Security, privacy, peace of mind. What do these three words have in common? Digital identity and trust services.
Probably not the first thing that popped into your head, right?However, if you are an active member of modern society, trust me, they’re important.
Why? Because between worrying about online scams, keeping track of a gazillion passwords, and hoping your personal info stays, well, personal—it’s a lot.
Thankfully for us, overworked and overwhelmed humans, there are companies who do our job for us. In Central Eastern Europe, one such unsung hero is Evrotrust. They’re the people behind the scenes, making sure your digital interactions are safe, smooth, and secure.
After all, who doesn’t want a little peace of mind in the digital jungle?
The Story So Far
Evrotrust kicked off in 2018, thanks to George Dimitrov and Konstantin Bezuhanov. They realized that physical ID cards and paper documents were on their way out, so they stepped in with a secure and efficient digital alternative.
In just nine months, Evrotrust became the vendor of choice for 90% of local banks—a big thumbs-up to their solutions. In 2017, a €500,000 pre-seed investment (because nothing says “we believe in you” like a half-million euro check), and by 2024, they had raised a total €5.8 million.
All this money helped the company scale and sharpen its position, which led to its recognition by the European Commission as a notified electronic identification (eID) scheme. That’s a fancy way of saying EU citizens can now access digital services using Evrotrust’s technology.
Lyubomir Tankishev, Evrotrust’s Director of Business Development, is pretty clear on what’s driving the future: blending new technology with compliance, especially in banking.
With just a few lines of code, they could create something nice… but it’s just one piece of a puzzle that needs to be plugged into a bigger ecosystem.
Lyubomir Tankishev
Tankishev also pointed out that AI and digital identity are where the action is.
AI is big, everybody’s talking around it. Also, another hot topic in the next couple of here is going to be the European digital identity wallet.
Lyubomir Tankishev
With over 1.3 million users in 58 countries and 150 enterprises globally, we can’t deny Evrotrust is making an impact. And honestly? This might just be the start.
How Do They Do It?
Although there’s no clear recipe for success, Evrotrust’s constant proactive approach keeps it moving ahead of the market.
Take their “Evrotrust Live! Leaders of Digitalization” event series, for example. You have a gathering of the brightest minds and key stakeholders from various sectors, all coming together to talk about the future of digital services in Bulgaria and across the EU.
This means Evrotrust is making sure they’re not just part of the conversation but actually leading it.
Strategic partnerships have also played a huge role in their rise to the top. By teaming up with big names like Mastercard and working closely with local government bodies, Evrotrust has extended its influence and reach across the board.
Their solutions are built to meet some of the toughest regulatory standards out there, including AML/KYC and GDPR. This means they’re not just innovating for the sake of it but doing it in a way that keeps everything compliant and secure for their users.
With over 1.5 million European citizens using their identification and e-signature products, Evrotrust’s impact is undeniable. And the numbers speak for themselves: clients have reported a 95% automation rate in customer onboarding, a 40% reduction in customers jumping ship to other financial institutions, and a whopping 90% drop in fraud losses.
What’s Next?
During a recent keynote at UNCHAIN Festival, Lyubomir shared some insights into the future of digital identity and trust services. His main message? Consistency is crucial for successful digitalization.
He emphasized how digital transformation isn’t just about onboarding customers but providing a fully digital experience from start to finish.
Customers are demanding end-to-end digital experience. When I say digital, I don’t mean remote necessarily, but we need consistency.
Lyubomir Tankishev
In his experience, clients are no longer just comparing one bank’s services to another—they’re expecting the same seamless experience they get from tech giants like Uber or Netflix. He cited examples where inconsistent processes, such as requiring physical signatures after a digital onboarding, undermine user experience.
Lyubomiralso explained how Evrotrust’s solutions help banks achieve full digitalization across various touchpoints, making it easier for customers to transact and reducing friction in every step of the process.
We coined the term ‘return on digitalization,’ and we’re seeing that the more processes you digitalize, the more likely you are to retain clients.
Lyubomir Tankishev
Evrotrust’s focus is on helping its clients provide a consistent, omnichannel experience that not only attracts customers but retains them for the long haul. And with statistics showing 40% lower client churn for banks with 15 or more digitalized processes, it’s clear their approach is working.
