BNP Paribas Personal Finance’s experience with having documents signed electronically
‘Evidos helps us optimise the customer journey’
Bram Verheijen – BNP Paribas Personal Finance
Financial institutions must have a very good idea of who their clients are. ‘You must be able to establish with certainty who you’re talking to and which bank account number is used for a loan,’ says Bram Verheijen, a product and marketing manager with BNP Paribas Personal Finance Nederland. Now that it has its clients sign documents using iDIN, the provider of personal loans has an excellent view.
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BNP Paribas Personal Finance clients sign documents using iDIN
(product- and marketmanager BNP Paribas Personal Finance Nederland)
BNP Paribas Personal Finance has been active in the Dutch market with a new product since late 2017. Through its financial advisers, the company sells thoroughly modern loans: the Persoonlijkste Lening or ‘most personal loan’. For instance, clients are allowed to increase or reduce the amount of their monthly repayment, or change the date on which the repayment amount will be debited from their account. If borrowers die before paying off their loan, their heirs will not have to if the amount does not exceed €25,000. ‘No additional insurance is required for this’, says Verheijen.
Towards an electronic signature
The way in which the credit provider’s clients sign their loan agreements is thoroughly modern, as well. BNP Paribas Personal Finance no longer requires its clients to sign documents in hard copy, but rather has its clients electronically sign their agreements through Evidos’ Ondertekenen.nl. Verheijen believes this method spares everyone a lot of frustration. ‘We are required to compare such hard-copy signatures with the signatures provided in passports, which isn’t easy, because you’ll always find a few differences’, the product and marketing manager explains. If the differences are too significant for comfort, the financial adviser must ask the client to provide a new signature. ‘Electronic signatures are easier and more efficient, for the credit provider, the adviser and the client alike.
“Since we’re completely certain who we’re dealing with, we can prevent fraud.”
Signing documents through iDIN
The credit provider’s clients are asked to sign two different documents on the Ondertekenen.nl website. The first document is the loan agreement. The adviser will send this to the client by email. The email will contain a link to the Evidos document-signing service. There, clients sign documents with iDIN, by logging in with their bank account number, debit card and debit card reader.
This method was developed by Dutch banks. Since a bank’s clients must provide ID when they first open a bank account, banks can provide clarity on a borrower’s identity. ‘When a client signs with iDIN, we immediately obtain all the client information we need, such as the name of the person who opened the account, their postcode and address, and their date of birth’, says Verheijen. ‘Moreover, Ondertekenen.nl sends us a receipt confirming that the client successfully completed the entire electronic signing process.’
The second document to be signed is the SEPA direct debit authorisation form authorising the bank to debit a certain amount each month. This form, too, will be sent to the client by email, with the email containing a link to Ondertekenen.nl. However, this time clients do not sign the document with iDIN, but rather by paying 1 cent from their bank account, using iDeal to make the transaction. ‘This allows us once again to verify the account number and the name of the person in whose name the account was opened’, says Verheijen.
Know your customer
Electronic signatures are also used when clients wish to change the repayment amount debited each month, or the date on which it is debited. ‘Clients regard electronic signatures as a simple and efficient method, comparable with making an online payment when buying something from an online shop’, says Verheijen. ‘To us, the switch to Evidos meant giving electronic effect to the well-known financial industry mantra of “know your customer”. Since we’re completely certain who we’re dealing with, we can prevent fraud. We work in close cooperation with Evidos to further optimise our customer journey.’
If you wish to learn more about what electronic signatures and electronic identification can do for your organisation, please get in touch. We’ll be happy to answer all your questions.