Nowadays, bank providers are digitizing their business processes to offer an excellent customer experience and boost compliance. The use of electronic signatures has made it possible to create signatures in word and e-sign documents anytime and anywhere without visiting the bank.
It also allows customers to open a new bank account or address changes in the online session. With e-signature software like Foxit eSign, electronic signatures help prevent the hassles of getting documents signed, while offering them the time to focus on their business growth.
Banks can boost sales cycles, lower operational costs, successfully onboard customers, and go paperless. The electronic signature solution allows banks to approve transactions efficiently, safely and speedily.
How e-Signature Solution Help Banks?
E-signatures have been accepted as the most secure and effective way to get a signature. With the influx of brick-and-mortar stores and online businesses taking their products and services online, it is no surprise that the use of online signatures has boomed.
The electronic signature software allows banks to save a lot of money and time. They can get more time to focus on other essential aspects of the business. Electronic signatures can also foster excellent customer satisfaction. Below are the advantages that the banking sector enjoys by adopting e-signatures:
Boosted Efficiency and Transparency
Customers at the bank need to fill tons of loan application forms, where each of the applications requires online signatures. With touchscreen devices, signing files digitally has become easy.
Moreover, using an electronic signature for banking let employees send alters to the signers on their phones. It is also possible to track where a particular document may be stuck in the signing process. This enhances visibility and transparency.
Great Cost and Time Savings
The banking sector involves a massive volume of data re-keying, manual processing, and paper storage. E-Signature solution allows staff to reduce costs linked with data entry, manual processing, and paper-based storage by getting rid of paper-based processes. It can save around $11 in every transaction that is involved in the ink, shipping, paper, and printers.
Moreover, Ombud Open Research reports that organizations that use e-signature solutions save $20 per document and have reduced turnaround times by 80% on average. E-signature solution allows banks to process more transactions in minimal time. It will enable banks to spend more time hunting the best business opportunities instead of validating the information of customers.
Provide Advanced Security
Paper-based banking documents are prone to get damaged, misplaced, or tampered with quickly. However, e-Signatures ensure excellent security of documents as they also can’t be tampered with, damaged, vandalized, or stolen.
Moreover, all the records can be maintained for audit-ready. It secures the integrity of documents. It is because it shows all the changes made in a document by the person and at what time.
e-Signature software makes use of text-based authentication to help validate the parties signing the docs. The data is also encrypted with the standard protocol every time you sign or import files.
Boost Productivity
Plenty of time is spent on printing forms, keying data, photocopying and scanning to get the files back into digital format. Moreover, paper-based processes during the onboarding process can cost 20X more than the processing of a digital document.
Electronic signature simplifies back-office functions and reduces transaction time to hours. Usually, it can save about 1.3 hours in every transaction. It is accomplished with the removal of inefficiencies while preparing, rekeying, tracking, reviewing, or archiving documents.
This, in turn, increases the productivity of the employees. E-signatures also allow bankers and staff to spend more time on core tasks and building a long-term bond with customers.
Lower Human Errors
Banks spend hundreds of millions yearly to correct documents across all lines of business. With online signatures, financial institutions can get rid of the errors associated with paper-based banking records. The use of the web or a mobile browser allows the banking staff and customers to complete the tasks quickly and without getting errors.
Streamline Processes
Electronic signatures software removes the tedious steps involved in paperwork. Instead of printing, scanning and sending bank documents, you just require a device to fill out the forms and sign them.
This cut document workflow cycles from several weeks to days or even few minutes and that too, without compromising security or compliance. It also allows users to request signatures from others directly and finish banking transactions in real-time.
Improve Customer Experience
The banks need to offer freedom to the customers so that they will be able to pick where and how they perform transactions. E-signatures let potential customers finish signing and transaction tasks in a hassle-free way.
This eliminates the need for you to spend time to visit a branch to sign anything or conduct any paperwork. It renders an excellent experience and ensures loyalty to the customers.
Third-Party Integration
It is vital to pick an electronic signature solution that integrates with your applications like Dropbox, Google, Salesforce, etc. It let you pull in the documents and get them electronically signed without taking much more time to import them.
Conclusion:
In the modern world, the banking sector is moving its focus to a high-end digital platform. e-Signature software can help to lower operational costs, reduce environmental impact and ensures your customers get a great experience.
With the implementation of the e-signatures, it allows banks to ensure greater transparency. It helps them see where the customers are in the signing process. In turn, this offer bankers the ability to provide fast action for further processing as they can fill out documents online. As banks can go forth in creating a dynamic bond with the customers digitally, e-Signatures help them to enhance loyalty and repeat business for the bank.
E-Sign Genie is the #1 eSign solution for banking organizations of all sizes. It can speed up the workflow in the automated document process, thereby saving cost, time, and workforce. It allows easy integration with your application using our APIs. The bonus part is that you can even begin a free-of-cost trial. Try this signature maker today and get a fully digitized experience!
