Younited Credit : 100% online credit

From an economic point of view, it was tempting to compare the cost of an electronic signature against the cost of sending a letter. But this is only a partial method, which doesn’t take into account the other savings offered: such as printing or file processing, for example

Arnaud Colin
Product Manager, Younited Credit

Younited Credit : A 100% online service, thanks to Universign

Created in 2011, Younited Credit has become a French leader in the consumer credit market, with a 100% online service. Thanks to the Universign electronic signature service, their customers can now subscribe online, as part of a seamless customer experience. This new means of concluding contracts, adopted in just a few months by 90% of applicants, has allowed the fintech company to improve their file conversion rate and halve their processing times. 

Significant improvements in the digital subscription process

Younited Credit offers an innovative service for 100% online loan applications. However, when finalising subscriptions, the contracts had to be printed in order to be signed and to seal the parties’ agreement. At the end of 2015, the plan to digitalise this step was voted on, and came into effect from 2016 onwards, thanks to the Universign service. 

From then on, after having filled in all the necessary information to study their file, borrowers instantly receive a response to their credit request. After accepting, they can digitally transmit their supporting documents and electronically sign the contract. 

For Younited Credit, this 100% digitalised service is a win-win offer. On one hand, it allows for time to be saved in the management of files, as they no longer have to wait for these to be delivered, which creates a 50% reduction in processing times. On the other hand, with a seamless contracting process, their conversion rate has increased by 10%. 

From a financial point of view, the electronic signature allows Younited Credit to make substantial savings both in terms of administration and in commercial efficiency. 

Universign: a simple, ergonomic and, most importantly, legal solution !

An electronic signature is not just a simple note on a document. To demonstrate the legal value of an electronic signature, the signatory must be identified in a reliable way, and the integrity of the signed document must be guaranteed. An electronic signature is therefore not just a technical matter. This is indeed a legal operation, but one which need not detract from the user experience. 

To offer their customers an electronic signature service which reconciles legal compliance and simplicity of use, Younited Credit relies on Universign. In accordance with the eIDAS European regulation, the Universign solution fulfils all requirements regarding the identification of signatories and is based on qualified timestamping which seals the document and applies a universal date. 

Without altering the online subscription process, Universign also offers all the necessary guarantees in terms of security and risk control, for both Younited Credit and for their signatory customers. 

Hugely surpassed expectations

In particular, Younited Credit has implemented a chat service and created an FAQ to support and improve the experience of their customers, many of whom are seniors. They have also given their customers the choice to sign online or to print out documents, to be completed with a handwritten signature. With these provisions, Younited Credit only expected to reach an adoption rate for the electronic signature of around 30% to 40%. 

However, in September 2017, 65% of their customers had adopted this solution, a figure which rose to 90% last March. Today, over 550,000 documents are signed electronically every year. 

Beyond this incredibly high adoption rate, there have been other signs that the customers of Younited Credit appreciate the option to sign electronically. Many comments cite the simplicity of the subscription process and the speed of processing. 

Thanks to Universign, Younited Credit is now the only French credit institution to offer a 100% online process. 

We quickly realised the value of offering our customers the choice of the electronic signature. The results we see today, which far surpass our expectations, serve as proof of this. Furthermore, we believe that if we were to now remove the choice to sign by hand, the impact on our activity would be extremely limited. As we embark on our international development, we already know that Universign will be able to support us.” Arnaud Collin 

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