Technology has revolutionized the way we do our daily businesses. An electronic signature is one such technology that has brought a new way of conducting daily activity in the finance industry. And yes, an electronic signature is used in the finance industry as indicated in the following methods.
Contracts continue to be a significant part of the finance industry. Customers get into various business agreements with various financial institutions. Every deal is drafted out into a contract. Customers have to sign to indicate that they agree with what is written down. Electronic signature comes in handy in signing such agreements. Signing a document is much more comfortable and efficient.
All payments done in any organization have to be signed by the finance manager and then by the managing director. Following the payment process put in place by your organization ensures that the right financial decisions are made and maintains accountability. An electronic signature can be used by the finance manager and the managing director to sign the documents without printing out the records. All a manager can do is ensure the report has collaborators and hence more than two individuals can sign it.
Finance staff documentation
Every finance-related business always has a human resource department that deals with matters of ensuring proper documentation of the staffs' records. Every document should be appropriately signed by respective teams to provide such materials to become legally binding. An electronic signature can be used to sign such documents making it easier for every staff. A document that's signed electronically does not have to be printed out and can be stored electronically for reference in the future. Any business in the finance industry should, therefore, ensure the documents of its finance staff are electronically signed.
Documenting a mortgage is long and very tedious making it take a lot of time. The signing of mortgage documents makes the process less exciting and not friendly at all. Any bank or any other financial institution offering mortgage services needs to consider going for an electronic signature for the finance industry. Such a move will save the institution lots of time and cash used in the manual signing process. One does not have to carry bundles of mortgage documents for signing purposes they can do everything from the laptop or their phones.
New account opening
Many accounts opening will require one to sign a lot of documents. Such signing can be made much easier by using electronic signature financial services. In that way, the account signing process becomes more comfortable and efficient in comparison to manual account opening. Such electronic signatures are also durable, and one can keep them for future references. A key thing when it comes to ensuring the security of the accounts documents.
Preparing reports on expenses
Every expense report must have bear a signature from the one who prepares it and the one who approves. Signing makes such a document legally enforceable and binding. You can consider using an electronic signature for financial services in appending names to any expense report. An electronic signature is much more comfortable to append, unlike manually signed documents. Additionally, materials that are signed electronically are safer unlike the ones signed manually.
Many companies will need to transfer assets from one business to another. The asset transfer process is carried out by one with maximum care with keen attention to the law. Many asset transfer documents do need to have the signatures of the officers in charge. You can consider using esignature for financial services to sign such documents instead of signing the documents manually. Signing documents can manually is done from anywhere, and the signing officer does not have to travel to the office. In such a case the signing officer is saved a lot of time and expenses. Besides, electronically signed documents are far more lasting than manually signed documents.
Preparing non-disclosure agreements
Most companies will engage in signing non-disclosure agreements, especially in cases where there is an exchange of sensitive information. Parties involved in such business deals that include confidential information will be required to sign a non-disclosure agreement. An electronic signature is a right option to sign such documents. Being the transaction is susceptible security is crucial considering an electronic signature is more secure than manual signatures. Apart from that, documents that are electronically signed are kept electronically, and rarely can unauthorized persons access them.
Signing change of beneficiary forms
Many are times that banks will require their customers to sign beneficiary forms if they need to change a beneficiary they had indicated in previous documents. Such change of beneficiary needs a signature for it becomes legally binding and hence can be enforced in a court of law. One can sign a change of beneficiary forms using an electronic signature which is a much cheaper option, unlike the standard option.
You now know how electronic signature is beneficial to the finance industry. If you are in the finance industry, you can consider an electronic signature. You will benefit massively.