A walk-in “bank transaction” is far from our consciousness, people barely recall doing a bank transaction, because Digital transformation has moved transactions from traditional to smartphones, ATM’s and online.

This type of financial convenience has already enhanced customers expenses. users Day to Day life has adopted online transactions and authorization with just a click of a button, however, Banks still holds to their stringent requirement of manual signatures.

Bank requires customers signature on physical documents which are either mailed or couriered between the customer and the bank or vice versa. Most banks haven’t participated in Electronic Signature.

what is ESignature?

E- signature is a  paperless signature that capture’s a person’s intent to be legally bound to an agreement or contract. no printing, scanning, or faxing, everything occurs online. just open the document via email, drop the signature and send it back via email.

Benefits of ESignature?

The adoption of electronic document signing (e signature), benefits by:

• Reducing cost
• Speeding of transaction completion
• Enhanced customer satisfaction

Therefore, adopting the electronic signature process (e-signatures) reduces the process of manually signing the documents

E Signatures for Banks:

The capabilities of electronic signature are becoming common for organizations. banks now recognize the significant efficiencies in adopting electronic signatures into the banking process, however, the top 5 key uses that need e signatures are as follows:

5 Key Uses for Banks:

1. Account opening
2. lending
3. Wealth Management
4. Residential Mortgage
5. Commercial banking and Treasury Management

Why eSignature for Account Opening

An Account opening from anywhere and at any time has become a competitive advantage, very few clients would choose to sign and scan documents manually, so offering electronic signing process no longer makes the customer visit the branch to manual signing the document. According to Sr. Analyst, Tiffani Montez at the Aite Group, the majority of applicants abandons the online process and either switch to another channel that enables them to complete the application process remotely.

Below image gives you a step by step example of:

Manual Signature Process VS Electronic Signature Process

Hence, the Electronic Signature Process for account opening improves customers experience by eliminating the need for in-branch verification and signing

Electronic Signature for Lending Process

The Lending Process, in general, requires documentation, signatures, witnesses, id proof’s, etc so, this long process can be frustrating to the customer, and for the banks, it is challenging for them to see where customers are in the signing process (after agreements being sent out on paper or via fax.)

Adopting the Electronic Signature, saves customers time and allows transparency for the banks to see where customers are in the signing process.

A similar case study was shared by OneSpan on one of the 50 largest credit unions in the US, Just a short synopsis, This  largest credit union in the US, turned to cloud technologies to help automate their commercial lending process, the credit union leveraged the e-signature integration between One Span and nCino, and the results were extremely overwhelming, within one year the credit union tripled the commercial loan volume, they reached from 30 to 100 per loans. The bank testified they use to spend around 22 minutes preparing the paperwork, now they have cut that time by 50% with electronic document signing

Enabling remote e signatures in lending process attracts the growing segments of online customers also transforming the lending process with e signature:

1. Cuts the Paperwork’s from days to hours
2. Save huge money on printing and scanning loan documents
3. Reduces the document errors and typos
4. The operation team involved in verifying the paperwork’s can utilize that time to sell more loans

Electronic Signature for Wealth Management

Electronic Signature is an excellent strategy for wealth management firms, it helps investment advisors to save their 80,000 hours yearly by just chasing and fixing mistakes such as missing signatures and data. E-signatures for wealth management business has a lot of advantages.

1. Electronic Signatures for wealth management transforms the client experience
2. Electronic signatures are done within minutes, unlike paper documents
3. It helps the client and the brokers to cut cost for paper, ink, faxing, couriers and overnight shipping.
4. By automating the wealth management processes, the business can lay the groundwork for further expansion of e-signatures to other lines of business.

Electronic Signature for Residential Mortgage Documents

Consumers need the convenience of digital transaction, they are not looking for a paper package to be delivered, when they can easily upload documents and sign online. Signing an application offline composed with documents is extremely cumbersome.

An average online application with e signature may take 24 to 48 hours as compared to 7 to 8 days for paper. In short, automating the application addresses the biggest struggle of the mortgage process

E signature for commercial banking & treasury management

E Signatures for commercial banking and treasury management cuts the time and expense it takes to onboard the services for clients, wet ink signatures take a prolonged process of apply signatures to paper documents received via delivery or print, sign and return the PDF via mail or the doc via courier, with Esignature this process can be done in a minute.

E signatures are rapidly implemented and are easily accessed by any division, so if you want to go digital with e-signature capability, Get in Touch with us