Why Is E-signature Beneficial For Banks?
Banks have a strong emphasis on customer relationships. Ideally, the customers turn loyal and stay with the specific bank for the rest of their life, granted that the bank continues to deliver satisfactory service.
However, banks are facing many difficulties today with closed-end documentations. Having to come all the way to a bank to sign documents by hand inconveniences both the bank and its customers.
So, in order to eliminate the need for ink signatures, banks can utilize an e-signature solution. eSignature software allows clients to access the services and products they require, without having to complete any physical paperwork.
Being that it is a cloud-based online solution, the document can be sent to numerous parties, saving valuable time, especially when sending service agreements or joint mortgages.
With eSignature solutions, customers feel safe and confident about their details remaining secure and unaltered.
Here is a list of five important aspects on e-signature for banks:
a) Enhancing Customer Relationships
Customers dislike visiting a bank just to sign forms and are also unhappy with any delays in processing. Efficiency is a primary factor when a customer chooses a bank for their financial requirements. With e-signature software, transactions are done immediately and can be processed with speed.
E-signatures help documents get signed at any time, and from any device, providing flexibility for the signer.
b) Error-Free Signing
E-signature software helps to prevent any errors or time lost, which could have happened when signing with ink. E-signature is actually a helpful guide for customers because it directs them to all required fields in a document and won’t let them submit until all necessary fields are filled and the document is signed.
c) Provide Greater Transparency.
Today it has become extremely challenging to know what documents or agreements you have signed on paper and if they are being processed or not. What if all your important documents got misplaced?
With the help of e-signature software, a bank can locate any document on-demand and keep an organized central repository of them.
Accordingly, banks can customize the actions on documents, such as setting reminder emails to the signer or assigning a new signer when someone is out of office.
d) Greater Employee Productivity and Lower Costs.
When a person is applying for a loan or opening a bank account, e-signature software is a flexible way to authenticate and sign any documentation or paperwork. Integrating a software to help build customer loyalty and satisfaction can be much more useful than losing time on administrative work.
Banks can cut costs even more by getting rid of paper heavy processes, including large volumes of manual processing, paper storage, and data re-keying.
e) Competitive Edge
Every customer relationship is vital and the competition for these relationships is fierce. Customers today are tech-savvy and expect immediate replies or feedback on transactions. The online e-signature software can help banks to acquire a competitive advantage in customer service.
Most banks need significant documentation around their accounts or loans. This means that the financial institutions are not just delivering a single document for signing, they provide a significant amount of paperwork to explain each and every document.
By gradually improving mundane and inefficient procedures, banks can enhance their services, and also streamline processes while boosting security. Often the most difficult piece of the puzzle is fulfilling the needs of the customers and their demands. For that purpose, e-signature software can be a great solution for many complex digital banking procedures.
Choosing an eSignature solution, such as SutiSign, can help meet all the requirements of businesses, whether big or small. The solution can easily merge with multiple applications and allows you to sign and upload documents quickly.
Request a free demo to understand how SutiSign can help your business.
