CasesAvanza

Avanza

How Scrive helped Avanza achieve a 120% increase in signed documents

Area

Banking, Customer onboarding, Enterprise
Avanza case study | Scrive

Avanza achieved a 120% increase in signed documents

After signing, new customers are automatically logged into their accounts, making them twice as likely to deposit funds

Case study

Avanza

“We had a problem. When a new customer signed up on our web site, we had to send them a paper document, and they had to sign it and send it back to us.”

Mikael Lindahl
Business Developer, Avanza Bank
Challenge

Customers of an online bank would naturally expect to be able to conduct their business online, wouldn’t they?

Of course they would, and Avanza’s customers had no reason to expect otherwise—with one glaring exception.

“We had a problem,” explains Mikael Lindahl, Business Developer for Avanza Bank. “When a new customer signed up on our web site, we had to send them a paper document, and they had to sign it and send it back to us.”

In terms of customer experience, this was an unfortunate way to begin the relationship, to say the very least. Not to mention the unnecessary administrative burden it placed on Avanza.

“It could take days, or weeks, even months,” says Lindahl. “We wanted to shorten that. And we wanted to do it by signing the document online.”

But Avanza’s legal team would only accept e-signing on the condition that the solution met two crucial security requirements:

  • e-identification to authenticate the signing party
  • PKI-based data integrity technology to protect the signed document

 

 

“We had a problem. When a new customer signed up on our web site, we had to send them a paper document, and they had to sign it and send it back to us.”

Mikael Lindahl Business Developer, Avanza Bank

Avanza challenges

Customer experience
Customer experience

Customers of an online bank expect the convenience of a digital onboarding process

Lost opportunity
Lost opportunity

Weeks of delay before customers can transfer funds into their new account

Expense
Expense

Admin burden of processing signed paper forms, including data errors

Solution

Avanza saw Scrive as the partner who could deliver all this

“We never had a faster accept by Legal on a project,” according to Avanza Solution Architect Henrik Littecke. “They loved Scrive!”

By integrating the Scrive eSign service into their onboarding workflow, Avanza gave their new customers a quick and easy way to start using their new account. And in doing so, eased their own admin headaches: no paper, no waiting.

To sign the onboarding documents online, customers authenticate themselves using their Swedish BankID, a standard feature of the Scrive signing interface. And the integrity of each signed document is ensured for the lifetime of the document, which is secure and searchable in the Scrive E-archive.

Impact

120%
Increase

In signed document conversion rate when signing remotely and electronically

20%
Increase

In total deposits in the first year of rolling out Scrive eSign

72%
Decrease

In total average onboarding time while volume of accounts quadrupled

“When the document is signed online, we automatically log the customer into their new account... They are more than twice as likely to transfer money to us.”

Mikael Lindahl Business Developer, Avanza Bank
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