Digital identity company helps organisations eliminate 1.1 million printed pages

Transitioning to paperless processes has resulted in a reduction of 1.1 million printed pages annually for Signicat customers, as revealed by a 2023 Forrester Consulting Total Economic Impact™ study commissioned by Signicat, a leading provider of digital identity solutions in Europe.

The environmental impact of this transition is substantial, with 1.1 million printed pages representing a significant reduction in paper consumption.

To put it into perspective, the quantity of paper, if stacked, would reach a height of 550 meters - equivalent to three times the height of the Sagrada Familia in Barcelona, nearly two Eiffel Towers, and six Big Ben towers.

Alternatively, if laid end to end, this volume of paper would stretch approximately 80 per cent of the way around the world.

Beyond the environmental benefits, the shift to paperless processes is driven by a desire for increased business efficiency, agility, and productivity.

Traditional paper-based processes are often characterized by inefficiencies, consuming time and resources.

These inefficiencies lead to friction in customer onboarding processes, resulting in abandoned applications and lost revenue.

According to Signicat's Battle to Onboard research, financial services firms alone are at risk of losing €5.7 billion in revenue annually due to abandoned digital sign-ups.

Challenges such as lengthy onboarding processes and excessive information requirements contribute to customer frustration and abandonment rates.

Additionally, the absence of digital identity solutions and reliance on physical documents further complicates the onboarding process, discouraging potential customers from switching providers.

Organizations are increasingly turning to digital identity and electronic signatures to automate and streamline processes such as onboarding, AML monitoring, and fraud detection.

Signicat's digital identity platform offers a comprehensive solution for identity verification, authentication, fraud prevention, and electronic signing.

By digitizing contracts and agreements, Signicat's platform contributes to significant cost savings by eliminating paper and printing expenses.