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E-Signature For The Banking Industry

In the modern era, the banking sector is increasingly shifting its focus from face-to-face interactions to high-end digital platforms. In addition to implementing advanced solutions like digital document scanning services, the modern-day banking sector relies significantly on the concept of e-signatures for digitizing and automating operations. The transformation aims at improving the customer experience while significantly reducing expenses. There are several banking transactions, including account openings, loan approvals, investments, and others that have not yet experienced digital transformation. This is due to the constant requirement of customer signatures for the respective operations. Adopting digital signatures in banking systems is known to deliver quantifiable and significant results concerning increasing the speed of transactions, reducing costs, and improving customer satisfaction.

For instance, instead of providing the customers with a paper document for handwritten signature, banks can go ahead with offering a tablet. This would help them review and electronically sign the respective forms while completing the transactions on the given device. With the advent of all-new touch-based smart devices like tablets and smartphones, bank employees can sit down with the customers to review the given documents and guide them through the entire digital process in a highly personal and guided environment.

Digital signatures in the banking sector are known to enable customers to open a new bank account, e-sign documents, or address changes in the given online session for a fulfilling digital banking experience. As banks can build dynamic relationships with the customers digitally, it helps them drive loyalty and repeat business for the bank.

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How Is E-Signature Beneficial For The Banking & Finance Sector

When banking institutions utilize eSignatures for their day-to-day transactions, they are provided with a wide range of potential benefits. Some of these are: 

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Cost Effective

Electronic signatures 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 use e-signatures for online contract signing and other operations can look forward to saving as much as INR 1500 –INR 2000 per document while reducing the turnaround times by around 80 percent. Esign in banking is also helpful in providing the respective institutions more time when it comes to finding new opportunities to expand the given business.

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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 are in the given signing process. Implementing the e-signatures in the given scenario allows organizations to practice greater transparency in observing where the customers are in the given signing process. In turn, bankers can ensure proper action for further processing as they fill out documents online with reduced physical paperwork and other related chores. Whatever the case, e-signatures help deliver ultimate customer satisfaction while eliminating the requirement for the borrowers to spend extra time visiting the bank branch or performing specific paperwork.

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Improved security

There is no denying the fact that the process of filling 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 provide improved security for verifying and storing signatures. Electronic document signing using a free electronic signature software like eSignly can help you avoid security breaches to a great extent. As eSignly is known to offer the assurance of secure signatures and transactions by leveraging advanced encryption technology. Advanced techniques like text-code authentication and knowledge-based authentication (KBA) are being utilized for authenticating the respective signing parties.

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Streamlined functions

The utilization of digital signatures allows 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 streamline back-office transactions while reducing the value of transaction time to a few minutes in comparison to several hours or even days.

Recent studies have revealed that using esign in the banking sector can save around 1.3 hours on every transaction. This is achieved by eliminating inefficiencies while preparing, reviewing, negotiating, and rekeying, tracking, or archiving documents. Moreover, electronic signatures can also help eliminate all possible manual errors 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. With the reliable e-signature solutions from eSignly, you can create a digital signature for free and access 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 effortlessly.

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.

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