Cofidis case: Logalty’s international vocation

LOGALTY accompanies its clients worldwide

LOGALTY, both due to its vocation and its clients’ need for a global solution providing answers to the omnichannel digital business, offers its services at an international level, with full legal guarantees and local and global regulatory compliance. ASNEF LOGALTY provides COFIDIS with all Certified Electronic Contracting services in Spain since March 2014.

COFIDIS is a finance entity specialized in consumer credits and project finance that has developed a new technological app facilitating the hire purchase in stores. This application allows customers to request financing from Cofidis at the same point of sale, signing the contracts digitally through a tablet and sending the documentation for its immediate analysis.

The system launched thanks to an agreement with ASNEF LOGALTY uses certified electronic contracting services with the maximum possible functionality for the development of the multi-channel digital business, with full legal guarantees.

Due to the success in Spain of this service, which has contributed to increasing efficiency and legal security as well as saving costs in processes, COFIDIS has decided to expand the geographical scope of application to Portugal, and has entrusted these services to ASFAC LOGALTY (the joint venture created in Lisbon in 2015 between Asfac (50%) and Asnef Logalty (50%) for the provision of LOGALTY and ASNEF LOGALTY services in Portugal).

As it occurred in Spain, this service will serve to facilitate the purchase decision and speed up the financing process with COFIDIS Portugal at the authorized points of sale.

The application stands out for its ease of use: any customer requesting finance at one of the authorized points of sale, can sign the contract digitally and send photographs of the documentation, along with the contract, instantly through a tablet. This system greatly streamlines the financing of the purchase since it allows studying the operation immediately after signing. This new functionality means being able to grant credit approval in just 15 – 20 minutes after signing the contract at the point of sale.

Logalty technology allows us to simplify and optimize the relationship with our clients. COFIDIS may have an immediate response to whether the loan for the purchase of his client has been granted, after signing the contract on the tablet at the point of sale.

COFIDIS Risk Department will immediately study the specific case and respond immmediately. Likewise, the Partner will also know the sale is accepted by the financial institution without waiting for the documentation to be sent and its subsequent study. The increase in satisfaction will be noticeable for both the customer and the seller.

Since the legislation is currently being harmonized by Brussels, this solution is replicable not only in any country in the European Union but also in other countries, such as the US or LATAM countries.