Digital signatures have become widely accepted in recent years as the most secure, efficient, and advanced way to get a signature field.
Electronic signature images have seen a boom in popularity due to the rise of both online business processes and brick-and-mortar stores selling their products and services online. The increased investment by financial institutions and governments in electronic documents is expected to be a major driver of that growth.
Industry improvements and updates.
Electronic signatures are a great option for banks and credit unions.
Increases Transparency & Efficiency
Lending can be frustrating for both the customer and the financial institution. Multiple signatures will be required for many loan applications.
It can be difficult to track the exact location of customers in a signing process when agreements are sent via fax or paper. Electronic signature software allows institutions to track the digital documents for signature progress from signees to signers.
Staff can take immediate action if the loan process becomes stalled by sending a reminder email address and/or sending it to another party. An electronic signature software solution is a great way to improve customer satisfaction. Digital signatures allow borrowers to save time and not have to go to the branch to sign or submit paperwork.
Make more money
Time is money, as they say. Institutions can digital transformation the entire lending process, from beginning to finish, allowing them to accept more loans and expand their portfolio.
Electronic signature software not only saves time but also helps institutions avoid printing materials related to underwriting. Consider paper costs, printing maintenance costs, and mailing costs. Are there typos or other problems within the legal document? If the bank uses E-signature software for mobile apps, there is no need for you to reprint the document and start again.
E-signature solutions can save companies an average of $20 per document, and help reduce turnaround times by up to 80 percent. E-signature solutions allow institutions to save money and give them more time to look for growth opportunities.
Increase security
It is easy to alter paper documentation and forge signatures. Even though papers are kept in filing cabinets, there is still the possibility of misplaced, stolen, or lost documents.
When a trusted provider like the level of compliance platform electronic signatures, it offers a greater level of security standards for signature verification for business owners. Digital trends can be verified and cryptographically linked to mobile phone signed documents. The digital signature generated by using a trusted third-party digital certificate authority is almost impossible to fake.
This technology is known as public key infrastructure and it offers the best standard for identifying individuals. Instead of being stored in a file cupboard or mailed from an address, a signed copy of any document will be returned to the sender.
Conclusion
Financial institutions find themselves at an unusual crossroads. They must adapt to the evolving trend towards self-service while maintaining personal relationships with their customers.
Electronic signatures save time and allow staff to concentrate on customers and their growth.
