The Future of eSignatures
As mentioned in previous blogs, the pandemic led to a rapid rise in digital transformation. As a result, many businesses relooked at their IT strategies and moved to cloud-based platforms. Adopting new software and automated processes as much as possible.
The lockdown became synonymous with remote working. And one of the many challenges faced by most businesses came down to a simple signature. Let’s be honest, the old paper-based process of signing documents has become antiqued, and ‘wet’ signatures are a thing of the past. Especially considering that most transactions occur through the use of electronic signatures with a tablet or smartphone.
This has led to electronic signatures becoming an essential tool in all business environments. There are significant benefits for businesses adopting electronic signatures. From greater efficiency and better user experiences to compliance and sustainability, to name a few. And if you are in any doubt, have a look at our previous blog where we highlighted how eSignatures have improved businesses for the better.
Taking the customer experience to the next level
Although electronic or digital signatures have increased efficiencies and improved customer experiences, they no longer necessarily offer you a competitive edge. Well, that’s if you take into account that research conducted in 2021, found that 95% of organizations either currently use e-signatures or plan to use them in the near future.
These days, most customers and counterparties expect electronic signatures to be standard practice. So, for those of you who haven’t adopted electronic signatures as part of your processes – you are being left behind.
To gain a competitive edge, look at the bigger picture and connecting more tools to your eSignature capabilities. For example, one of the recommendations is to use integrations that will automatically fill in agreement information.
Electronically signed agreements and witnessing
One of the challenges companies face is when documents are needed to be formally witnessed, for instance, affidavits or powers of attorney. This has added a manual step to the eSignature solution.
There has, however, been a push to legally recognise online witnessing services, and several states in the U.S. and Australia have already implemented the use of remote electronic witnessing. This is a trend that will likely continue as other countries change their regulations to accommodate remote witnessing.
Improving security and confidentiality
There are different types of eSignatures, electronic and digital. The expectation is that companies are more likely to adopt digital signatures. Digital signatures have the added benefit of encryption technology which prevents editing of a document once it has been signed. These solutions also include additional steps which validate the signer’s identity.
With the increase in privacy laws like POPIA it is important to ensure that agreements and personal information are not widely available within any organisation. Personal information must be protected from an access perspective. The introduction of electronic signatures ensures that only individuals who are party to the agreement process have access. Agreements that are manually signed have inherent confidentiality risks. Honestly, many agreements that require manual signing are often left on desks and can be viewed by unauthorised individuals. There is also the risk that agreements can get lost, and finally, digital signatures provide an audit trail which is particularly important when it comes to disputes.
Sustainability
Globally businesses are under pressure to implement more environmentally friendly practices. Implementing electronic signatures plays a key role in creating a paperless environment and is one of the easiest ways a company can kick off its sustainability journey.
As mentioned in a previous post, to put it in perspective, 45% of all municipal waste in the U.S. is produced at work, and offices in the U.S. use approximately 12 trillion sheets of paper every year. That equates to at least 100 million trees.
Conclusion
Electronic signatures are here to stay and will be integral to any business’s standard operating procedures. Customisation through the integration of additional tools will continue to evolve – electronic signatures have opened a whole new world in creating a seamless digital experience for both customers and businesses. Make sure your business isn’t being left behind!