Last week, Evrotrust, a leading digital identity and trust services provider, organized the second event in its Evrotrust Live! series – Leaders of Digitalization. The company gathered leading figures from the public, financial, and banking sectors – many key stakeholders driving the digitalization of Bulgaria. “With these events, we want to start sharing best practices between all the experts, innovators, and leaders in our network and start positioning Bulgaria as the innovation hub we all want the country to be,” said Konstantin Bezuhanov, co-founder and CEO of Evrotrust.
The latest trends in digital identity
It’s the European Union (EU)’s objective to reach 100% online provision of key public services available for European citizens and businesses by 2030. Prof. Dr. George Dimitrov, Chairman of the board of directors at Evrotrust, used the event to introduce one of the latest EU initiatives in that direction – the EU Digital Identity Wallet (EUDI).
Its purpose is to provide a convenient and secure method for European citizens and businesses to authenticate their identity, using their digital ID for both public and private sector interactions. Users can store various digital documents within the wallet, ranging from driving licenses and education certifications all the way to signing into private platforms, such as social networks. With a single click, individuals should be able to confidently share information with verified entities, disclosing only what’s necessary while withholding additional personal data, which is currently not possible with physical ID cards. These wallets can hold many other functionalities, such as signing contracts, payments, flight boarding, SIM registrations, medical product prescriptions, and so on – working across all countries in the EU.
Actually, Evrotrust is one of the pioneers in Europe when it comes to the introduction of compliant electronic signature, e-identification, and digital identity wallet solutions. The market acceptance and future potential are also evident not only in the fact that Evrotrust raised nearly €5.8M in the past year but in the successful implementations by many leading banks, insurance providers, universities, and other organizations that aim and need to go paperless. As of today, over 1.5 million European citizens are currently using identification and e-signature products powered by Evrotrust. The company is actively expanding internationally, and as of today, its technology is available in 62 countries and 8 languages. All of its solutions meet the requirements of applicable regulations and standards, including AML/KYC and GDPR.
Building Cyber Resilience
In the second part of the event, to showcase Evrotrust’s commitment to cybersecurity and fraud prevention education, Tsanka Taneva, Customer Service Director at Evrotrust, moderated a panel discussion dedicated to “Identity Fraud – Risks and Protection,” featuring participants Vanya Manova, Country Manager Bulgaria, North Macedonia, Albania, and Kosovo at Mastercard; Irina Yaneva, Senior Manager at Ernst and Young; and Manyu Moravenov, Chief Executive Officer at the Bulgarian Stock Exchange.
The panelists discussed different cybersecurity risks, such as social engineering and what needs to be done for organizations to prepare their teams for such scenarios – both regarding the human and technological prevention mechanisms – for example, automated monitoring or biometric identification. As stated by Vanya Manova, a single organization cannot be an expert in everything, so it needs to find partners and experts to delegate to if it wants to be successful in its digital transformation journey.
Measuring the success of digital transformation
In the final part of the event, Evrotrust presented the progress it’s helping its clients achieve when it comes to digital transformation KPIs, along with the updated design of its mobile app focused on improved user experience.
“Banks that have over 15 processes digitalized with Evrotrust have, on average, 40% fewer customers who are serviced by other financial institutions,” shared Lyubomir Tankishev, Director of Business Development and Strategic Partnerships at Evrotrust.
Among the other presented success metrics, Evrotrust clients reported:
- 23% YoY growth in digital users
- 95% automation in onboarding for customers who previously underwent a manual process
- 10x reduced time for onboarding
- 19% increase in customer acquisition for organizations replacing another solution
- 655% growth in digital interactions
- Increased value of the customer lifecycle
- 90% reduction in fraud losses
- 15x reduction in service costs
- 80% reduction in customer support inquiries
- 8x cheaper electronic identification due to better processes and service stability
So, between its solid customer traction, expert team, and overall direction of EU objectives and regulations, Evrotrust is well-positioned to become one of the bigger success stories coming from the Bulgarian technology ecosystem, enabling the digitalization of both the private and public sectors across the continent and beyond.
