Digitally signing business documents is becoming more prevalent as industries realise the efficiency and productivity benefits.
We have discussed the business benefits for multiple internal departments, but there are also many advantages for B2C companies.
A recent report revealed 77% of consumers are comfortable with signing documents online. This confidence in e-signatures is great news for businesses where the approval process is lengthy and involves multiple parties.
If consumers are comfortable electronically signing, documents can be approved faster and minimise in-person meetings to sign, reducing costs and freeing up time to focus on other tasks.
Justin Guin, Market Research Associate from the online technology reviews firm Software Advice explains:
“Finance is the most common industry for e-signature use. Over a third (39%) of consumers indicating their most recent encounter with e-signature software was in the finance space. That’s twice as much as the second-most popular space, human resources. E-signature software is great for enabling employees (and even applicants) to officialise documents without having to go back and forth with physical copies.”
For HR departments, the ability to electronically sign contracts and documents is a great time saver. Tracking the document between parties prevents potential hold-ups and helps keep employment start-dates on schedule.
A high-security industry like finance has adopted e-signatures to provide additional assurance to customers. But it must be noted that basic e-signatures do not provide the same legality as traditional paper and ink signatures – an advanced or qualified e-signature may be required for these scenarios.
With mortgages, employment contracts, financial agreements and other important documents both parties want assurance that their electronic signature is valid,legally binding and cannot be altered. This prevents potential forging or fraud and provides evidence of who signed and when.
Find out about the different types of e-signature here.