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E-signatures essential for the anywhere economy

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It’s finally time to go paperless. The pandemic has forced organizations to change the way they work. Tedious paper and in-person processes are out. Digitization and e-signatures are a must.

Now, the ability to do business remotely is a necessity, said David Gaudio, Senior Content Writer at OneSpan. “The anywhere economy is here to stay,” he said. “E-signatures have emerged as an essential technology that helps to digitize manual processes.”

Customers will have a better experience if they can sign anywhere, anytime and on any device, said Gaudio. Eliminating paper processes also improves business productivity and efficiency. That’s why an e-signatures solution is an important element of digital transformation, he noted.

Streamline processes in any sector

Many banks and other financial institutions have already moved their services online.  For example, customers can e-sign applications to open accounts or to make insurance claims. E-signatures are also being used in health care for patient consent forms.

There is significant potential to improve human resources and sales processes, said Gaudio. Human resources teams can save time chasing employee signatures for the onboarding process and code of conduct forms. In sales, the signature process on contracts can be automated to shorten the time to close the deal. “If your sales organization is conducting business using paper, chances are your sales cycle is long and your sales team is occupied with paperwork instead of customer relationship activities,” Gaudio said.

Extra advantages

Implementing an e-signature solution increases efficiencies throughout the administrative cycle. For example, the OneSpan solution integrates with applications like Salesforce or Microsoft 365 so that documents can be sent without leaving existing systems. It also uses a simple dashboard to make it easy to track which documents are awaiting signature. Automatic reminders can be set up to ensure that signatures are obtained in a timely manner.

The solution improves security and compliance in document handling as well. It offers a range of identity verification and authentication options to ensure signers are who they claim to be before providing access to documents, explained François Leblanc, Director of Technical Sales with OneSpan. “It can even leverage third-party identity providers, like Equifax,” he said. From a compliance perspective, the solution provides digital audit trails to show the exact steps the signer took throughout the signing process.

The solution can be white-labeled for any business to ensure a consistent look and feel with its corporate persona. The entire process is very straightforward, said Leblanc. Customers can easily access and complete the document signatures on their mobile devices.

Getting started

While many organizations initially adopt e-signatures for a particular use case, it’s important to think about the big picture, said Gaudio. As organizations began using it for customers as well as business-to-business transactions, the volumes increase exponentially. “The e-signature solution you choose must be able to scale across the organization,” Gaudio said.

As more customers begin to use e-signatures, it will lead to more trusted transactions and a better customer experience, he said.

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