The banking sector is one of the most crucial parts in the financial infrastructure of a country. There is lots of digitalization that happened in this industry for making things convenient for the customers. If we talk about a decade ago, individuals have to visit the banks for performing things like account openings, loan approvals, etc. However, the time has completely changed with the advent of online signatures that let the customer sign documents from any part of the world.
It let the users complete tasks pretty quickly because there is no need to waste time for filing papers. Another thing that goes in support of digital signatures is they can’t be tempered providing significant value to the banking sector. In this post, we will talk about the potential of eSignature software and how they can be helpful for banking sector.
Five ways eSignature software can be useful for the banking industry
Have a look at a few major ways this technology can make the banking system better mentioned below:
- Reducing Transaction Time
The availability of e-signatures let the banks process an extended number of transactions in a short time period. It will assist in boosting productivity by saving time along with eliminating any barriers caused during the documents tracking process. That’s not all; the automaton process minimizes the chances of human error that is pretty common when we talk about paper-based records.
A significant cut down is caused by the e-signatures on the workflow. The account opening process that takes almost 1-2 hours can be completed in minutes with this technology. There is no need to create signature in word because you can complete it can be drawn on the smartphone with e-signature technology. The customers and employees both can save their time with eSignature software.
- Better Reach
There is a variety of methods to gather signatures from the customers using a signature maker. It directly assists in making the reach of the bank better and allows them to serve an extended area. The users can either use click to sign or draw a new signature on the mobile without visiting the bank.
None of the people can deny that mobile banking is the key to this industry for the upcoming years if we talk about physical boundaries. The availability of e-signature software can boost a bank’s reach without increasing the burden to employ additional staff or opening new branches.
- Data Security
Bank documents have a very sensitive nature due to which they always need to keep protected. There are lots of dangers to paper documents as they can get stolen or tampered or even damaged by the outside environment. However, the availability of online signatures will make sure all the documents stay safe and secure from any risk.
They are transmitted digitally with electronic signatures that eliminate all the chances of misplacement, damage, and theft. The banks can process them through all the system securely by giving full faith to the customers about the security prospect. Both banks and customers don’t have to worry regarding physical documents any longer.
- More Customer Faith
Nowadays, customers look for freedom to transact banking activities from anywhere. The banks can provide them convenient choices to retain their customers for a longer time when compared with the ones who don’t. eSignature software allows the banks to reach customers who prefer to perform activities like account opening online.
The availability of this facility lets the banks give convenient and easy services while accessing documents and performing transactions. They have built a solid connection with the customers that can help retain them for the long term.
- Saving Money
There is a full possibility that most won’t think about this prospect, but e-signatures can save millions of dollars for the banks. The banks usually have to retype or correct the signatures performed on the documents. However, they won’t have to create signature in word with this technology that assists in eliminating all types of errors.
Besides that, e-signature technology is useful for reducing the cost involved with manual processing, paper storage, and data entry among others. The banks can eliminate the need for paper documentation to a greater level with this technique. Instead, they can use this money to explore new business potential rather than validating the data.
How relevant e-signatures are for growth in banks?
In the past few years, the use of online signatures has increased significantly in the financial world. A recent survey shows a growth of nearly 60% between 2015 and 2020 that is pretty tremendous for sure. We all know how important a digital signature for completing digital transformation in the banking sector is. The banks can always more than 1 hour for each transaction by eliminating the work required for creating and reviewing documents.
Additionally, the sales cycles become faster by up to two weeks that significantly helps in increasing revenue. Furthermore, the improved security and compliance of the signature maker show that it is the future of this industry. Another useful advantage for banks to use e-signatures is minimizing operational costs. It allows them to provide a significant boost for their continuous growth and an increase in revenue. They have succeeded in accelerating their sales cycles and give wonderful services to customers who are the key in this business.
The online signatures software can be crucial for banks in the upcoming years thanks to their convenience and ability to cut down the operational cost. There is a strong need for implementing this technology for accelerating the service times and giving a much-needed boost to their revenue. Along with that, digital signatures are crucial for the environment and save a solid amount of paper.
All these things allow the banks to add a significant value to their bank and provide better services to the customers. There is a convenient and more accessible solution guaranteed by banks with eSignature software. It surely assists in making long-lasting relations with the customers.