How is e-signature beneficial for the banking & finance sector
When banking institutions adopt the concept of utilizing digital signatures for their day-to-day transactions,
they are provided with a wide range of potential benefits. Some of these are:
Cost Effective
Electronic signatures are known to help banking organizations save valuable amounts that would otherwise go towards the costs linked with underwriting. A recent study report reveals that the banking institutions that adopt the concept of using e-signatures for online contract signing and other operations can look forward to saving as much as INR 1500 –INR 2000 per document while also reducing the turnaround times by around 80 percent. Digital signatures are also helpful in providing the respective institutions more time when it comes to finding new opportunities to expand the given business.
Increased efficiency
In a banking environment, the loan applications that get filled out by the borrowers are known to require valid signatures from multiple businesses and individuals. As agreements are sent out through fax or paper, it becomes difficult to analyze where the customers currently are in the given signing process. With the implementation of the e-signatures in the given scenario, it allows for organizations to practice greater transparency towards observing where the customers are in the given signing process. In turn, this provides bankers with the ability to ensure proper action for further processing as they fill out documents online with reduced physical paperwork and other related chores. Whatever might be the case, e-signatures are known to help deliver ultimate customer satisfaction while eliminating the requirement for the borrowers to spend extra time visiting the particular bank branch or performing specific paperwork.
Improved security
There is no denying the fact that the process of fill out documents manually can be easily damaged. Moreover, physical signatures on paper can be easily forged. At the same time, there is also an increased risk of the papers being stolen, misplaced, or lost –even after being locked away in secure cabinets or lockers. In this context, electronic signatures are known to provide improved security for the purpose of verification and storage of the signatures. Electronic document signing using a free electronic signature software like eSignly, can help you avoid the security breaches to a great extent. As eSignly is known to offer the assurance of secure signatures and transactions by leveraging the advanced encryption technology. Advanced techniques like text-code authentication and knowledge-based authentication (KBA) are being utilized for authenticating the respective signing parties.
Streamlined functions
The utilization of digital signatures allows the banks to process an increased number of transactions without the addition of any extra staff. In turn, this helps in improving the time-to-value attribute. At the same time, it also helps in streamlining back-office transactions while reducing the value for transaction time to a few minutes in comparison to several hours or even days.
Recent studies have revealed that the utilization of e-signatures in the banking sector is capable of saving around 1.3 hours on every transaction. This is achieved with the elimination of inefficiencies while preparing documents, reviewing or negotiating documents, rekeying, tracking, or archiving documents. Moreover, electronic signatures can also help in eliminating all possible manual errors that might be associated with the complex paper-based process of document handling
There are several points of potential benefits of e-signatures by eSignly for the banking sector. Have reliable e-signature solutions from eSignly, create digital signature for free and get access to other documentation services to make the most of your day-to-day operations in a typical banking environment. With electronic signatures, your banking institution can speed up the respective sales cycles with advanced templates in an effortless manner.
