Despite some recent protectionist headwinds, international trade had been chugging along and growing at a decent pace. However, this does not mean business as usual. Firstly, high-growth markets are continuously shifting, motivating companies to access emerging markets that they have not done business in before. Secondly, even in their local markets, companies face stiff competition, which drives them to build business and customer relationships in their regions (like in the EU, for example).
In Part 1 of this series, we looked at how remote electronic signing can help banks with faster onboarding, reduction in operational and legal risks and enhancing operational efficiencies in relation to corporate banking clients. The direct savings from that alone can run into the millions. If we account for the opportunity costs of not having remote electronic signing solutions, that cost can be much higher.
In our previous article on eID schemes in Nordic countries, we looked at some data showcasing the remarkable adoption and engagement rates for such schemes. A robust electronic identification and signature mechanism provides the foundation for building digital service delivery platforms.
User experience is always front and center when it comes to attracting retail consumers. But what about corporate and institutional banking? Surely large corporations with dedicated finance departments have things other than just user experience on their minds. Are remote signing solutions worth it for them?
The eIDAS regulation is a key foundational stone in creating the pan-European Digital Single Market. It provides the essential elements to build a robust and secure electronic identification system and reliable trust services. Without the tools that eIDAS enables, several EU directives and initiatives would not be able to function effectively - or at all.
In Part 1 of our article, we briefly summarised the challenges faced in the uptake of eIDAS services for SMEs. A recent study conducted for the European Commission found that awareness and lack of resources were the main barriers. Efforts to highlight the benefits of eIDAS services through real-life case studies were also found to be lacking. To address these barriers to adoption, certain recommendations were made, summarised below.
SMEs continue to be a key focus area for European agencies to fuel growth and enhance economic freedom for their citizens. Various policy tools and initiatives have been designed with an aim to level the playing field and make it easier for SMEs to compete with the big conglomerates using their limited resources. These tools may be termed as force multipliers and they are made possible through a combination of policy decisions and technological advancements.
Markets hate uncertainty, and the confusion regarding issues related to Britain’s exit from the European Union has roiled equity and currency markets. But it’s not just the financial markets that are affected- companies that rely upon EU regulations to conduct their day-to-day business are also reeling from this uncertainty.
The European Interoperability Framework (EIF) adopted in 2017 is the primary thrust in the EU’s effort to improve the efficiency of public service delivery across its member states.
