Financial Services – Electronic Forms and Digital Signatures
5 Advantages of Electronic Forms and Digital Signatures Adoption
Financial services providers and banks are continuously improving their business processes by digitisation to provide a better customer experience with improved compliance.
Fortunately, an electronic forms solution that utilises digital signature technology provides a highly secure, legal, and compliant means to automate transactions that require the customer’s signature.
But these are not the only way that electronic forms and digital signatures benefit financial service providers.
Here are five additional areas where they can benefit from.
A digital signature offers increased security. The unique identifying security and biometric data in a digital signature remain permanently embedded within a document. This signature can then be verified to ensure the authenticity of the signer and to ensure that the document has not been tampered with after it was signed. If the document has been altered after the signature, verification of the signature will fail – highlighting that the document has been altered.
Verification of digital signature encryption technology is facilitated via the use of Public Key Infrastructure (PKI). Verification of a signature with the use of PKI technology provides a high level of assurance that a specific signer signed a particular document.
Paper kills productivity.
With electronic forms and digital signatures, consultants and advisors can spend more time building relationships with customers and less time struggling with their administrative chores. So much time is spent finding the correct forms, printing them, capturing the customers’ information, pointing out where the customer has to sign, collating and photocopying the documents, and then finally scanning the documents back into a digital form.
Electronic forms and digital signatures help consultants and advisors to focus on their higher-value activities with customers.
Global legal compliance
We offer electronic forms and digital signature solutions that comply with international standards as required for privacy, data protection, and digital signature compliance.
Every year more and more countries around the globe are starting to accept electronic forms and digital signatures as legally binding with an understanding that the security protocols underlying these solutions provide a high level of assurance and are in compliance with regional and international standards.
Businesses are increasingly converting their existing manual paper-based processes to paperless ones. It is estimated that traditional paper-based processes cost around 10 to 20 times more than their electronic alternatives.
Using paper documents also requires additional capital and maintenance costs associated with courier services, printing machines, filing and storage space, etc. Electronic documents also help financial institutions to eliminate errors such as missing customer data. The intelligent documents can use workflow rules to ensure all the required data has been captured before the document can be signed off. Once the process is complete you can be assured that all the relevant data and signatures have been collected.
Financial service companies can also replace the archaic signature cards used for comparing customers’ signatures with digital signature solutions that verify a customer’s signature without the need for a consultant to manually verify the signature.
The use of electronic documents and digital signatures provides an easy, convenient and accessible experience. These are all qualities that build lasting relationships. Financial institutions that use digital onboarding processes allow customers the freedom to choose how and where they will transact. In the modern world, customers can elect to complete an application form online or visit a branch for in personal touch with a consultant. Financial institutions have to ensure that they are catering to any interaction that a customer might prefer at a given moment. The key here is to enable the customer to decide.