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eSignature Software Adds Value to the Banking Sector

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Electronic signatures are a key component of every industry today. People used to have to go to banks to get loan approvals or open accounts. But electronic signatures make it possible to sign documents anywhere without ever having to travel to banks.

 This will improve customer experience and make things easier for everyone. Additionally, eSignatures offer significant advantages in terms of transaction times and costs as well as customer experience.

Signing documents online is now a part of your business, rather than the hassle of tracking down paper signatures. Customers can complete tasks faster than waiting for paper documents to arrive. Digital signatures are secure and cannot be altered. All records can also be kept for auditing purposes.

Study after study found the following benefits from implementing eSignatures

  • This saves time and eliminates inefficiencies when reviewing and tracking documents
  • Shipping, ink and paper document savings of thousands of dollars
  • Improves sales cycle times
  • Reduce printing, mailing and faxing

These are the benefits the banking industry can reap from eSignature.

Improved Efficiency

Each document that is submitted by customers to apply for a loan must be signed. It is difficult to find the document in the signing process if it is processed on paper. Employees can send reminders to signers using electronic signature software so that they can sign documents online. You can also track exactly where the paper was stuck during the signing process. This allows them to send reminder emails to recipients and improves visibility. The eSignature solution eliminates the need to visit the branch.

How Electronic Signatures Are Useful

These are four ways eSignature solutions can benefit the banking industry and increase efficiency in document signing.

Simplified Internal Processes

Digital signatures can be used to eliminate the need for manual processes in paper documents. Digital signatures can be used to sign any paper document at any time. Instead of spending time organizing documents, you can send reminders or notifications by clicking a button and complete transactions in real-time.

Transaction Processing Improved

eSignature allows banks and other financial institutions to quickly process transactions, thereby increasing productivity. This solution simplifies back-office functions, and can reduce transaction times by up to eight hours. This solution reduces paperwork and saves time. Automating paper records would eliminate all errors.

Security concerns

It is easy to lose, misplace, damage, or steal paper. Signatures can also be forged. You don't need to worry about security concerns because electronic signatures provide security for documents.

Digital signatures are text-based authentication that validate signatures. Audit trails are a great way to keep track of all documents and make sure nothing slips through the cracks. You can track every change and identify anything you need quickly. Some solutions track the IP address of the signer, making sure all information is secure and legitimate.

Save Significantly

Banks spend over a million dollars to authenticate and type signatures on business documents. The signing process can be accelerated with electronic signatures, which can save time, money, and the workforce. eSignature software reduces the cost of manual processing and paper storage. This can help to save money on human error. Banks can focus on business opportunities, not validating data.

What are the Key Factors to Consider When Using Electronic Signature Software?

There are many electronic signature software options on the market today. You will need to spend time researching the best solution before you can choose one. These are the key features to look out for when choosing an eSignature solution.

Intuitiveness

You should choose an easy-to-use solution that allows users to quickly sign documents with a stylus. An intuitive eSignature solution makes it easy to quickly access multiple documents and sign them as soon as they are received.

Integrations

You should choose a solution that integrates seamlessly with your internal applications, such as Google, Dropbox, and other, so you can easily pull documents from multiple applications and sign without having to spend time importing them.

Security

Many organizations are concerned about document security when selecting an eSignature solution. Your data will be protected and secured by the digital vault you choose. eSignly, an eSignature solution, has high-end security protocols that guarantee security every time you send or sign documents. Auditing is made easy by this feature, as it ensures that your data are safe.

Secure & Reliable eSignature Tools For Your Business - Try It Now

Banks can use electronic signatures to accelerate their sales cycles, onboard customers, and lower operational costs. Businesses should consider eSignature solutions in conjunction with their document management system.