A road to Digital Success in Banks
The eSignature market across banking, insurance, and commerce has evolved. Studies show that at least 15% of revenue is spent on paper & paper-based processes. Meanwhile, according to a 2017 Forrester study, the market for eSignature software and services has been expected to grow at 60% percent CAGR between 2015 and 2020 by crossing 90 million transactions.
Research shows that digitization efforts are continuing to steadily grow. As these efforts mature, banks are realizing the benefits from digital processes; ranging from customer experience to retention, compliance and productivity. So, it’s no wonder financial firms are seeking to extend these benefits across every business line and channel.
An electronic signature platform has the flexibility to accommodate the needs of any business process – whether it’s high volume, highly regulated customer-facing processes or simpler, lower volume internal and B2B processes. To keep up with customer demands, financial firms must adopt innovations that automate and enhance their processes safely. Customers expect banks to implement modern technologies while remaining secure and reliable.
MSB enables banks to safely speed up their processes including account opening, credit card applications, or obtaining home equity finances. For example, a banking customer might initiate a loan approval application from her mobile phone, using a digital signature. The entire application then moves through the digital process and returns to the customer for execution—all without going to paper. MSB helps customers accomplish many of their everyday banking transactions remotely online or through a mobile device. Eliminating the errors and inefficiencies of paper in these processes removes all the manual work that restricts bankers from spending more time with their customers.
MSB is used by businesses to create an environment that reduces paper and storage costs while saving time by eliminating the hassles of managing paper. Digitizing the manual processes will help financial industries to generate a document for signature quickly, and send it directly to the right signers, and use tracking features to speed signature retrieval. Mobile competencies further accelerate signature cycles by allowing traveling signers to sign from any device quickly, and security features ensure sensitive data is protected.
Employees can use the time saved on document generation, negotiation, tracking, and storage to focus on higher value tasks. Eliminating the manual paper process increases efficiency and can also onboard customers outside the branch. MSB gives financial firms a competitive edge in the market. Visit our solutions page to understand more about how to digitize and automate your Banking processes.