Over the years banks and other financial organisations have adopted digitisation that further improved their relationship with clients. Digital documentation procedures are very convenient and cut off the pressure of reaching the financial institution physically. With eSignPro, the ultimate digital documentation suite, you can accomplish signing, stamping and sharing important documents from anywhere and anytime.
Like customers, the organisations also speak highly about eSignPro as it removes elaborative paper processes and reduces operational costs. Also, the technology is very promising to bring transformation to a bank’s business strategy. For more information on this, keep reading.
What are the Current Challenges of eSign Implementations?
Before adopting an e-signature tool, banks and other institutions should be aware of the potential tampering methods. Also, there can be various challenges like:
Adoption Hurdles
For many organisations, switching to digitised certifications and form-sharing appears to be expensive in the long term. So, many consider hiring third-party agencies that can validate the signatures and stamps cheaply.
However, the solution doesn’t fall under best practices as financial organisations deal with sensitive data that are not meant to be shared with any unauthorised entity. Also, the adoption challenge appears to be huge as licensing for digital documentation has to be renewed at regular intervals.
Integration Complexity
Though incorporating eSignPro is not that hard, many businesses think it takes too much effort and investment in training. However, to ensure the staff are reoriented to apply the new signatory system, a company just needs to ensure it is providing the employees with an ultimate guide to digital documentation.
Eventually, everyone finds switching to the digitised mode to be hassle-free compared to the traditional pen-and-paper system.
Regulatory Compliance
While finalising a documentation suite it is crucial to assess the risk of compliance breaches at both ends of transactions. For instance, a particular client base can deny the validity of digital documents issued by a particular platform. This factor makes it challenging for organisations to adopt a digital documentation system.
Security Concerns
Widely recognised and reputed eSignature software like eSignPro already uses two-factor authentication and other built-in features to ensure data protection. However, many organisations have limited trust in these solutions and still prefer building a security framework based on biometric scanners. As a result, their overhead costs go up.
Thus, to analyse the stamp and sign authenticities e-signature software designs are being consistently developed. Now, the eSignPro can crosscheck signature waves and patterns much more accurately and thus is getting accepted at a faster rate.
Document Incompatibilities
It is a popular belief that some sensitive documents are not meant to be signed digitally. Some examples include a will, power of attorney, government-notified papers, etc. Thus, the esignature in digital documentation still has some notable limitations.
However, with enhanced security measures coming in, the trend of using paper and pen for these purposes will eventually fade out.
Questions Regarding Genuineness
When the computer-generated signature gets updated in the database there’s little to no evidence regarding whether the document was signed by you or someone else on your permission. To counter this, eSignPro utilises the technology that is backed by the government.
So, in case you are concerned about the genuineness, you can readily switch to eSignPro. It doesn’t merely capture the intent of signing but identifies crucial waves and patterns of the electronic sign.
How Electronic Signature Software are Transforming Fintech Services?
Advanced digital financial solutions have already proven to be useful while collecting digital stamp in digital documentation. Here you can take a look at some other domains under which if e-signature is used properly can lead to many more benefits:
1. Consumer Banking
As far as online banking benefits are concerned, integrating electronic signatures can help realise:
- Faster transaction approvals: When it comes to opening a new account or borrowing a loan, banks can use electronic signatures to make the process faster and more reliable.
- Added layers of security: The encryption models that are encoded in eSignPro ensure all the signatures are authentic. Incorporating this check is next to impossible when a consumer signs any document remotely.
- Customer loyalty: With the help of e-sign software customers can now sign forms anytime irrespective of their location. Also, normal banking hours do not happen to hinder any procedures. These convenience factors improve customer satisfaction and they become loyal to the brand.
- Environmental advantages: Financial organisations have become successful in reducing the use of paper significantly. Thus, e-sign software greatly contributes to sustainability goals.
2. Lending
From loan account opening to agreement closure, lenders can now incorporate digital signature systems for all these purposes. In a nutshell, any lending institution looks forward to using eSignPro for the following reasons:
- Processing new credit card applications: By using digital documents customers can go through all the terms and conditions, type in all the necessary details and electronically sign the document. It reduces overhead expenses for the lender and the loan processing time is cut short to a great extent.
- Collecting e-signatures for mortgage agreements: Previously, traditional mortgage loan processing used to involve tedious in-person meetings. But now lenders successfully avoid such hassles by asking the borrowers to sign their contracts electronically.
- Ensuring secure transactions: eSignPro is well-reputed to provide additional safety to online financial transactions owing to its multiple authentication checks. So, lenders circulate these systems across their platforms with complete confidence.
3. Wealth Management
When you select a platform for investing these days, you find digital investment agreements, virtual wealth management documents and other e-signature solutions. All of these combine together to increase managerial efficiency and client satisfaction.
These are the main benefits of using digital signatures for wealth management:
- Paperless process: Customers can sign documents at any time from anywhere. This makes wealth management much easier and the authoritative control also increases.
- Saves time and money: Digital signature systems reduce overhead costs as customers do not need any physical files. Also, the processes become very fast.
- Reduces errors: Forwarding invalid data or incomplete information through traditional signatures previously caused huge losses to financial organisations. Now, such errors are averted via digital signatures.
How Integrating eSignature Solutions With Existing Banking Solutions Saves Time, Efforts and Money?
As financial institutions embrace the future of finance, the management keeps experiencing the following benefits of the adoption of e-signature tools:
Enhanced Security
One of the major benefits of embracing a future state of finance with eSignature is that it supports two-step authentication. By enabling this feature, companies can ensure that their crucial documents are not getting leaked.
Also, it is possible to add extra layers of security by activating biometric authentication for eSignPro resources where the user needs to submit scanned fingerprints for accessing attachments.
Unmatched Efficiency
eSignPro features like digital stamping and seamless document forwarding help organisations complete various tasks on time. As a result, they can offer express delivery services much more easily and can store all the transactional data securely on a cloud-based platform. It allows the customers to access their data with just a few taps.
Legally Compliant
Digital documentation proves to be a great solution as banks and financial organisations earlier had to deal with various compliance rules. The underlying encryption methodologies ensure the authenticity and integrity of the submitted information. Thus, financial bodies can meet their legal obligations without failing by offering greater protection.
Aligned with Industrial Trends
eSignPro ensures key actions like audit trails, authentication and encryption that are indispensable to restrict unauthorised access. Moreover, the customers appreciate this sincerity towards them as the digitised methods help avoid the hassle of visiting the organisation every time. This, in turn, leads to higher customer satisfaction and loyalty.
Assured Reusability
The forms that are forwarded to you are mostly reused templates. Documentation suites like eSignPro allow financial organisations to store voluminous files and edit them as and when required. This saves them money that otherwise would have been spent in scanning the same attachments each time. Banks can now store a template instead that will be useful for similar future operations.
Conclusion
Stepping into the digital future with eSignPro is quite meaningful as the customers are getting well accustomed to virtual services. Previously, digital documentation used to generate a lot of concerns regarding compliance, operational efficiency and security.
Now with the help of advanced encryption mechanisms, these problems have been resolved to a great extent. Therefore, as a forward-looking organisation, the motto should be towards shifting to digital solutions and promoting the usage of documentation suites among clients.
- Story by Bruhadeeswaran R.
