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UCF: Digital signing is an increasingly preferred service for consumer lending


UCF: Digital signing is an increasingly preferred service for consumer lending

UniCredit Consumer Financing clients are increasingly choosing digital channels in response to a wider portfolio of digital services, investments in improving IT infrastructure, robotisation and process automation. Experts also report an increase of 20% compared with the same period in 2021 in mobile banking applications for the first quarter of 2022. In line with the digitalisation strategy, in 2022 a process for granting a consumer loan will be implemented in the new, fully digital Omnichannel platform of UniCredit.  

In line with the increasing use of digital channels, the electronic signing of consumer money loan agreements continues to maintain high growth trends. In the first quarter of the year, every fourth money loan agreement was signed digitally. The majority of the clients who sign digitally apply remotely: through the mobile banking, the website or by phone via the Call Center. In percentage terms for the quarter, 65% of the clients applied remotely, with the largest share being through the mobile banking – 52%, compared with 40% by phone and 8% through the website. Also the number of digitally signed loan deals initiated in UniCredit Bulbank’s branches is increasing yet more.

Clients can apply for a loan at a bank branch and not wait for approval, but sign digitally afterwards, without unnecessary paper printing or re-visiting a bank office. According to statistics provided by UniCredit Consumer Financing, among the clients who apply at the branch but prefer the digital method of signing, the higher percentage is held by men – 53% with an average age of 39 years, and for women the age is 42. In comparison, for clients with a remote credit application and a digitally finalised deal, the ratio of men to women is as follows:  45% are women with an average age of 37 years, compared with 55% men with an average age of 34 years.

The digitisation of products and processes continues to be a top priority for UniCredit Consumer Financing. At the end of February, the company implemented a one-time qualified electronic signature (QES) in POS lending, which contributes to reaching a 30% share of digitally signed transactions only for the first 40 days of its implementation. The consumer interest in the digital service is high because although it is offered on the spot – physically, clients can sign digitally by choosing a button, without excess paper and multiple signatures by hand. In the group of clients who prefer a digital method of signing, the youngest client is 19 years old and the oldest one is 74 years old, with the share of men being just over 50% of the clients who signed documents for a POS loan with a one-time qualified electronic signature. The largest number of digitally signed deals were made in appliances stores and are for household appliances, with the average purchase value of this type of transactions being 819 BGN.

Additional media information:

Darina Radoslavova, tel +359 887 505273, Ebsjob/SbeptmbwpwbAVojDsfejuHspvq/CH

Ekaterina Ancheva, tel +359 894 518 193 , flbufsjob/bodifwbAvojdsfejuhspvq/ch