The world is moving ahead fast and every traditional solution and a way of life is getting replaced with new, modern values and technologies.
Be it commutation, health treatment, daily office work, documentation, government administration or shopping, everything is dominated by digitization and most of these solutions don't need you to present physically to complete the transaction. Technological advancements like signature solutions are part of this new trend. In case, you are not aware of this new trend and you wonder what all could be the benefits or features of this solution, then stay tuned.
Right from receiving signatures in time to the safe storage and maintainable of the data, everything becomes easier with esignature software features.
Definition of Electronic Signatures?
One can define or explain electronic signature or digital signature solutions in different ways, but the crux is the same. Let us understand it as simply as possible. A digital signature is a digital form of data or a process that is used to perform signatures electronically on the electronic document/file/agreement to exert that the signer has willingly signed the document and agrees with the terms & conditions and content written in it. Digital signature holds the same validity as that of the traditional/wet signatures.
Esignature solutions allow you to e-sign the document and make a digital mark on the document to validate and verify it's content. This type of signature has been used increasingly in the past few years and the trend is going to stay forever in present or advance form, as the future is digital and contact-less or virtual.
Let us look at the benefits of esignature solutions and try to understand how it can change the way we work or transact. Be it eSignature Solution for banking or any other sector-specific digital signature solution, the best electronic signature service provider will definitely ensure you of the following advantages through the digital signature product.
Benefits of Electronic Signatures for Your Business
Save Time Through Online Signature
The first and primary benefit of using esignature solution is that it speed ups the turnaround pace. Which means you can expect the transaction to get completed in less time than usual. The time gets saved as one does not have to perform the traditional, paper-based activities such as printing the document, faxing or mailing it, waiting for the document to reach and then wait till the singer prints and mail/faxes it back to the sender. With digital signature solutions, documents can be shared to multiple concerned parties in a few clicks and the concerned parties can sign the document in their own time and send it back within the given period. A lot of time gets saved here and the work of days can now be done in a few hours.
Olu, one can sign from anywhere using any computer device. The signer no more has to stay or visit a lenticular place to make the signatures. Plus, receiving a document also becomes smooth. You can simply type the keywords on the computer device and you can retrieve the needed document from the cloud where every data is stored safely.
So, no risk of losing data/document, no delay in retrieving data, no risk of forgery and no cost of storing papers in the physical archival for years in better conditions (as much as possible). If you're in the banking sector, then digital signature in banking is perfect for you. Your customers will no longer have to wait in long lines to complete the procedures. They can be served quickly, and the transactions can be completed speedily and safely. This is another way of gaining customer trust and building a positive customer relationship.
Speedier Decision Making and Implementation
If you are running an organisation then you must be understanding the difficulty one faces in making quick and efficient decisions and enforcing them effectively. This is certainly not an easy task. Any organisation has multiple stakeholders and they often need to sign multiple documents. The longer it takes to sign the document, the longer the procedure gets stretched. Delay in transactions might affect decision making speed and efficiency. It is not a sound environment for any business where the decisions suffer in documents and procedures leading to loss of momentum.
If you want to reduce the gap between the decision and it's execution then you can take help of esignature solutions. Your stakeholders can quickly make signatures and you can take quick decisions and implant them without delay.
Boost Organization's Productivity
The time that you save by using digital signature solutions allows you to use the saved time and efforts in doing core and more productive business activities. You can focus on crucial customers or can complete important assignments as efficiently as possible. With Esignature solutions, you can automate the workflow and reduce or eliminate repetitive tasks. To take an example, let us suppose that you are using the same document every day and each time you have to take the print of it newly and share it again. To make it easier, with digital signature solutions, you can use templates and use it as much as required and customize it if needed before sharing it electronically with singers; no matter how many they are in number.
Rather than using traditional ways of signing, storing and managing documents (paper-based documents with wet-ink signatures or thumbprints), you can use digital signature sanctions and to sign documents electronically and save, and manage them digitally. This saves you from spending on stationery, sending courier, making prints, physical storage, etc.
Plus, using digital solutions is one of the best ways of avoiding human error. Usually, when you follow the hand-written signature method, you can make mistakes while making signatures (you can not undo it). Once, even a small mistake is made by any of the party while signing the document, the whole process can get rejected and one might have to start from scratch. This not only wastes time but also cost you monetarily. In today's fast-paced world nobody would like to wait or suffer due to somebody else's mistakes. In the long run, the esignature software feature turns out to be more cost-effective.
No Infrastructure Cost
The world is still suffering from COVID-19 cross, where most of the business organizations and other sectors of the world are operating from home. In this situation, most of us have realized a need for a solution that does not demand any office space and can be run digitally completely. If you use electronic signature solutions, you no more have to make space for paper documents. Everything can be done digitally, documents can be stored on the cloud safely.
Smooth Document Flow and Low Risk
Paper-based documents are hard to handle and take care of in the long run. They are delicate and stand the risk of getting lost or damaged easily. Plus, sometimes, you send the document, wait until it reaches the destination, gets signed and sent back to you only to find that the singer has either made an error or the document sent is damaged. Digital signatures save you from this risk. Apart from saving you from damages, esignature solutions conduct every process in a secured technological environment with utmost privacy measures, making sure no party should access the data without your permission. The best electronic signature service will provide you with complete control over the process
E-Signatures are Legally Valid, Maybe More Than Hand-Written Signatures
As per the Uniform Electronic Transactions Act (UETA) and ESIGN Act, digital signatures are as valid as we-ink signatures. One cannot deny a document and it's authenticity just because it is digitally signed. Digital signature solutions across the world understand the importance of these laws and are proactive in making sure that the security and authenticity of their services are world-class. These solutions offer advanced security features such as encryption, private and public keys, biometric signatures, etc. Every stage of documentation is monitored to make sure that no party or any wanted person can access the document without being noticed. Any attempt of forgery or tampering the document will be recorded and the concerns parties will be informed about it in real-time. eSignature Solution for banking is perfect for the finance sector considering the amount of data they deal with and vitality of the data.
Last but not least the sustainability of the solution and how an organization can use digital signature solutions to run a sustainable and eco-friendly organization. The sustainability does not only come from an ecological point of view but also from the market point of view. When most of your competitors are going paperless, you can not stick to the traditional working methods. In order to get a competitive edge, you have to walk with the time.
To Wrap Up
Esignature solutions are not un-friendly digital solutions. You can integrate them with your existing business system to get better results. Many digital signature solutions in the market can be incorporated with known business tools like Google Drive, Dropbox, Microsoft Word, etc. Hence, you do not have to worry about the ROI when you invest in this solution. Every organization (business or non-business) can deploy this solution to enjoy a hassle-free workflow.