbank
Signicat enabled us to become the first 100% digital Andorran bank
Myandbank was launched in November 2022 as Andorra's first 100% digital bank. It was born within the digital strategy of Andbank, aimed at responding to the needs of its customers in an easy, transparent and innovative way, offering a unique range of financial solutions to facilitate the day-to-day life of its users.
“Signicat has accompanied Myandbank since its launch, carrying out the identity verification and electronic signature process for its customers. "Signicat has been our first choice from the beginning because of how intuitive, fast and easy the identity verification process is. We didn't know how our customers would respond and we needed a smooth process that would transmit confidence" - Antoni Mesalles, Director IT Digital Banking and Investment Markets @ Andbank
Challenge
Until now, Andorran users had to go to the bank's branches for all transactions. However, both the global change in the financial sector and the change Andorra has been undergoing in recent years made this digital transformation necessary and enabled them to become the first 100% digital Andorran bank.
To do so, they needed a trusted partner for the identity verification process of new users during the digital omboarding of customers, as well as the signing of the contract in accordance with Andorran regulations, the territory in which Myandbank operates. At the same time, it was very important that the process was simple, intuitive and fast for the user.
–"We are very grateful that Myandbank has entrusted us with something as important as the launch of the first 100% digital bank in Andorra. Nowadays, companies in regulated sectors must take into account user experience, regulations and technology at the same time, and must rely on a partner that meets all their requirements. Signicat offers 100% compliant digital identity solutions in any country, for any sector and use case"
Solution
Signicat has more than 15 years of experience supporting its customers in regulated sectors in all their digital identity and electronic signature needs. Its VideoID solution for remote identity verification of a person is compliant with any AML regulation, as well as its signature solution.
Myandbank chose Signicat to launch the first 100% digital bank in Andorra because of their reputation in the sector and because they came recommended by other companies. Once they saw that Signicat's technology met Myandbank's needs and that its solutions could be optimally integrated into their processes, what made the difference was the treatment received and the relationship between them and the team.
"When looking for a supplier and a solution, you have to rely on two pillars: the first is that technologically this solution is what you are looking for and secondly, and more importantly, that there is closeness with the supplier. Having a supplier by your side who understands what you want to do and knows you can count on him and look for solutions is vital" - Antoni Mesalles.
One of Myandbank's main concerns was also that the customer registration process should be smooth, easy and intuitive, due to the diversity of nationalities in the country and the different situations they might encounter. Trust had to be built in a quick and easy process.
Result
In the first two days, Myandbank carried out more than 500 account openings every day, something that would have been physically impossible with an office-based approach. "Imagine opening 1000 accounts in two days, printing all the contracts and then storing them securely and unambiguously... it would have been impossible," says Antoni Mesalles.
Today, Myandbank has already surpassed the 16,000-customer mark and continues to add new features and products to its platform.