With so many eSignature solutions on the market, it can be challenging to narrow down the options. In order to find the best fit for your institution, it’s important to consider the following questions.
1. Can the solution integrate across all of your existing business systems?
The goal of adopting eSignatures is to enhance your overall digital strategy. Therefore, it is crucial that your chosen solution can easily and universally integrate with the business systems your financial institution already has in place. It is also valuable to know if the solution can process documents across all departments and operating areas to ensure a seamless onboarding process.
2. Does the provider understand your business goals?
Not all eSignatures are created equally. The main difference is with the provider. Do they understand what’s vital to your business? Do they know the ins and outs of your industry? Partnering with a provider who truly understands your institution has several implications.
Having a partner who is knowledgeable about your industry will lend to a more seamless customer service experience as they are aware of the pain points and opportunities for your business. In the same light, the provider can guide the development of their solutions and functionality based on your business goals, steering clear of a “one-size” fits all attitude.
When thinking of the kind of signing experience you want to offer your customers, it is crucial to consider the singing environment a provider offers. Do they solely offer in-person signing, or can you incorporate remote signing in the process? Not all eSignature providers are equipped to provide both, so this question should be part of the consideration process.
3. Does the price match your needs?
The cost of each provider can certainly be a make or break for financial institutions. Again, not all eSignatures are created equally. This is especially true when it comes to price. Every business wants to turn a profit, but there is an issue when the pricing model puts more value on maximizing profit for shareholders than on providing you a great solution at a reasonable price.
For example, at IMM, we offer unlimited transactions at a flat rate, ensuring your bank or credit union is able to fully leverage the solution across the enterprise without fear of exceeding purchased transaction volumes or artificial limits. In any case, it is necessary to understand the difference between each provider's pricing structure before choosing a partner.
4. Will the solution meet compliance and regulatory objectives?
As a financial institution, you need to meet many rules and regulations to stay compliant. When investing in an eSignature solution, you want the technology to enhance your security and compliance initiatives, not hinder them.
Does the solution meet industry regulations and applicable statutes for legally compliant and fully enforceable transactions? The goal of eSignatures is to make your life easier, not harder.
5. Does the solution offer an easy user experience?
When adopting any new technology into your system, you want to make sure that the user experience is seamless. A comprehensive yet intuitive solution will enhance your overall brand experience.
Consumers want convenience. Will this solution allow your customer to partake in an “end-to-end” electronic transaction when and where it’s convenient for them? Another point to consider is can the technology open new self-service capabilities to speed up transactions and limit unnecessary employee involvement.
You want to allow your clients or members to be able to access and sign common forms when they need them without having to contact or interact with internal personnel. If your solution can provide this, you will save time and resources previously necessary for certain transactions.
6. Is the vendor customer service oriented?
Nothing is worse than a company that “ghosts” you shortly after selling its product. With any technology, questions or problems can arise. You want to ensure that the provider has a team in place to go the extra mile for your bank or credit union. Having a team to ensure that all your questions are answered, your solution is operating effectively, and any unexpected encounters get resolved quickly can be a game-changer. Quality and dedicated customer service will help you avoid any hiccups with the technology.
Choosing the right eSignature company for your bank or credit union may seem daunting but asking the appropriate questions before partnering with a provider will save you in the long run. With the many benefits of adopting eSignatures into your digital strategy, partnering with the right provider is the first step toward advancing your digital transformation.
