Time has changed, and there are no two ways about it. Blame it in the pandemic or thanks to the technological advancements, we all are becoming more and more reliant on contactless transactions.
Be it making payments, shopping, studying, learning skills, applying for loans, making an investment, you name it and there is an online way of doing it. The pandemic has just pushed us ahead towards the future. And as said above, just like other sectors of the economy like retail, health care and even government sectors across the world are leveraging digital advancements, how can a banking and finance sector lag behind?
Talking about digital advancement, we can not overlook the spread and increasing popularity of esignature solutions. In today's time, the banking and finance sector is rapidly switching its priorities and attention from personal interaction or face to face communication to digital interaction or virtual communication using digital platforms. Apart from adapting to advanced digital solutions like scanning applications, the present-day banking sector is not hesitating from using an electronic signature system. The motto is to automate the day to day workflow and offer more reliable and smoother customer services while reducing operational and other costs. Positive customer experience is crucial for any banking institution to retain the customer base and expand further.
A banking professional has to perform many banking operations like approving loan or investment, opening accounts, consulting customers, etc which are yet to be widely performed digitally. Many banking institutions are staying away from switching to digital platforms due to the constant need for customer signatures on multiple documents. Not just the customers but even banking professionals also have to make signatures on a number of documents daily. An eSignature For Banking Industry is considered to be a perfect solution here. It is leveraged by many in the business for the quantifiable results it can offer. When it comes to increasing the speed of transaction or reducing the cost without compromising with positive customer impact, eSignature For Banking Solution is the best.
This means, banking institutions no longer have to offer their customers a paper-based form or document for signatures. Bank can offer a tablet or if the customer is unable to reach the bank, the bank can simply send the electronic document encrypted with esignature solutions and let him/her sign from wherever located. This way, it is possible for them to revise the documents at their pace and sign wherever required. With the use of mobile devices like tablets or smartphones, which offer touch-based operations bank employees do not have run here and there to deliver or collect documents, they can sit with the customer to guide or send it to them through a safe platform with a reminder system which will help customers to understand where to sign, which data to fill, or if the data filled is correct or otherwise.
An eSignature For Banking Industry helps customers to account, electronically sign documents, or apply for a change in the data like address or mobile number or applying for loan and investment, etc. Smooth completion of the banking operations leaves a positive impact on the customers. Banks can use this to boost customer loyalty and increase customer retention rate.
Benefits of Using an eSignature For Banking Industry:
Banking institutions can save huge amounts of money that would otherwise go waste in conducting crucial banking tasks like underwriting simply by adapting to digital signature solutions. Banks no longer have to spend on papers, stationery, printing or faxing or postage stamps. As per the recently conducted study, those banks that adapt to the esignature solutions or online document signing methods can save around INR 1500 –INR 2000/ document. Such banks can also work at 80% reduced turnaround time. When the staff can save time on regular and relative tasks like documentation, they can use the saved time in more reproductive ways like expanding business, inventing new ideas of marketing or building new financial products, etc.
Whenever an applicant applies for a loan in banking institutions, the application document has to have several signatures of all the required parties from both sides. In the traditional application process, the documents are shared through printing and fax machines. Such working methods slow down the process and make it more clutter. It becomes hard for banking professionals and the applicant to know what is the real-time status of the said document, how many parties have signed, who has denied it or made changes in it, when the signature process will be completed, etc.
However, with the use of esignsture solutions, all the concerned parties can know where the document is and what all activities have taken place on it. In simple terms, the signature process becomes more transparent with digital signatures. It also enables bankers to take the required action for further document processing. Whatever the scenario is, digital signatures are known to offer customer satisfaction while cancelling the need for the applicants to spend their valuable time visiting the bank and performing the paperwork.
There is no doubt that the process of filling and signing documents manually/using a pen is hardly safe. A signature made using traditional methods or a wet signature can be damaged or forged easily. At the same time, there is a risk of document theft, change in content, misplacement of the document, etc. In such situations, Digital Signature for Government Agencies or the banking sector can be helpful. Electronic signatures offer high-end security when it comes to the storage of documents and when it is in the process of signatures. The digital signing process also saves you from security breaches. Use modern technologies like text-code verification and knowledge-based authentication is used to make sure that the right party signs the document.
Banking institutions can now perform multiple banking functions and process more number of transactions with the same or lesser staff. Your time-to-value relation goes higher. Banking staff can also manage and plan all the back-office transactions and perform them in a shorter time.
As per a few recent studies it is revealed that the use of electronic signatures in the banking field can save around 1.3 hours/ transaction. This becomes possible with the elimination of inefficiencies in the documentation process. Plus, digital signatures can also help in all the possible human errors that might take place while performing complicated traditional ways of documentation. Adapting to reliable esignature solutions makes daily banking operations easy and smooth. The staff can perform with better speed and attain more customers. Documents can be drafted easily with her in-built templates provided by the digital signature software.
Here are a few more benefits of deploying signature solutions in your banking institution:
No longer have to spend hours reviewing and tracking contracts/applications/documents.
Save thousands of dollars over a period of time in shipping, buying ink, and paper.
You can boost your sales cycle.
Here are the facts that one must pay attention to while subscribing to or purchasing esignature solutions:
The market is filled with many electronic signature software. Every software offers similar features with one or other USP. However, just because all the solutions are e signature solutions does not mean you can choose any one of them without doing any research. Choose a solution that offers you the following basic features.
There is no point in buying a new technology or integrating a new system into the workflow if it is hard to use for your staff and customers too. Technologies are meant to make transactions easier and simpler. Make sure you choose a user-friendly solution so that your customers and staff can quickly process the documents. Your staff can process more applications or documents than before at the same time.
Go for a solution that incorporates well with your existing management software or applications like Dropbox, Google, etc. Seamless integration lets you import data or documents from other applications directly. This is crucial to support customer expectations. Your customers surely want you to offer quick service and real-time access to every banking data is helpful in this.
In today's world, data is the most important thing. And it's security is even more important. As a banking business, you are dealing with huge confidential and financial data that has to be protected at every cost. Hence, choose a solution that works in high-end security measures. Your electronic signature system must be as robust as any other eSignature Solution for Government Agencies. It should work as a safe digital vault using which you can transfer or store data without worrying.
Esignature solutions help banks boost their sales cycles and undertake a smooth customer onboarding process at reduced costs. As a growing banking business that wishes to offer the best to its customer and gain and retain their trust, you must not overlook the importance of a paperless workflow where lesser physical contact is needed. This will become even more crucial in the post-pandemic world.