Frauds decreased by more than 84%, study confirms
Rome, Italy, 9th January 2017 – InfoCert, part of Tecnoinvestimenti Group and the largest Certification Authority in Europe, has commissioned Forrester Research, the market research company based in Cambridge MA, a study for the measurement of economic benefits associated with the adoption of InfoCert’s Trusted Onboarding Platform (TOP) by a major European bank.
According to Forrester, the Trusted Onboarding Platform adoption enabled the bank to increase its online customer’s conversion rate by 30% and to reduce frauds by 80%. Overall the resulting benefits yielded a 174% ROI for the bank with a payback period in terms of months.
Trusted Onboarding Platform (“TOP”) is InfoCert’s patented solution for client on-boarding and distance contracting, enabling the remote identification of customers and the signature of contracts according to the eIDAS Regulation. TOP enables the on-boarding of new customers through a 100% digital experience in less than 8 minutes.
The study was carried out by Forrester Consulting using the Total Economic Impact (“TEI”) methodology, developed to measure the value of technology investment in terms of benefits, costs, risks, and flexibility.
The analysis was based on data gathered by Forrester during interviews with the bank’s representatives. The bank has used InfoCert’s TOP for several years to offer a fully digital onboarding experience to its customers. Data were processed by Forrester using risk-adjustment criteria for alignment with potential standing of other institutions. Key findings reported in the TEI study:
- Overall benefits amounting to 14.7 million Euro
- Net present value of benefits amounting to 11.6 million Euro
- A 174% Return on Investment (ROI)
- Over 80% in frauds reduction, down from 06% to 0.01%
- A 30% increase in prospect-to-customer conversion rate
- A 0,6 months payback period
“The findings of this study, conducted by the independent operator Forrester, highlight the innovative value of our Trusted Onboarding Platform”, said Danilo Cattaneo, InfoCert CEO. “Most importantly, they exemplify our vision of digital transformation as the ability for an organization to revolutionize its business approach through cutting-edge digital services and to achieve immediate and substantial benefits, not only financially but also in terms of risk management, as the sharp reduction in frauds by more than 80% confirms”.
InfoCert is a leading company in the Italian market in the field of digitalization and dematerialization services and one of the main European Certification Authorities for Certified E-Mail and Digital Signature services and the digital storage of documents.
InfoCert is also AgID’s accredited provider of digital proofs of identity to citizens and companies within SPID (Public Digital Identity Management System).
ISO 9001, 27001 and 20000 quality certifications are proof of InfoCert’s total commitment in providing services and managing security. InfoCert’s Information Security Management System is also ISO/IEC 27001:2013 certified for EA:33-35 activities.
InfoCert provides Digital Trust services that fully comply with eIDAS requirements (EU Regulation No. 910/2014). As a Qualified Trust Service Provider of time-stamping services, the company’s service delivery process complies with ETSI EN 319 401 standards.
InfoCert – a company owned 99.9% by Tecnoinvestimenti SPA – has a 35% stake in Sixtema, the technological partner in the CNA (National Association of Craft trades and SMEs) field and a 100% stake in Eco-Mind App Factory, a company specializing in digital workplace solutions.
Tecnoinvestimenti Group reported Pro-forma sales of roughly 160 million Euro and Pro-forma Net Income of 15.7 million Euro in 2015 and is listed on the STAR segment of the Milan Stock Exchange.
The Group ranks among the leading operators in Italy in Digital trust services, Credit Information & Management, and Sales & Marketing Solutions to banks and SMIs.
It is made up of three business units. The Digital Trust business unit, through the companies InfoCert and Visura, provides products and services for documentation digitalization, electronic billing, certified mail, and digital signatures. It is a Certification Authority and one of three Identity providers recognized in Italy.
The Credit Information & Management business unit, in which the companies Ribes, Assicom and their subsidiaries operate, offers services in support of decision-making processes such as chamber of commerce and real estate information, aggregate reports, summary ratings, decision-making models, real estate reports and evaluations, with particular reference to the areas of issuing, evaluating and recovering credit.
The Sales and Marketing Solutions business unit, through the company Co.Mark, offers solutions and tools for accompanying small and medium-sized companies in undertaking international expansion.