Signicat and Rabobank win Best FinTech Partnership at the 2019 Financial Innovation Award for their joint venture, Rabo eBusiness!
In the age of password fatigue and hackers, consumers and businesses need a new way to build mutual trust and ensure that the business is legitimate, and the customer is genuine. The challenge Rabobank’s enterprise clients faced was that Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations demand banking grade identification and authentication of end users. This required additional processes that degraded the user experience. Rabobank wanted to develop a digitized service for its enterprise clients to make onboarding simpler and more convenient, and ultimately increase online conversion and ensure compliance.
Rabobank needed a partner that understood the digital identity space to help build a new platform and so approached Signicat. Signicat, the Trusted Digital Identity Company ™, through its Digital Identity Platform offers the most extensive suite of identity verification and authentication systems in the world, accessible through a single point of integration. Signicat is the first and only provider to have registered over 70 million trusted digital identities and globally handles 290 million identity validations a year.
After working closely together, Rabo eBusiness, a bank-led Digital Identity Service Provider (DISP) was launched in 2017 using Signicat’s Digital Identity Platform to enable a cross-border method for digital on-boarding, login, signature and archiving that avoids cumbersome user experience for consumers and high manual costs for enterprises.
With Rabo eBusiness, there was a 58% saving cost per identification transaction resulting in over €1.5 million in onboarding costs saved for Rabobank alone. For customers, there was a far better experience in which they were able to identify themselves digitally rather than using slow and frustrating manual methods. As a result, there was a 90% improved customer conversion rate with a 13% improvement in customer engagement.
The joint venture has won numerous prestigious awards and we are proud to have been recognised with our partner Rabobank as one of the most innovative companies in the banking and finance sector at the 2019 Financial Innovation Awards!
Read more information about the partnership with Rabobank here.
About the Financial Innovation Awards
The Financial Innovation Awards recognise some of the most innovative companies in the banking and finance sector. This year 64 companies were shortlisted for awards in 22 categories covering: products & services; customer experience and delivery channels; responsibility and inclusion; and the future of financial services. 59% of the companies shortlisted were from the UK, while 41% were international including from [the UAE, Canada, Bangladesh and Brazil].
Communications Manager at Signicat
November 22 2019