Nordic leader in peer-to-peer lending, Fellow Finance, selects Signicat’s MobileID mobile authentication solution
Fellow Finance, the leading peer-to-peer lending platform in the Nordics, has selected Signicat’s secure login solution for their mobile app.
Trondheim, 20 April 2021 - Fellow Finance, the leading peer-to-peer lending platform in the Nordics, has selected Signicat’s secure login solution for their mobile app. The authentication solution, MobileID, delivers unmatched security coupled with frictionless user experience in the application that will be launched to Fellow Finance’s lending customers during Q2 in 2021.
Fellow Finance, currently operating in Finland, Sweden, Denmark, Germany and Poland, recently launched a new strategy for expanding product portfolio to offer a more comprehensive service to business and consumer customers. A mobile app will allow the company to build continuous customer relationships and add more touchpoints to the customer lifecycle.
Signicat has provided identity verification to Fellow Finance for customer onboarding and secure authentication of existing customers since 2018 in Finland, Sweden and Denmark. The new mobile app will be initially launched in the Finnish market and gradually rolled out to international markets to serve Fellow Finance’s customers. One of the key advantages of Signicat’s MobileID solution is that unlike national electronic identities (eIDs), it is an internationally scalable, single solution that is built into the mobile application.
“Expanding our product range and service offering is a key objective for Fellow Finance, and therefore we are now investing in mobile as a channel. Information security is important to our customers, and we believe it should not add friction to the customer experience. Signicat’s MobileID delivers on both, and in addition we are able to leverage the same authentication solution across our international markets,” says Teemu Nyholm, CEO of Fellow Finance.
Signicat MobileID is preferred by mobile app developers
The Fellow Finance mobile app will be developed by Qvik, the Finnish consultancy specialising in designing and developing digital services for consumers.
”Signicat MobileID provides end users with a first class authentication experience. For us, app developers, the implementation work is made easy and straightforward. Comprehensive authentication solutions is packaged as neat bundle which speeds up our development work substantially,” says Lari Tuominen, CEO of Qvik.
"We are seeing increasing focus on secure login as a part of mobile app user experience, and Fellow Finance is a great example of an organization that wants to optimize this for higher customer engagement. As the interaction with the consumers takes place more and more on mobile devices, it is important to ensure the security of applications - and this can be done without adding friction to customer experience," says Asger Hattel, CEO of Signicat. "Signicat MobileID is not only the most secure in the market, but also add both user friendliness and speed to the authentication process through the superfast biometric algorithms."
Mobile becoming the holy grail for financial services
Signicat's market research on consumer attitudes about access to financial services, The Battle to On-Board, revealed an increase in mobile service usage where one in two consumers now use a mobile-first financial service and 69% consider it better than traditional services. With most consumers using a mobile service and enjoying the experience, traditional providers are more at risk than ever from consumers switching their day-to-day finances to challengers.