How COVID-19 Has Impacted The Use of Digital Signature In Banking and Government Sector

The present COVID-19 pandemic has forced most of the world population to work from home, maintain social distance and lead a contactless life in public.

This new normal has started a global discussion and business organization, baking, legal and government sectors are pondering over the thought of integrating technology into the traditional work process. While most of us are working from home, the question arises whether or not it is possible to validate or sign documents with legal backing by using esignature solutions. 

Business or any other organization cannot shut the transactions/operations for a long time. If face to face or the traditional way of working is not possible, organizations have to adopt esignature software features.

Be it government agencies or banking institutions, the sectors have realized the drawbacks of paper-based transactions and now they are finding ways to keep going even during the contact-less environment. How are they thinking of doing it? Well, every sector or every organization operating in that sector might be having different approaches towards adapting to the new normal, but everybody is walking in the direction of digitization faster than they would have if things had been a normal scenario.

Let us understand something about the Global E-signature Software Market

Forrester conducted a study, according to which the market for esignature solutions and digital signature in banking and other sectors is expected to grow at 60% CAGR by 2020. The market can cross 90 million transactions during the same period. The banking sector claims that signature integration in the traditional working method is very important to provide a complete digital solution to the customers. 

Benefits of E-signature Services for Banks and Financial Institutions.

Increase efficiency – 

Borrowers have to fill loan applications and during the process, they have to sign multiple documents multiple times. These documents are forwarded to every party involved and their signatures are mandatory. When a paper-based signing process is adopted it is difficult to find where the signature process is. On the other hand, the digital signature in banking helps officials to send reminders to every signer. It facilitates greater transparency in the process. 

Read the blog- The federal government has developed laws to regulate how electronic signing works in healthcare

Apart from seamless document proceedings, the electronic signature solutions also help in fostering customer satisfaction and reducing the waiting time of the customers and eliminating the need of the customer to travel to the bank and sign paperwork physically. All this saves time.

Saves money – Electronic signature solutions help banking institutions in saving money which would otherwise be spent on papers, stationeries and postal services.

Improves security – 

Digital signature solutions ensure security from fraudulent activities like a forgery. There is also a risk of displacement, or theft when one deals in physical documents. Technologies like PKI, encryption verification helps in validating the signatures and their connection with the signers. Knowledge-based authentication is used to identify and validate the signing parties.

Once all the signatures are made, eSignature Solution for banking uses tamper-proof banking authentication methods to secure the documents. Plus, the solution provides audit trails of every individual's activity on the document 

Streamline back-office banking operations and decrease transaction time –

Use of electronic signatures allows banking institutions to process multiple transactions without seeking extra help from the staff or hiring a fresh staff. This, in turn, improves productivity. Use of digital signatures help in streamlining back-office banking operations and decrease transaction time to minutes from days or sometimes weeks.

Now, as far as the use of eSignature Solution for Government Agencies is concerned, here is why government agencies should go for it:

Efficiency Is Key

Government bodies or officials handle millions of documents files applications daily. These documents hold crucial data related to the citizens' growth of the area or the nation and its safety or security. These documents need to be signed in order to consider them valued or presentable in the court of law. If the government fails to adapt to the digital future, it will be hard for the government bodies to serve its citizens with their best. Following a paper-based working procedure, it will be hard to track a signature and maintain documents and a signature for a long duration. Plus using esignature solution ads to transparency which helps in gaining citizens' trust.

 Streamlining Workflow 

Digital is the new normal. It is not a one time or a situation oriented fashion. Covid-19 has boosted the process of digitisation. A digital signature helps in getting rid of tedious paperwork. Government officials do not have to spend time in printing, faxing, mailing or travelling to remote locations To handover the document which needs to be signed as soon as possible.

Digital signatures will allow government professionals to make sure that the signatures are made by every concerned party and the application process is running smoothly in real-time. Auditing the process and keeping track is possible without extra efforts. The citizens will no longer have to stand in long lines in front of the government officers and wait for their turn. Citizens can perform all the legal activities related to the documentation from the comfort of their homes and immediately send it forward. Online Signature Pricing also makes it cost-effective.

Decreased Processing Time

Government officials are free to perform their duties with at most productivity as they know more have to spend their valuable time and best citizens' efforts and time by signing multiple documents and posting them to multiple concerned parties every time. Government bodies can perform their back-office activities in hours instead of days and weeks. Due to digitization human errors are reduced or eliminated completely.

Apart from the above benefit, government bodies can harness esignature solutions to bring more transparency and security to the process. Plus, citizens and officials will be ensured of the safety and fast processing, adding to the trust factor towards the government bodies.

Final words:

eSignature Solution for Government Agencies is one of the ways forward if the government wishes to serve the public with utmost accuracy, security and reliability without compromising on the speed of the process. Same will be applicable to the banking institutions’ customers.

esignature software features cut down all the costs associated with papers and other stationeries plus no postal charges for travelling is needed to share the documents to the concerned party lots of money is saved here which can be utilised in other projects to provide even better services to the citizens or customers.

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