e-Signatures for Financial Services
Financial services providers and banks are continuously improving their business processes
by digitisation to provide a better customer experience with improved compliance.
Fortunately, an electronic forms solution that utilises digital signature technology
provides a highly secure, legal, and compliant means to automate transactions that require the customer’s signature.
However, these are not the only way that electronic forms and digital signatures benefit financial service providers.
Increased security
Firstly, a digital signature offers increased security.
This is due to the unique identifying security and biometric data
in a digital signature remain permanently embedded within a document.
In this way, the authenticity of the signer and the integrity of the document
can be verified. For example, if the document has been altered after the signature,
verification of the signature will fail. In other words, it indicates an altered document.
Verification of digital signature encryption technology is facilitated
via the use of Public Key Infrastructure (PKI). This is because verification of a
signature with the use of PKI technology provides a high level of assurance that a
specific signer signed a particular document.
Productivity
With electronic forms and digital signatures, consultants and advisors can spend more
time building relationships with customers and less time struggling with their administrative chores.
It takes so much time to find the correct forms, prints them, gathers the customer‘s information,
explains where the customer has to sign, collate and photocopy the documents, and then scan them back into a digital format.
Electronic forms and digital signatures help consultants and advisors to focus on their higher-value activities with customers.
Global Legal Compliance
We offer electronic forms and digital signature solutions that comply with international standards
as required for privacy, data protection, and digital signature compliance.
Every year more and more countries around the globe are starting to accept electronic forms
and digital signatures as legally binding with an understanding that the security protocols
underlying these solutions provide a high level of assurance and are in compliance with regional
and international standards.
Cost-Effectiveness
Businesses are increasingly converting their existing manual paper-based processes to paperless ones.
Due to traditional paper-based processes costing around 10 to 20 times more than their electronic alternatives.
Using paper documents requires additional capital and maintenance costs. Because courier services,
printing machines, filing and storage space, all incur extra costs. Additionally, Electronic documents
help financial institutions to eliminate errors such as missing customer data. Documents with intelligent
workflows ensure that all required data is captured before signing off. After the process is completed,
the data and signatures have been collected.
Financial service companies can also replace the archaic signature cards used for comparing customers’
signatures with digital signature solutions that verify a customer’s signature without the need for a
consultant to manually verify the signature.
Customer Loyalty
The use of electronic documents and digital signatures provides an easy, convenient and accessible experience. For this reason, these are all qualities that build lasting relationships. Firstly, financial institutions that use digital onboarding processes allow customers the freedom to choose how and where they will transact. Currently, customers can elect to complete an application online or visit a branch for a personal touch with a consultant. Financial institutions have to ensure that they are catering to any interaction that a customer might prefer at a given moment. For this reason, the key here is to enable the customer to decide.
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Conclude (Pty) Ltd
Johannesburg
South Africa