Signicat will be providing digital onboarding capabilities for Mambu’s Software-as-a-Service banking platform. Mambu provides digital banking technology for European financial services providers, and is hoping that the integration of Signicat will increase its appeal as more organizations start to pursue their digital transformations.
As it stands, 63 percent of European consumers abandoned at least one financial application in the past year due to a poor digital onboarding experience. Signicat is expected to reduce that number, giving Mambu clients access to a wide range of identity verification options that will in turn streamline the digital banking experience for individual consumers. Signicat’s technology can be installed through a single API, and can be used to facilitate the creation of binding e-signatures and enable remote onboarding and online authentication.
The two companies have already delivered their joint solution to Fixura, which is a P2P lending company that operates in the Nordic region. Mambu signed with Signicat shortly after completing its own €110 million round of funding, and will be looking to capture a portion of a $100 billion banking software market. In that regard, Mambu and Signicat both noted that the demand for digital services has increased during the pandemic.
“Identity fraud continues to be a major threat to businesses across the globe and damages trust,” said Mambu EMEA Managing Director Eelco-Jan Boonstra. “COVID-19 has only accelerated this. Signicat’s digital identity platform means that you know who you are dealing with and helps to deliver trusted digital customer experiences.”
“Global lockdowns have turned a desire for digital services into an urgent need,” added Signicat CEO Asger Hattel. “Our research shows that financial service providers are struggling to keep up with consumers’ digital demands—and it is costing them customers. Partnering with Mambu means we can help more providers unlock the benefits of digital identity.”
Signicat enjoyed significant growth in 2020, and recently overhauled its executive suite with four new appointments. The company also announced the acquisition of Connectis’ digital identity portfolio in April.