Today, electronic signatures play a vital role in every sector, and the banking industry is no exception. Previously, people used to visit banks for loan approvals and account openings, but now electronic signatures have made it easy to sign documents from anywhere, without having to visit banks. This transformation will not only enhance customer experience but also makes things easy for ordinary people. Moreover, eSignatures can add up significant benefits in terms of costs, transaction times, and customer experience.
With touchscreen devices, signing documents online has become a part of the business instead of the nightmare of keeping track of paper document signatures. eSignatures enable customers to complete tasks quickly, rather than waiting for the paper documents to come to their desk. Also, digital signatures cannot be tampered with, and all the records can be maintained to make auditing easy.
Studies reported the following benefits by implementing eSignatures:
- Saves hours while eliminating inefficiencies in reviewing and tracking documents
- Saves thousands of dollars in shipping, ink, and paper documents
- Improves sales cycle times
- Eliminates printing, mailing, and faxing documents
Here are some of the benefits that the banking sector can take advantage of by adopting eSignature:
Customers fill loan applications, and each document requires a signature to be processed. When processed through physical paper, it isn’t easy to track where the document is in the signing process. Electronic signature software allows employees to send reminders to signers, so they can sign documents online. Also, you can track where exactly the paper is stuck in the signing process. This improves visibility, enabling them to send reminder emails to the recipient. eSignature solutions also eliminate the need to visit the branch in person.
Key Ways Electronic Signatures are Useful
The following are the four ways that eSignature solutions can help the banking sector and improve the overall efficiency of the document signing process:
Internal Processes Simplified
Implementing digital signatures eliminate all the manual steps involved in paperwork. Digital signatures eliminate the need for printing, scanning, and sending paper documents; instead, all the paper documents can be signed anytime. You don’t have to spend time organizing documents; you can instead send reminders and notifications with a click of a button to complete transactions in real-time.
Improves Transaction Processing
eSignature allows banks to process transactions in no time, thus improving productivity. The solution can simplify back-office functions and reduces transaction time to hours. The solution saves time while eliminating inefficiencies in document management. Automation would eliminate errors associated with paper records.
Paper can be easily stolen, misplaced, or damaged, and signatures can be forged. Electronic signatures ensure security for the documents, so you don’t have to stress about security issues.
Digital signatures use text-based authentication to validate signatures. Audit trails can help keep track of all documents to make sure nothing falls through the cracks. Every change can be tracked, and anything you want can be quickly identified. Some solutions even track the signer’s IP address, so all the information is safe and legitimate.
Banks spend a million dollars to type and authenticate signatures on business documents. Electronic signatures can help speed up the signing workflow, thus saving time, cost, and workforce. eSignature software can cut the costs associated with manual processing and paper storage, which can save dollars spent on human errors. Banks can spend time on finding business opportunities rather than validating the data.
Key Factors to Look For in Electronic Signature Software
There are a lot of electronic signature software solutions available in the market today. Choosing a solution requires you to spend some time identifying the best solution. Here are some key aspects to look for in an eSignature software solution:
The solution you choose should be user-friendly, so users can quickly sign documents using a stylus. Selecting an eSignature solution that is intuitive makes things easy and simple, so you can quickly access multiple documents and sign as soon as you receive the file.
Choose a solution that integrates with your internal applications such as Google, Dropbox, and more, so you can pull documents directly from multiple applications and sign, without spending time on importing documents.
Document security is of the utmost concern for many organizations when choosing an eSignature solution. The solution you want should act as a digital vault, so your data will be safe and secure. Some eSignature solutions such as SutiSign comes with high-end security standard protocols that ensure security each time you send and sign documents. This guarantees your data is stored securely, and auditing becomes easy.
Electronic signature solutions can help banks accelerate sales cycles and enables them to successfully onboard customers and reduce operational costs. In collaboration with the document management system, eSignature solutions can be a great option for businesses to consider.