E signature solutions: Zero duplication of effort, time and signatures!
Financial institutions such as banks, brokerage firms and credit unions are increasingly adopting e signature solutions in their businesses. E commerce has made it possible for firms to incorporate paperless transactions. This blog further illustrates how electronic signatures justify efficient business processes. According to a recent study published by Gartner, there was a 48% growth in the adoption and implementation of e signature software across businesses. The study also stated that the ease of operability using a SAAS application made it possible for corporations to adopt electronic signatures. Banks typically must engage their customers on numerous levels, all of which require stringent paperwork. Increased paperwork is bound to add to errors. Multiple signature requirements on each document coupled with process-driven approvals only leads to duplication of work and inefficiency. This time-consuming approval process can be significantly reduced by using e signature solutions. Digital documents could be sent to customers for easy readability and then signed electronically, to be sent back to the bank agent for approval. E signatures make it possible to implement step-by-step bank approval workflows in a matter of minutes. This system leaves little scope for a paper trail, making bank transactions secure and efficient. The electronic data transfer also eliminates compliance and audit issues. E signatures are legally acceptable and binding in a court of law. Because customers are already familiar with electronic signatures in other avenues such as retail, educational institutions, etc., this new interface should be reasonably easy for the customer. Automating business processes results in significant cost-savings for banks in the administrative department. The return on investment (ROI) from shortening transaction times and reduced paperwork is significant. With advancement in technology, signature solutions are proving to be increasingly robust and secure. Vendor selection becomes important when choosing an appropriate signature solution. Especially crucial is to regard whether the solution is in compliance with current industry audit and compliance standards. Another point to be noted is whether the software is robust enough to sustain security challenges. E signature solutions increase the rate of approvals in banking transactions and reduce complexity. Even as consumer banking experience improves three-fold (time, cost, duplicity), banks are able to increase revenue. For more information about the product, please visit SutiSign. Click here for Free Trial. |
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