eSignatures

eSignatures: Benefits for Your Financial Institution

Here are the top benefits of adopting eSignatures for your bank or credit union.

eSignatures
Michael Ball

Michael Ball

Michael is the Senior Vice President of Markets and Strategy for IMM.

Although not a new technology or available resource, the demand for eSignatures has been steadily increasing within the financial sector during the last few years. The pandemic was a strong contributor to additional growth and adoption, quickly driving the need for an eSign solution from a nice-to-have to a must-have.

While there are some apparent perks associated with eSign, here are the top benefits of adopting eSignatures into your digital strategy.

An elevated consumer experience  

Modern consumers have very high expectations when interacting with brands. Advancements in technology have made our lives easier, but they have also raised the bar for what consumers require.

eSignatures allow customers the convenience of easily signing their documents on their own time and in their own environment. Customers no longer have to enter a branch to complete a transaction and are allowed the comfort and ease of conducting these activities whenever and wherever they please.

Gone are the days of limiting your customer pool based on location. Clients no longer have to make an appointment or visit a branch to sign a loan or account documents with this digital solution. eSignatures remove the geographical barriers that are typically in place when managing, preparing and signing documents. Your financial institution has the opportunity to grow your customer base and reach new prospects that previously would have never been feasible or possible.

Faster and safer processing  

Speed is vital to today’s consumers, and instant gratification will only increase. With the adoption of eSignatures, transactions that formerly took days or weeks to complete can take only minutes or hours to be processed or finalized. Your financial institution will be able to handle more transactions without adding additional resources and eliminating bottlenecks through automation.

People want things quickly, but they don’t want to sacrifice their security, especially when dealing with finances. Luckily, neither processing time nor security is at risk with eSignatures. This digital solution actually makes transactions safer and more compliant than traditional signage.

Increased operational efficiency 

Financial institutions are often looking for ways to achieve operational excellence while remaining compliant. With eSignatures, employees can close transactions faster and with fewer resources than traditionally. This technology solution allows increased staff productivity and more time for employees to focus on more complicated and pressing issues.

Your employees are human, which means they can make a mistake at any point. eSignatures use automation to reduce the risk of human error, adding another round of fact-checking to your documents. This cost-effective approach to financial transactions creates a dynamic consumer experience and employee experience.

There’s no denying that eSignatures have a lot to offer financial institutions. With the right partner by your side, you can easily accelerate your digital transformation and reap the benefits for your business and customers.

Interested in learning more? Schedule a demo today.

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