The growth of Electronic Signatures and Scanned Signatures has been spurred by several factors, including the COVID-19 pandemic, the rise of e-commerce, and increased government backing.
The digital signature is now legal in every U.S. state and territory and is increasingly being used to limit the number of paper-based transactions. The government of India has embraced this technology and has implemented a system that grants one-time passwords to individuals after completing digital KYC.
E-signature adoption has risen across many industries. The financial services sector, for example, is a prime example of a growing trend.
In May, the Pandemic forced most companies to encourage employees to work from home, and some organizations have already begun integrating the use of electronic signatures into their daily workflow. This trend will only increase shortly as more digital IDs are introduced.
ESignatures can be an essential part of internal business processes despite the slow economy. Almost all businesses have a goal of a more efficient workflow.
An electronic signature can bring about speed-of-light approval. Additionally, eSignature providers can integrate with existing services to streamline a business' workflow.
These factors alone will make eSignatures a viable choice for your company.
Why Are Electronic Signature And Scanned Signatures in Trend Today? The government and financial services industries are increasingly moving toward digital platforms, and the electronic signature industry has been a key beneficiary.
The government of India has made an aggressive push for the adoption of digital media and is even investing heavily in integrating this technology into business applications. With this surge in adoption, the future is bright for the digital signature market.
Digital signature technology is gaining ground throughout North America, where most multinational enterprises are headquartered.
The US has been the leading region for the adoption of digital signatures, with the BFSI, healthcare, and legal sectors gaining traction. Meanwhile, Asia-Pacific is expected to experience the most rapid growth. The growing concern over cyber security and fraud has led regional governments to push for the adoption of digital technologies.
Biometric signatures, which use fingerprints, are also gaining ground. Fingerprint readers embedded in smartphones are easy to fake, and master-key prints - artificial prints designed to match any individual's fingerprint - are less reliable.
On the other hand, three-dimensional fingerprint readers are not susceptible to such methods. On-site e-signatures may require specialized equipment, but it is not always practical to assume that remote signers have access to such equipment.
