5 Ways E-Signature Software Helps the Banking Sector
Financial institutions including banks are digitizing their processes to offer better customer experience and improve compliance. eSignature solutions built on digital signature technological innovations provide a secure and compliant way of automating transactions needing customer’s signature. In the past people used to head to banking halls for account opening, loan approvals, and other activities, however, today eSignature for banking solutions has made it possible to have documents signed from anywhere, and the customers don’t have to visit a bank.
Implementing eSignature technology can offer quantifiable outcomes when it comes to cost reduction, customer experience, and transaction completion. Digital signatures are not easy to tamper with and the records can be kept for audit-ready. Implementing eSignatures can save about 1.3 hours in every transaction by doing away with inefficiencies experienced in reviewing and tracking transaction documents. It also saves about $11 in every transaction that is involved in the paper, ink, shipping, and printers. eSignatures improve sales cycle times by using predefined templates as well as CRM integrations. Using eSign solutions helps eliminate printing, mailing, and faxing of paper documents. That being said, here are five ways the banking sector can benefit from eSignature software:
So how do eSignature solutions help banks enhance efficiency?
By Paula Williams
Implementing eSignature technology can offer quantifiable outcomes when it comes to cost reduction, customer experience, and transaction completion. Digital signatures are not easy to tamper with and the records can be kept for audit-ready. Implementing eSignatures can save about 1.3 hours in every transaction by doing away with inefficiencies experienced in reviewing and tracking transaction documents. It also saves about $11 in every transaction that is involved in the paper, ink, shipping, and printers. eSignatures improve sales cycle times by using predefined templates as well as CRM integrations. Using eSign solutions helps eliminate printing, mailing, and faxing of paper documents. That being said, here are five ways the banking sector can benefit from eSignature software:
Enhancing Efficiency Is Very Paramount
Customers for banks fill hundreds of loan application forms with each application needing a signature so that it is processed. When the forms are handled by paper, it becomes difficult to track the locations they are in during the signing process. Using an electronic signature for banking allows employees to remind the signers by sending them a notification so that the complete the signing process on time. It is also possible to track where a specific document may be stuck in the process of signing. This way, it helps improve visibility as well as transparency in the financing institutions or banks. This allows the banks to take actions by sending notifications to remind the signers they should sign the documents. In addition, eSign solutions eliminate the need for customers to directly visit their bank branch.So how do eSignature solutions help banks enhance efficiency?
- Minimize transaction time
- Streamline internal processes
- Enhanced document security
- Savings passed over to you
- Enhances customer loyalty
- Minimize transaction time
- Streamline internal processes
- Ensures document security
- Savings passed over to you
- Enhances customer loyalty
Conclusion
Implementing eSignature solutions in the banking sector helps accelerate sales cycles by using default templates. It helps successfully bring onboard customers and reduce operations costs. eSignatures help to reduce environmental impact while ensuring that the customer enjoys freedom in the signing of documents or doing transactions with the banks.By Paula Williams