Individuals or organisations (business or non-business) go for digitization with a core objective of bringing more efficiency, accuracy and speed to the work process.
Digitisation makes it easier for people to connect with each other and do business with each other in the least possible time which ultimately adds to their performance and productivity. Those who are already in favour of digitisation are quickly moving to deploy esignature solutions. Online signature pricing is affordable and sustainable for any company irrespective of the sector and size. A digital signature is hence gaining popularity across the world.
Additionally, your clients, partners or employees can access this solution from anywhere through their mobile devices at any time. One of the basic esignature software features that you can expect from any reliable software is that it automates the document signature process at as many stages as possible. This helps ensure accurate, timely and safe documentation and signing process which is in compliance with the laws of the land.
Elimination of human intervention and subsequently reducing or eliminating errors will help staff to focus on their core responsibilities. Digital signature in banking takes care of crucial financial data by storing it in the cloud, safe with limited accessibility.
Before we move ahead and understand how esignature solutions help in running an efficient business, let us understand the legalities of this software.
Across the globe, the use of esignature solutions has grown up, and the present COVID-19 pandemic is supposed to boost the use of such solutions even more. The law, however, has made the path ready for such developments by passing a few laws regarding the use of these solutions in every sector of the economy, be it a digital signature in banking or healthcare or government bodies or businesses.
There are two prominent acts that are governing the use of signature solutions across the market. The first one is the Uniform Electronic Transactions Act (UETA) and the second one is, United States Electronic Signatures in Global and National Commerce (ESIGN) Act (which is governing the US market). Along with these two acts, there are many other acts passed by the EU, and other individual countries around the globe to govern the use of Digital Signature Solutions in the respective countries.
A solution that you choose to deploy in the organization has to have the following features to get the legal backing by the law of the land:
- Integrity - The feature of integrity assurance that the data created and shared by the sender is received in the exact same way by the receiver.
- Authenticity - This feature avoids fraudulent activity like data tampering and enables the cross-checking of the source data and the destination data and ensures that they are uniform.
- Non-Repudiation - This feature ensures that the signature made is valid and done by the required person. It also proves that the signatory has signed the document.
If you wish to scrutinize the automation capacity and feature of esignature solution for banking, try considering the following factors.
Automation for Signers:
How are people going to benefit from all the features offered by the solution?
Does it pre-fill documents?
Does esignature software feature help users in reviewing and shining documents in the correct format?
Does it give notifications or alerts to the signatory if he/she has forgotten to fill any section before electronically signing the document?
Automation for Senders:
How is the solution going to decrease or eliminate the extra time that your staff has to spend on managing signing workflows?
Does it provide a reusable template where the staff will not have to kill the document over and over again for the same person?
Does the solution track the process of the document at every stage? How can staff access this information?
How Does E-Signature Technology Work?
Any reliable esignature solution provider and the one which is backed by the legal authority will definitely operate on a streamline security protocol. The usual process consists of verifying the identity of the signatory, subsequent registration of the signature, and acceptance of the contract. At the beginning of the process, a one-time password for biometric verification method is used to identify the signatory. In the second part, the actual shining process takes place where various types of inscriptions for cryptography methods are implemented to ensure all the parties of the security and safety of the document and the whole process. This is the process where the signatory gets connected to the signed document in an encrypted format.
It is the reason that when a signatory signs a document, a private key is generated which is uniquely associated with the signatory. When a document is shared via Email to the signatory, the signatory uses The uniquely generated private key to decrypt the signature code and if the values match that the signature is valid.
The Benefits of Integrating E-Signatures Into Your Document Workflows
Digital signature solutions once deployed are surely going to streamline the documentation process and boost business efficiency. You can integrate this solution with other business management software to enjoy the full-throttle advantage of the software.
Boost Organizational Workflow
Creating a paper-based contract and then sharing it back and forth to all the concerned parties of the transaction is a time consuming and costly affair that might stretch for days or weeks. This is exactly where your business will overcome the lethargic documentation process. These solutions not only provide secure electronic signature features but also save time and hence your staff can perform better in their core areas.
Apart from the above-mentioned feature, the solution can also be used for fulfilling, organizing, and managing data.
Enhanced Customer Relationship
Generally Used and Accepted
Last but not least is the fact that even if you ignore using digital signature solutions, your competitors are either already using it or going to use it. Esignature solutions are the new normal. People and businesses across the world are experiencing the benefits of this technology and praising it for the speed and safety it offers. This technology is convenient and contemporary. It had legal backing in many countries across the globe.
Digital signature solutions are offering multiple benefits to different organizations from different sectors. Improving business efficiency is one of these benefits.