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Signicat marketing report finds 300% ROI on fraud protection in 3 years

Categories Biometrics News  |  Trade Notes
Signicat marketing report finds 300% ROI on fraud protection in 3 years
 

A detailed marketing report paid for by digital ID authentication service firm Signicat finds few factors to dissuade potential customers.

Forrester Consulting created the total-economic-impact report based on core fundamental market assumptions. It found that a composite customer would see a three-year return on investment of 303 percent and pay-back in less than six months.

Signicat, which sells ID-proofing, authentication, fraud-detection, biometric verification and signing services in regulated industries, provided to Forrester the names of five people with experience using Signicat‘s products. It is not clear where they stood in their respective companies.

The consultants created a composite customer, based on the five interviewees, in order to roughly approximate costs, savings and other factors for the purposes of the report.

The hypothetical company is a global financial services firm selling to consumers and business clients and reporting revenue of €16 billion (roughly US$17.4 billion). The company would be paying €225,000 ($245,000) for its Signicat’s subscription service.

Some of the most persuasive findings include that the financial services firm would see fraud in onboarding – a multi-vendor, largely paper-based process prior to choosing Signicat – fall 75 percent, according to Forrester.

That would equal €7.5 million ($8.2 million) over three years. More than 1.1 million printed pages of paper would be saved in the first year.

Customer conversions would increase 19 percent over three years, adding €3.2 million ($3.5 million) in net profit, according to the report.

The other side of that statistic – digital ID verification full-time equivalents – would fall by 29 FTEs during the first year, saving €2.9 million ($3.2 million) over three years.

Once on board, support costs would fall, too, but just slightly. Switching to Signicat’s digital services would mean €57,000 ($62,000) in improved efficiency over three years.

A bigger post-signing improvement would be re-assigning the staff who had been reviewing contract verification. Automating that task would result in efficiency improvements equal to €281,000 ($305,680) over three years.

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