On the occasion of Earth Day, celebrated on April 22nd, Signicat shows a significant decrease in printed pages achieved through paperless processes, as revealed in the 2023 Total Economic Impact™ study.
The transition to paperless processes has resulted in a reduction of 1.1 million printed pages per year for Signicat’s clients, as revealed in the Total Economic Impact™ study commissioned by Signicat, a leading provider of digital identity solutions in Europe, to Forrester Consulting in 2023.
The environmental impact of this transition is substantial, as 1.1 million printed pages represent a significant reduction in paper consumption. To put it into perspective, this amount of paper, stacked, would reach a height of 550 meters, equivalent to three times the height of the Sagrada Familia in Barcelona, almost two Eiffel Towers, and six Big Bens. If placed end to end, this volume of paper would circle the world approximately 80%.
Beyond the environmental benefits, the shift to paperless processes is driven by the desire to increase efficiency, agility, and productivity in businesses.
Facing the challenges of traditional processes
Traditional paper-based processes are often characterized by inefficiency, consuming time and resources. These inefficiencies create friction in customer onboarding processes, leading to application abandonment and revenue loss. According to Signicat’s “Battle to Onboard” study, only financial services companies are at risk of losing €5.7 billion in annual revenue due to customer abandonment in their onboarding processes.
Challenges such as lengthy onboarding processes and excessive information requirements contribute to customer frustration and abandonment rates. Additionally, the lack of digital identity solutions and reliance on physical documents further complicate the customer onboarding process, discouraging potential new users from switching providers.
Unlocking efficiency with digital identity solutions
Companies are increasingly turning to digital identity and electronic signatures to automate and streamline processes such as onboarding, anti-money laundering monitoring, and fraud detection.
Signicat’s digital identity platform offers a comprehensive solution for identity verification, authentication, fraud prevention, and electronic signatures. By digitizing contracts and agreements, Signicat’s platform contributes to significant cost savings by eliminating paper and printing expenses.
Signicat commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examined the potential return on investment that companies can achieve with the implementation of Signicat. The purpose of this study is to provide readers with a framework for evaluating the potential financial impact of Signicat on their organizations.
To better understand the benefits, costs, and risks associated with this investment, Forrester interviewed five representatives with experience using Signicat. For the purposes of this study, Forrester aggregated the experiences of the interviewees and combined the results into a single composite organization that is a financial services organization with a global revenue of €16 billion. It serves both consumers and businesses.