Financial institutions are currently seeking ways to improve their customer experience. With increased competition, a shift in mindsets around banking and the desire to constantly advance the customer experience, many banks find themselves trying to “keep up with the Joneses.” So, how can banks modernize their strategy to appeal to a wider and more current audience? Employing modern banking tech, like eSignatures for account opening, is a simple way to easily meet this need.
The traditional financial landscape that showcased banks on top is changing, and competition for banks is at an all-time high. Banks are no longer only battling other banks or credit unions but now have to stand out from fintech and nonbank (neobank) challengers. According to CB Insights, global fintech deals and dollars reached record highs in 2021 and are only expected to grow within the coming years. Neobanks, or “digital-only” banks, are growing in popularity. By conducting all banking services online, neobanks are not hindered by traditional banking technology or costly physical branches.
Nonbank challengers and emerging fintechs are not the only threats to the traditional banking ecosystem. We are seeing a shift in the way people think about banking. Open banking and Banking-as-a-service are both becoming more attractive to the modern consumer. To stay competitive in today’s society, banks must be willing to adopt technology, like eSignatures, to help push their digital initiatives, improve their customer’s experience and streamline outdated business processes.
Incorporating eSignatures into your bank’s digital strategy will allow your institution to complete transactions faster and with fewer resources while moving your bank into a secure, end-to-end electronic transaction processing environment. In fact, banks who adopt eSignatures see approximately 80% of electronic documents signed within a day, a majority actually being completed within a few hours. “Fully digital transaction and disruptive to the experience” without e signatures any attempt to do online account opening or online digital
As technological innovation continues, consumers are growing accustomed to the ease and convenience these advancements bring. According to Forbes, most Americans (78%) prefer to bank digitally, and contrary to popular belief, it’s not just younger generations. An international poll found that 90% of consumers over the age of 60 have used online banking for the first time during the pandemic. While the pandemic may have jumpstarted this shift towards digital adoption, there is no denying that banking tech, like eSignatures, offers an elevated customer experience.
With eSignatures, customers no longer have to travel to a branch to sign critical or even routine forms. They have the convenience and option to sign whenever and wherever they want. eSignature technology can also be applied to open new self-service channels. For example, customers can access and sign documents like stop payment requests or change of address forms when they need to without having to contact bank personnel for assistance. The flexibility that eSignatures provide for the customer will present an improved user experience.
When we talk about an elevated user experience, we aren’t just speaking about consumers. Your bank and your employees will also benefit from the use of eSignatures. The technology mandates that consumers sign in all required fields in order to complete the signing process. The automated system mitigates costly and embarrassing errors associated with employed managed processes. Final documents, along with relevant audit trails, are automatically indexed, categorized, and filed securely, removing any potential questions about the enforceability of eSigned documents and protecting you from questions around the authenticity or legality of the transaction. Your bank will experience innovation across the entire institution and increased workforce productivity, all while making it easy for employees to close transactions quickly.
To compete in the modern financial space, enhance customer service and develop a more effective workflow, it’s essential to consider incorporating eSignatures into your bank’s tech stack. IMM is the only provider on the market designed exclusively for the financial industry. Schedule a demo to learn how our cutting-edge solutions can accelerate your bank’s digital transformation.
