Categories
Finance Industry

How eSignature benefits the Financial Industry

Finance sectors are gradually digitizing their legacy methods of doing business and moving toward a more trustworthy customer experience while also staying in compliance with legal and regulatory frameworks. Signulu, an electronic signature solution, offers such a tool to digitally automate and streamline transactions for which approvals are required.

Did you know that 65.6% of mobile users check their phones up to 160 times per day? More than half of these users stated that using smartphones made them feel like they are staying connected and not missing out on anything important. Otherwise knows as FOMO, the Fear Of Missing Out.

So what does this imply for the financial industry and the user experience?

Smartphones have become the leading catalyst for change and there are several ways to implement a more effective experience for FinTech. Some of them are stated below:

  • Mobile-first indicates that the user interface and experience form a seamless synergy.
  • Small screen situations demand a strategy to advertise, send emails, and share media in a manner that does not overload the screen with unnecessary content.
  • Make your clients recognize and perceive the importance of your service immediately.

Yet, despite these trends to make the customer journey for products and services more mobile-friendly, the financial industry is still plagued by seemingly endless piles of paperwork.

U.S. businesses are still spending $8 billion a year just on managing paper documents. Only 18% of businesses consider themselves “paperless” while 33% of businesses are spending more on paper now than they did five years ago despite the overarching trends to “go digital.” Where does your organization fit in this spectrum? Well, like most financial companies, you are probably still producing and managing too much paper.

eSignature solutions, like Signulu, offer customers an easy way to manage and have documents reviewed and signed online while also providing you with even more security than the traditional ink-to-paper process. In fact, many breaches of private information occurred because of manual mistakes in filing and review. Our cloud-based SaaS (Software as a Solution) product offers a consistent and convenient alternative for doing business on the go from anywhere in the world.

For those financial organizations that utilize an eSignature technology, they are able to reduce scanning errors by 92.5% while lowering the number of lost files by 66.1%.

Here are some other eSigning advantages that should be taken into consideration :

  • Simplifying and improving the user experience
  • Transactions are completed faster as they can be performed anywhere a data connection is possible
  • Diminishing the risk of fraud as documents will be handled by fewer people and stored in a secure cloud and not a simple filing cabinet
  • Tremendous cost savings on paper, toners, mailing and other office supplies.

Let’s also take a look at just a few of the processes that can be automated through eSignature solutions:

  • Account Agreements
  • Personal Information changes
  • Beneficiary Forms
  • Credit Card Agreements
  • Mortgage Origination and Closing
  • Loan Rate Modification Agreement
  • Other contracts, support materials like appraisals, disclosures and employment verification

If you feel your business would benefit from a digital signature and document management solution, click here to contact us for a demo or register here for a free 14 day trial!