In 2020 the world has witnessed and adopted a life-altering transformation. With the complete avoidance of physical communication, everyone is working from home. We are always packed with Zoom meetings and Slack chats. Employees do not feel safe to return to work due to the ongoing concern of the deadly viral transmission and health remains the top priority moving forward.
It’s not at all surprising that this year will go down as the year employees bid farewell to the conventional practice of signing contracts physically. Rather, it is the right time for eSignature software to rise. The eSign market is expected to boost to $9 billion by the end of 2022. The higher market shift towards digital applications and cloud-based technology will speed up the global implementation of the solution, thus making it the de facto way to sign and send critical business documents.
As the world has become more technology-oriented, online electronic signature system requires cyber-security to develop with it. Sensitive details get communicated via internet every day and we need to make sure that eSignature information is protected by spiders, hackers, and bots.
Fortunately, like machine can be taught to attack, we can protect the eSign software via artificial intelligence and machine learning technology. The electronic signature is left in the cyberspace when you sign an agreement electronically. When the solution lacks proper encryption, it may become susceptible to capture the foreign sources, which can leverage the signature fraudulently. It can be extremely dangerous.
Modern eSignature solutions use AI and ML to learn the unique signature parameters and protect its integrity from criminals who may try copying it.
Use of Blockchain
Today, blockchain has entered in all industries needing digital security. It’s a new system for linking several groups of encrypted records in the chain and offers layers of protection to handle tampering. The technology leverages hash concept, which is an unique number depicting the contents of data like a PDF version of the signed document.
The fame of hash is unending as it needs double pieces- the hash and data to validate if they are same. Also, when somebody generates a duplicate version of any signed PDF, it won’t match with hash, thus making it simple to identify fraud. So, even when there are numerous copies of the agreements, various signatures, the blockchain helps you to spot the original copy and examine the validity.
Modernize Paperwork with ML and AI
We must be thankful to the advancements in conversational artificial intelligence as the users can search and extract details from contracts, images, and videos by chatting with digital transaction management system.
The productivity will soon take a hit while people are working remotely. The forward-thinking businesses agree to the fact that adopting new innovations like ML and AI is one the keyways to move the effective-slump bullet. Think of a document bot, which will aid users to generate documents automatically. It takes away the traditional drudgery of paperwork. Also, it has been observed that there are 75% chances that the futuristic concept will turn into reality by the year 2022.
With an eye on allowing the organizations to put the documentation workflow on the autopilot, organizations can refocus staff time on the mission-critical activities.
Brands Can Offer a Seamless Experience to the Digital Nation
Many fintech startups have started leveraging automated electronic signature solutions to acquire stakeholder consent for contracts, such as payment authorization and transaction. Such kind of digital workflow is critical for the time-sensitive methods like immediate lending or in case of any emergency.
Making it possible to complete the online transactions with ease, the eSignature software helps in minimizing client acquisition expenses and lead-to-win time frame for your salespeople. Organizations along with the sales representative can secure sale at the point of initial client interest.
It is not only about a fintech company that can benefit from such approach. Several SaaS-based services and online retail are leveraging APIs in order to integrate electronic signature platform into the payment flows and other business line tools. It will become a game changer for multiple companies and employees, and a big win for the valued clients.
With the new technological advancement, it has become simple to boost the authentication of eSignatures. Although many organizations still follow paper-based signatures, it’s undeniable that electronic signatures provide better odds to fight against fraudsters. AI and Blockchain in eSignature market have proven that this era has just started and will soon become the new norm.
The globe was already moving in this direction, with organizations embracing contactless platforms, mobile workflows, and remote teams. The pandemic has proven to be a catalyst for turning electronic signatures mandatory for small, medium, and large enterprises. AI has made breaching security measures simple. Using AI in social media tools, emails, and other platforms which manage digital content has made eSignatures secure than the paper and ink signatures.