Electronic signatures: The next step in your digital transformation

Over the last several years, it has been my pleasure to be involved with customers throughout every stage of their digital transformations. Some have only begun to dip their toes into the waters, while others have wholeheartedly embraced content services.  

I’ve noticed that one of the most crucial steps where organizations become hesitant to leap forward is the idea of electronic signatures. But why is that?

Is it because an in-person physical signature sounds so simple? Or is it because we truly don’t comprehend the aggregate cost of all that paper? 

Paper isn’t easy

Let’s address the first thought. Is an in-person signature really so simple?

For some signers, sure! For others, it might be a difficult task due to scheduling and transportation. Regardless, for the foreseeable future, in-person signing isn’t going anywhere.

That doesn’t mean you still need to print all that paper, organize it in folders, put tabs where the signatures are required, and then wait for the signers to arrive at the precisely appointed time. Most, if not all, of the electronic signature vendors out there have added features that allow in-person signing directly on a signature pad that integrates with leading content services platforms.

In this case, as opposed to paper, you easily ensure you’re managing documentation in adherence with the latest regulations. And you make sure you don’t miss any needed signatures, which would mean your customer would have to come all the way back to your office.

Paper isn’t secure

Electronic signatures are infinitely more secure, according to the Department of Homeland Security.

Meanwhile, the same software that allows remote signatures on a beautiful Bahamian beach can also facilitate the painless, easy electronic signature in a small town office.

Paper isn’t cheap

Now let’s talk about the cost. Quickly printing three or four pages for a signature sounds small (and cheap) enough, but what does that truly add up to?

A mere 10,000 pages per year equates to almost £115,000 ($139,000 U.S.), according to SigningHub. And let’s be honest, how many packets are only three or four pages?

Exactly.

Remember the last time you signed mortgage paperwork? I do and I think the cramp in my hand just started up again.

Imagine how much money you could save if you did away with the wasteful and unnecessary stacks of stuffed manila folders that eventually sit in a warehouse.

By the way, is that warehouse secure? Do you have backups in case of a natural disaster? Or an effective way to find anything?

In today’s world, the customers interested in your financial products are looking to find the simplest and most straightforward way to get things done. The hassle of planning yet another visit and the runaround needed to corral signers just doesn’t suit our modern pace of business.

So take that next step. Give your printers as well as your AP and legal departments a break. And save a few trees along the way.

Cut the paper.

Marc Brown

Marc Brown

Marc Brown is a financial services business consultant for Hyland. His goal is to drive the financial industry to peak performance by reducing fraud and waste while improving customer service.

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