Bulgarian Development Bank achieves end-to-end digital onboarding in under 10 minutes for 20% of their clients.

Bulgarian Development Bank (BDB) is a state-owned financial institution established in 1999 to champion the growth and support of micro, small, and medium enterprises (SMEs). By partnering with Evrotrust and integrating digital identity verification and electronic signing capabilities, BDB has efficiently transformed its client onboarding process, achieving success in servicing customers remotely.


The Challenge

BDB grappled with several challenges that hindered its ability to serve SMEs effectively, especially in remote regions, due to the lack of a broad branch network. These challenges included:

  • Delivering a Simple and Effective Customer Experience (CX): It was essential to ensure a seamless and user-friendly interaction for all clients, particularly in digital channels.
  • Maintaining the Highest Level of Security: In the financial sector, securing client data and transactions is crucial and requires robust security measures.
  • Compliance with Changing Regulatory Requirements: Adapting to evolving European KYC regulations was essential for continuing operation and expansion.

Choosing Evrotrust for a trusted partner

BDB chose Evrotrust as its partner based on its reputation as a trusted provider within major European banking circles. Evrotrust's robust electronic identification (eID) and qualified trust services streamlined BDB's processes and ensured compliance with stringent European KYC regulations. The security, reliability, and expertise offered by Evrotrust were critical factors in their selection.

The Solution

By integrating Evrotrust's services into its Business Booster onboarding platform, BDB transformed its engagement with clients. This platform incorporates Evrotrust's remote identity verification and qualified electronic signatures to streamline customer onboarding and internal document processes. Looking ahead, BDB plans to expand its use of Evrotrust's services to include KYB solutions for identifying corporate customers.

The Results

The partnership with Evrotrust has significantly transformed BDB's service delivery:

  • Efficient Onboarding Process: The digital onboarding process for new clients has been reduced to just 10 minutes.
  • Increased Digital Adoption: Currently, 20% of BDB's clients are fully verified and onboarded digitally, showcasing substantial progress in digital engagement.
  • Regulatory Compliance and Security: Evrotrust's solutions ensure that BDB remains compliant with European KYC regulations while maintaining high-security standards.

This streamlined approach enhances customer satisfaction by reducing wait times and positions BDB as a leader in digital innovation in the banking sector. Being a client of Evrotrust and experiencing the quality of their services first-hand led the Capital Investment Fund, part of Bulgarian Development Bank Group, to invest €2.5 in Evrotrust in 2023.

About Bulgarian Development Bank:

Bulgarian Development Bank (BDB) is a credit institution 100%-owned by the Bulgarian state. It was established in 1999 as the Encouragement Bank with a focus on supporting small and medium-sized enterprises.

BDB is among the Bulgarian banks with the highest credit rating: BBB with a positive outlook by Fitch Ratings. The Bank provides direct financing as well as on-lending through other financial institutions.

The BDB Group has four subsidiaries - the National Guarantee Fund, BDB Microfinancing, the Capital Investment Fund, and BDB Leasing. It is a full-fledged banking group offering a wide range of financial products and services for SMEs to create a sustainable and complete market through project financing, working and investment loans for micro, small, and medium-sized businesses, guarantees, operating leasing, share capital, equity, etc.

Among the strategic priorities of BDB is to support vibrant, innovative, competitive small and medium-sized companies and the development of social and sustainable projects. The Bank aims to be the center of an ecosystem that trains, supports, and finances entrepreneurs.