(Guest blog written by Salim Sayed)
If you’re looking for a reason to digitalise your agreement and identity verification processes, you’re in luck! We’ve got six reasons for your consideration and while each one may not reflect everyone’s situation, you’re sure to find at least one that applies to you.
Read on to find out how e-signing and eID solutions can save you time and money, while helping you achieve your compliance goals at the same time. For each reason we have included real life examples from our customers so you can see what these reasons look like in facts and figures.
Reason 1 – Reduce admin
Manual tasks related to paper-based processes, whether that’s signing physical agreements, scanning personal identification or filling out forms, can take up a significant amount of time that could otherwise be spent on actions more likely to provide long term value for your organisation.
In the case of Volkswagen, they saw their administration cut in half by implementing Scrive eSign for both internal and customer facing documents. This includes sales and financing agreements as well as a variety of employee facing forms. A+W Software saw an even higher 60% decrease in administration time, simply by automating repetitive tasks within the agreement process which previously took up valuable time and slowed down their sales process.
Reason 2 – Go paperless for your business and for the planet
Eliminating paper from your business entirely doesn’t just cut the cost of paper and printing but it also saves trees and a significant amount of water in the process. With green initiatives becoming more and more common by the day, going paperless is a great first step towards a more sustainable business model.
Our customers, the Maltese telecommunications company GO Plc were able to cut their paper usage by 60%, totalling 40.000 pages of paper each month by digitising their contracts which were often over 40 pages long!
Reason 3 – Increase conversion rates
Conversion rates are hugely important KPIs and improving them is often an overlooked benefit of digitalisation. This can lead to digital transformation being seen more as a costly series of box ticking exercises rather than the investment in improvement it should be.
By digitalising their processes, Swedish investment bank Nordnet doubled their conversion rates and Swedish stockbroker Avanza saw a 120% increase by doing the same. On top of this, Avanza also had a 20% increase in total deposits in the first year of rolling out Scrive eSign!
Reason 4 – Faster onboarding
The faster you get someone onboarded, whether that’s a customer or an employee, the faster they can get to work and get engaged. However, rushing the process carries the risk of errors or even failing to collect the right information which can lead to compliance issues.
In order to get the best of both worlds, digitalise and automate this process with the help of our specialists for a superior customer experience that’s built for compliance and security.
Doing just that, Avanza managed to decrease their average onboarding time by 72% while quadrupling the volume of new accounts.
Reason 5 – Reduce error rates
Human mistakes account for a significant percentage of errors that not only slow down business processes but can have severe and costly consequences. On top of customer frustration, you might need to redo parts of your work or even, in matters of compliance, pay hefty fines.
When Norwegian financial group DNB digitalised their processes, their error rates went from 12% to 0%, eliminating errors overnight! A real win-win-win for DNB, the car dealerships they work with and their end customers.
Reason 6 – Compliance and security
Last but not least, compliance is a huge topic in any business, regardless of size. Between the risk of fines and reputation damage, no organisation wants to look back thinking they could have done more. This is an area where Scrive works especially closely with customers, relying on the combined expertise of our technical and legal teams who always make sure to stay on top of any changes and developments in the European regulatory landscape.
For Danish fintech company Pleo, Scrive’s eID Hub is not only a tool to achieve compliance in KYC checks but also the “last line of defence” against bots and scammers according to their Senior Engineering Manager Paulo Unia.
“If we hadn’t worked with you guys on this, we would have been stuck with a process that wouldn’t meet customer demand or expectations at all.”Alexander AndréManager Business & System Development | Sales, Volkswagen Group Sverige AB