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The sunset of old authentication methods in the consumer loan market – smart tools are the future

Login methods that have been around for almost 15 years are being replaced by smart authentication and document signing methods.

The implementation of digital tools allows companies to automate more processes which leads to a better client experience and less customer service staff involvement. Ricardas Stasevicius, IT manager of the consumer credit company Moment Credit, comments on the changing consumer habits and explores why businesses must go hand in hand with modern technological solutions.

What changes have you noticed since the introduction of smart authentication tools?

In the summer of 2021, we have implemented personal identification tools offered by SK ID Solutions – the Smart-ID app and Mobile-ID. We have noticed that soon after the updates a significantly higher proportion of customers opted for these tools. Back in June, 73% of new Moment Credit customers used the old authentication methods. However, the figures have changed substantially over the month – the use of Smart-ID app has tripled (up to 75%) and Mobile-ID usage has doubled, followed by a significant decrease of the number of customers who stayed loyal to old login tools (only 18%). According to our clients, the new smart tools make the process of obtaining consumer credit easier: they can now get a loan faster and completely on their own.

It is obvious that while old ways of logging in such as entering a user-ID and password remain relatively secure, they are losing their popularity. Since the consumers want to get loans quickly, easily, and securely, it is not a surprise that the old and exhausting process of registration, where customers must make a 1 cent transfer to the company’s account, take a photo of themselves, and wait for a security check, is becoming less and less appealing.

It is also interesting that Smart-ID app and Mobile-ID are not only in demand among the new customers. These tools are increasingly being valued by people who have been users of Moment Credit services for many years and for whom the old solutions were already commonplace. Ultimately, the use of new authentication tools is growing by at least 1% every month. This shows that customer habits are changing, and businesses need to adapt to them.

2021 has become a year you decided to integrate advanced and more secure personal authentication tools. Why was it important for you as a consumer loan company?

Remote authentication and document signing tools have become increasingly popular in recent years. Also, let us not forget the COVID-19 pandemic which has restricted many physical business activities. Companies that wish to stay in the game must keep pace with digitisation. Therefore, guided by our primary goal to remain among the market leaders, we have decided to improve some of the important processes for most of our current and potential customers.

Although many of the technological service solutions we have previously offered were developed in 2007, due to continuous improvements these tools have performed their function well until today. Such methods include the customer registration process, logging in to the self-service, and signing contracts. In the self-service, a solvency assessment is performed, customers are presented with possible different loan conditions, loan agreements are concluded, and contract administration is performed. However, to ensure the best possible customer experience, we’ve taken steps to improve some important features. By implementing more advanced authentication tools, we have made it possible to get a consumer loan smoother, quicker and without risk of losing the highest security standards set by the company.

How would you assess the process of service provider selection and the integration of their tools?

The selection process did not take long very long since we wanted to work with market leaders. We were aware that the tools offered by SK ID Solutions are becoming very popular and many citizens use either Smart-ID or Mobile-ID (or both) for various e-services throughout Lithuania.

From the technology point of view, the integration of new tools was clear and straightforward. It took us slightly longer to transition our entire system because we decided to improve and automate other internal system solutions as part of the process. However, the whole process did not require the involvement of a large team – only the programmer and the IT manager were involved. We also had a couple of questions to consult with the SK ID Solutions team – the service provider responded promptly to all inquiries and always paid attention delving to the issues on our end.

Since digitisation is becoming increasingly relevant to many businesses, I have no doubt that smart authentication tools will become standard in other industries, not just the consumer loan market. I believe now is a great time to start this journey of digitisation.

For your business: One strong solution for all of your identity needs: universal token for authentication and signing.

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