"When the document is signed online, we automatically log the customer into their new account... We can see that not only do they become customers more quickly... they are more than twice as likely to transfer money to us."
Avanza Bank is an online bank based in Stockholm that makes it easy for private investors in Sweden to play an active part in their investments and savings programmes. Sweden’s largest online stock broker, Avanza has more than 600 000 customers and the largest number of deals on the Stockholm Stock Exchange.
Avanza chose Scrive as the e-sign solution that could deliver an exceptional user experience for their customers while meeting the bank’s stringent legal and security requirements.
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
Avanza found Scrive as the partner who could deliver all of 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.
Scrive eSign was without a doubt a game changer for Avanza’s customer on-boarding:
120% increase in signed document conversion rate
Drop in total average onboarding time from 12.5 to 3.5 days
Volume of accounts quadrupled since 2012 while administrative staff actually shrunk
20% increase in total deposits in the first year