Home »  How can eSignature Software Add Value to the Banking Sector?

 How can eSignature Software Add Value to the Banking Sector?

by Sneha
eSignature Software

Earlier, to open an account, apply for cheque books, approve a loan, deposit a cheque, and other investments, people had to go to banks and almost certainly wait in long lines. But in 2020, convenience becomes the preference of most people and hence adopts advanced technology.

One of the ways to do this is to adopt Signature Maker solutions. The advanced technology provides a secure and compliant way to mechanize all transactions that require a customer’s or a third-party signature. It eliminates the physical visit to a bank, increases the contracts’ speed, and provides a better customer experience.

However, electronic signatures make it easy for customers to conduct their banking transactions. These signatures are also secure and keep all records ready for audit.

 

What is eSigntaure?

eSignatures is also known as “Digital Signature” or “e-sign.” The software embeds an encoded message when a document/file is signed by the person securely in a recorded transaction time.

The eSignature solution for all activity sectors is available on the web, smartphone (Windows, iOS, Android mobiles), laptop, or other devices. The organization can add documents and send them to signatories for electronic signatures. In other words, it is a symbol or other data in the digital form attached to an electronically transmitted document to verify the sender’s intention to sign the document.

eSign Genie has APIs that help integrate with banking software and website, allowing the user to sign documents online from anywhere and anytime.

However, it is straightforward to create an electronic signature, and once created, you can add the sign to any of your documents/files, even with other annotations like free form text and checkmarks.

 

What are the benefits of eSignatures to the Banking Sector?

All documents had to be signed, mailed, faxed, or scanned and filed manually in the past. The task was long, filled with human errors, costly, paper-based, and many more. However, to avoid inconveniences, electronic signatures play a vital role in all industries, and the banking industry is no exception.

Here are some of the benefits of electronic signatures for the banking industry:

 

  1. Increase Transparency

When a borrower applies for a commercial loan, their requests require several people and businesses’ signatures. Additionally, the process includes paperwork that can be overwhelming for clients and can consume a lot of time if documents need to be faxed for different signing processes.

However, the online Signatures facility allows for greater transparency in tracking where customers are and giving bankers the facility to take action to move them forward in the process by sending reminder emails. It helps to increase customer satisfaction and also speed-up the process.

 

  1. Enhanced Security

Electronic signature solutions for banks ensure that documents remain secure. Thanks to advanced technology, documents are transmitted online without the risk of being damaged or lost. They go through the different systems securely, and you won’t have to worry about the security of the document or its storage.

 

The technology also allows users to track changes to the document and know who made the changes and what time the changes were made. There are electronic signature tools that can track the IP address and the device that was used to sign a document.

However, the banking industries need a high-security level, but it is good to understand the different types of electronic signs and their legality.

 

  1. Reduce Human-Error and Mitigating risk

If you digitally carry out the entire documentation process, it will help you eliminate manual errors – the wrong document signed in the wrong place or a signed document gets lost. By making documents, creating a signature in word, and stored in the right entity management structure, the correct information can always reach the exact people at the right time.

Additionally, electronic signature software helps mitigate risk by providing alerts on suspicious records or compliance issues related to a contract. With the electronic signature, the signing document is secure, traceable, safe, and verifiable. 

 However, it has flexible choices that offer a best possible signing experience to all channels and, ultimately, enhanced acceptance by representatives, employees, customers, and organizations.

 

  1. Minimize Transaction Time

Electronic signatures allow banks to process a large number of transactions in a short period. In turn, it improves productivity and saves time, and eliminates any inefficiency observed in tracking and completing documents.

When banking processes are automated, it helps reduce human errors associated with a paper record. Electronic signatures reduce the workflow from weeks to days or even minutes. Using only the web or a mobile browser, these institutions can quickly complete their workflow without compromising compliance or security.

With electronic signature technology, there are several ways to collect signatures. It includes scripted signatures on a smartphone’s touch screen and then clicks to sign. In other words, it offers customers the ability to sign forms and contracts anytime, anywhere.

However, mobile capabilities are a much-preferred tool in the modern world, as many customers access the bank using their smartphones or other devices. So, the technology is of utmost benefit as it will save the time of you and your customers and allow them to have access wherever they are travelling.

 

  1. Lower Transaction Cost

There are numerous Signature Maker software available online in today’s competitive world that reduces overall costs on every level as it does not involve paper, ink, mail, postage, or fax. Besides, the inking process takes time for both customers and staff.

Performing electronic signature in your documents other than using paper techniques can eliminate the risks and delays while reducing the costs of sending, printing, and faxing. However, today most of the online sellers offer a free trial period with their tool. You can also try out some of the products you plan to provide from popular electronic signature software vendors.

 

Closing Words

Electronic signatures have countless advantages, and many use advanced technology in everyday and professional life. Besides, electronic signatures can bring significant benefits in terms of costs, transaction times, and overall experience.

However, when it comes to satisfying customer demand, the banking industry also steps-towards digitalization world. It is advisable to select the appropriate signing software to speed up the sales cycle and help you with your day-to-day operations. You can also take a trial from Free Electronic Signatures software in the market for a better idea.

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