Advanzia Bank rethinks customer onboarding with pioneering Namirial digital trust services for effortless credit card application

Luxembourg, Senigallia – January 25, 2024

– The AI-powered solution focuses on simplicity without compromising compliance.

– Registration time is reduced from days to minutes, thanks to fully automated identity checks, electronic signatures and real-time scoring.

Advanzia Bank, Europe’s leading digital bank specializing in credit cards and payment solutions, has simplified its consumer onboarding process for credit cards without compromising compliance. The integration of innovative digital trust services by leading pan-European provider Namirial Group not only streamlines the experience of credit card customers, but also improves the operational efficiency of the bank itself.

Austrian consumers are the first to benefit from an innovative process that allows them to apply for a Mastercard Gold card in minutes instead of days. The new process was launched a few days ago. Initial feedback from customers has been positive, confirming once again that fast, impeccable service is essential for building trusting relationships with new customers during the onboarding phase.

Advanzia Bank meets the growing demand for speed, security and sustainability. Relying on real-time scoring and customer acceptance, Advanzia Bank has further extended this capability, mitigating risk and improving operational efficiency while offering convenience to its customers.

• The online application process, reduced from several days to 10 minutes, sets a new industry benchmark. Advanzia Bank now offers an end-to-end digital customer journey, completing the onboarding process in real time. This, in turn, translates into a faster, seamless and omnichannel experience for customers across all devices.
• The streamlined process, which doesn’t require customers to install anything on their devices, significantly reduces abandonment rates, enabling more customers to successfully complete their applications. It can also identify blocked processes and restart their execution by sending reminders or redirecting the process.
• The unified brand experience without the visibility of other service providers’ brands reinforces Advanzia Bank’s commitment to a fully digital customer experience.
• The paperless integration process contributes to Advanzia’s commitment to sustainable development, by saving the resources needed to produce paper.

Namirial facilitates a seamless process for new Advanzia customers by offering automated user identity verification for the supply of electronic certificates for the creation of qualified electronic signatures. By leveraging this technology, Advanzia is able to fulfill its Know Your Customer (KYC) obligations as required by applicable law.

Advanzia and its customers benefit from a smooth, user-friendly and cost-effective process. Using electronic signatures qualified for customer knowledge, Advanzia can also process agreements requiring written form in certain jurisdictions. In accordance with EU Regulation 910/2014 on electronic identification and trust services (eIDAS) , wet-ink signatures can be replaced by qualified electronic signatures with the same legal effects.

Since the late 90s, this type of electronic signature has had a reputation for being complicated to use and expensive, and this is still on the minds of many potential users. However, with Namirial’s solution, Advanzia makes using QES as easy as online banking: thanks to remote electronic signatures, which are enabled throughout the EU thanks to the eIDAS regulation, the vast majority of QES are created as remote electronic signatures, with certificates stored in the secure processing center of accredited trust service providers, rather than on smart cards. Advanzia also plans to use remote electronic signature for the launch of its end-to-end digital credit card application in Germany in 2024.

With Namirial, Advanzia enables its customers to provide their signature as part of a fully automated process, using qualified electronic signatures without having to register with a trusted service provider. What’s more, Advanzia benefits from a single source for its digital trust services: as the Namirial group is made up of several qualified trust service providers based in different countries, eg. Namirial in Italy and Uanataca in Spain , Advanzia can use a combination of digital trust services from the two qualified trust service providers to prove compliance with Know Your Customer processes. The fact that another independent qualified trust service provider verifies a qualified electronic signature adds an extra layer of trust to the KYC process, meeting the highest security requirements.

The banking world is faced with multiple obstacles that demand rigorous attention and strategic finesse. At the forefront of these challenges lies the complex web of regulatory compliance. The labyrinthine nature of these regulations, which often vary from jurisdiction to jurisdiction, requires considerable resources and expertise to ensure full compliance.

To date, Advanzia has integrated Namirial Digital Trust Services for user identity verification, the supply of certificates for the creation of qualified electronic signatures, signature validation and long-term archiving. Signature workflow orchestration is also provided by Namirial, seamlessly integrated into Advanzia processes without any Namirial branding.

Nishant Fafalia, CEO of Advanzia, said: ” With Namirial Digital Trust Services, we’re not only offering our customers a faster, more convenient experience, we’re also contributing to a more sustainable, paperless future. Our commitment to innovation drives us to constantly redefine our digital services, in order to improve banking services for our customers and enhance the efficiency of our organization. We appreciate Namirial’s ability to provide both automated identity verification with modern machine-learning-based AI technology, as well as trust services for Qualified Electronic Signature (QES) from a single provider in a one-stop-shop framework. »

Max Pellegrini, CEO of Namirial, declared: ” We are delighted to welcome Advanzia to our customer ecosystem, as we share the same spirit of innovation and dedication to relationships based on trust. For many years, Namirial has strived to provide the best digital trust services for regulated industries, helping its customers do business around the world. We look forward to a great and inspiring partnership that will become one of the most successful chapters in our company’s history. »