Digital Signature Solutions are not a new trend. The world is already impressed by it and many businesses and organizations are leveraging this technology to perform with the best possible efficiency and boost productivity.
Customers and business stakeholders are crucial to any company, digital signature solutions save their time, treat them well, and connect with them on a positive note. All of this and more is done simply by speeding up the process of signing a document and performing safe documentation of the data/records.
Though the solution is being used by many sectors, there are a few sectors that are dominant when it comes to the utilization of the best electronic signature service. Banking, medical, real estate sectors are a few of them. The popularity of eSignature Solution for banking is tremendous.
However, no matter which sector you operate in digital signature solutions are going to serve you the best. Before we move ahead let us look at the definition of esignature solutions, understand its benefits, and then look at the sum of the factors which every esignature solution must have in order to benefit your business.
There are many definitions of digital signature solutions or digital signatures however all the definitions state the same thing which is an electronic signature is a type of signature in which the user can esign an online or Digital document. Digital signatures are used by the signer to give his or her consent to documents and the terms and conditions mentioned in the document. Similar to the traditional handwritten signature when any person electronically signs the document he or she states that he/she agrees with the content of the document. Electronic signatures can be made in different ways.
- One can simply type the name.
- The user can check the I agree box.
- Users can upload the digital image of the handwritten signature.
- Users can click on the box that reflects their opinion about the content of the document.
- Users can also upload media files or a sound saying yes or no., etc.
Depending upon the law of the land, the esignature solution allows users to choose different types of electronic signature to show their consent. As per the ESIGN Act, 2000, an electronic signature will not be considered invalid just because it is not a handwritten or ink signature. Which means the law or accept electronic signatures and give them as much value as it gives to the traditional signature.
In today's globalized market many businesses individuals and organizations are utilizing esignature software features to stay connected to the customer, to serve them on time, to save valuable business working hours and efforts of the team and all the concerned parties.
The banking sector loves electronic signature solutions for the fact that it has reduced the used amount of paperwork the sector had to handle before the introduction of digital signature solutions. Managing long queues in the Bank taking care of every document storing every document at the appropriate place and building infrastructure to protect these documents, everything used to make banking complicated for the employees and the customers too. Sending applications for loan making deposits, making withdrawals, or simply investing, everything is to take a few hours or even days.
In case the banking institution was also active in the share market and related investment activities it used to be hard for the banking professionals to encash every opportunity as by the time the document used to get the approval the opportunity would get missed. Hence, with the introduction of eSignature Solution for banking, the sector is enjoying all the benefits resolution can offer without thinking twice.
Those banking institutions who have deployed e signature solutions are now more than able to handle all the documentation process. Their customers no longer have to stand in long lines and wait for the required signatures. Even banking professionals can easily get customers' approval while making Investments on their behalf. As long as the safety of the data and the document is concerned esignature solution has taken care of this too. Every data and documents/records are stored in the cloud safely with an Axis given only to the concerned parties. Every data can be monitored and tracked in real-time for better transparency.
Apart from the banking sector, the Healthcare industry is getting benefited from the best electronic signature service in the market. The medical sector is one of the sectors where the staff has to handle huge amounts of paperwork on a daily basis and every data in every document is crucial. Even a small error in the document or data can cost someone's life.
Read the blog- What Are the Benefits of E-Signature Software?
In every Healthcare institution or center, documentation starts right from the admission of the patient into the hospital. Then comes the insurance, medical reports, medical history, making payments, and sending all the data to the concerned departments within and outside the Healthcare Centre for approval If any. All of this has to be done as quickly as possible as someone's health or life is always at stake. Patients' families have to suffer a lot because the healthcare center follows a traditional method of signing the document. The physical paper brings in the risk of errors, delay, theft, misuse, and loss. To avoid these issues, health care sectors started leveraging esignature software features.
As a result, those medical sector organizations who have deployed the solution are now able to handle more documentation work, within a lesser time without compromising the accuracy, and safety of the data.
By this time, you must have understood the impact signature solutions have on the organizations.
However, merely using the solution is not enough to enjoy its benefits. There are many vendors in the market who are selling esignature solutions with more or less similar features however you need to choose the right vendor and the right solution for your business depending upon your objectives, business flow, working environment, and more. So if you are thinking of deploying signature solutions for your business, here is a list of some factors which you must consider before you make any decision.
Authentication and Identification
Before you finalize any esignature solution, it is crucial to evaluate the market reputation, authorized certificates of the vendor. Make sure you conduct a thorough authentication and identification procedure not just for the vendor but also for the solution. You can consider the following questions:
Does the business have to have any certificate to be eligible to use esignature solutions?
Is the solution legally approved by the law of the land?
How robust is the authentication method used by the solution?
Does the solution use more than one way to identify the party?
Information, Notifications, and Agreements
As per the regulations stated by the ESIGN Act, 2000 and other acts, the user must know that he/she is using an e-signature process over the traditional one. You can consider the following question:
Does the dog er get the notification about his decision of using e-signatures?
Does the signer get an option to reject the service?
Does the option get conveyed clearly?
Is the consent tracked in the audit trail?
Check if the audit trail is possible with the digital signature software you are finalizing for your business. You can consider the following questions:
Does the esignatures software track every activity throughout the signature process?
How much in detail the process is tracked?
Where is it stored?
The solution must be as per the globally accepted standards. You can ask for the documents showing the authenticity or the quality standard of the solution.
Are the signatures in compliance with international regulations?
Does every electronic signature is a part of the document?
Apart from the above-mentioned factors you also need to take care of other areas such as the connection of linkage between the signature and the document. How are they connected? What process or technology does the solution use to create the linkage, etc.
You must also be concerned about the safety measures taken by the solution to ensure the security of the data. And, last but not least is the sustainability of the solution.
To conclude, we can say that esignature solutions are disrupting many markets, however, you must choose the one that is the best for you. Make sure that the solution you decide to use is of global standard, certified, and meets your business goals. Digital signature in banking or other sector, you must choose the solution that fits you the best.