As far as financial industry trends go, technological advancements have been and continue to be the most impactful.
For those in the financial services industry, there’s increasing use and familiarity with utilizing electronic and digital tools and software to streamline processes. From check registry software to customer relationship management software, tax preparation software, and merchant software – the use of these tools has truly helped to take the financial industry to the next level when it comes to workflow.
Electronic signature software is one of those tools that’s being increasingly used by those in the financial industry; it’s transformed many of the processes entirely.
Electronic Signatures are Fast
Not only can finance professionals get forms and important documents completed faster than ever but entire processes have been sped up. Prepare, send, and get financial forms completed in minutes instead of days by using electronic signatures. Now that’s a finance industry trend we can get behind.
Electronic Signatures are Convenient
Electronic signatures have provided an effective way for financial documents to truly be completed anywhere and at any time. Because of this advancement, financial professionals can work from anywhere and offer the same convenience to their clients. This particular financial software improvement truly helps build and establish quality business-to-client relationships. When clients feel that they can complete things on their schedule, it’s a win for everyone.
Electronic Signatures are Reliable
Like your trusty wristwatch, electronic signatures allow for paperwork to be completed on time and correctly. Accuracy is essential when it comes to financial paperwork. Utilizing software features like signature tracking and establishing mandatory fields ensures that paperwork is completed correctly and on schedule.
Electronic Signatures are Secure
Financial industry professionals are no stranger to the importance of security when it comes to the sensitive information contained in most documents. Not only is security key, but following FINRA compliance guidelines is mandatory. Electronic signatures are a useful financial software addition that can help keep things under lock and key with digital signature implementation and through the use of detailed audits on every change completed.
How are electronic signatures one of the most important financial industry trends?
A lot of financial industry trends come and go, but it’s safe to say that electronic signatures are here to stay. Not only do they optimize financial processes in their entirety in important ways (as mentioned above) but eSigning has transformed and optimized individual tasks.
Below, we’ll take a look at how electronic signatures as useful financial software are used every day by financial professionals to streamline their processes and get things done.
Financial Industry Trend #1: Faster Credit Approval with Electronic Signatures
When paperwork gets completed faster, that means faster credit approval, which equals happier clients and improved growth all around. More and more creditors and loan companies are securing paperwork completion digitally with electronic signatures. Now, vital forms can be completed and signed while on the phone or in just a matter of minutes!
Financial Industry Trend #2: Electronic Signatures for Tax Forms
For CPAs and tax accountants, timeliness and accuracy are two components that must be achieved with every process. By using electronic signatures, tax professionals can avoid missed information and errors. Timely form filing is also easier with digital form usage and eSigning capabilities from clients. Plus, with Foxit eSign’s growing pre-made template library, needed accounting and IRS forms are at your fingertips.
Financial Industry Trend #3: Electronic Signatures for Better Banking
Online banking is here to stay, which means technology is a must for banks in order to support their customers. By utilizing electronic signatures, banking professionals have the capability of increasing the speed of new accounts and can allow customers to more easily complete banking transactions on their own time.
Financial Industry Trend #4: Electronic Signatures Enable Better Customer Service
Speaking of customer service improvements, electronic signatures truly have transformed the way customers interact with those in the financial industry. With the addition of electronic signatures, customers can borrow and bank their way at home and on the go with just a quick signature. When customers feel more control over their money and have the ability to process transactions on their time, approval rates will skyrocket.
Financial Industry Trend #5: Electronic Signatures for Improved FINRA Compliance
Financial Industry Regulatory Authority, or FINRA, requires strict compliance by financial businesses to ensure correct creation and maintenance of vital records that also properly comply with federal laws and regulations. When you deal with so much paperwork, as finance professionals do, it can be difficult to audit, track, and maintain records. However, with the introduction of digital documents and files, paired with electronic signatures, FINRA is easier than ever to comply with. For instance, by utilizing Foxit eSign, users have access to a robust auditing history of every change made with a document and they can easily download and save complete documents for digital filing in their preferred cloud storage.
Additionally, those in the banking sector are required to comply with Know Your Customer (KYC) regulations that dictate the verification of client identity. Foxit eSign provides security tools to users, such as knowledge-based authentication (KBA), that can help ensure compliance is smooth and consistent for banking professionals.