E-Signatures: Here to stay? Or on their way out?

Digital transformation has been on the minds of organizations now more than ever, and the onset of the COVID-19 pandemic has undoubtedly been a trigger. Digitalization of operations has been significant in providing numerous advantages and facilitating the digital strategy across various industries such as healthcare, banking, insurance, automotive, and more. For example, digital solutions such as electronic signatures or eSignatures provide users with a platform for remote online signing while delivering enhanced security and value in the customer journey.

Today, esignatures are commonplace among businesses looking to simplify their operations and make documents easy to access. Additionally, the impact of global governments moving towards legitimizing online signatures has been the final push to persuade more and more business leaders to go the e-signature way.

Businesses have saved between 55%-78.62% in operational costs by migrating to eSignatures.

Among the many benefits of online signatures, here are a few worth mentioning:

1. E-Signatures significantly improve efficiency, speed, and productivity, regardless of industry and business size.

2. It instantly makes users go paperless and reduce their carbon footprint.

3. Document loss, theft, destruction, and other such risks are mitigated by moving the process online.

4. The cost benefits of going paperless and digitizing document workflows are immense. It’s not only about cutting paper costs; fuel, infrastructure, printers, scanners, delivery charges, etc., all make up a big part of a company's budget.

5. Using digital signature solutions provides signatories with a robust and secure platform to upload, eSign, and exchange sensitive business documents, thanks to inherent security steps.

Electronic signatures have come a long way since their inception, from integrating new features for collaboration to adhering to the latest electronic signature laws to being legally compliant. Cryptography protocols known as Public Key Infrastructure (PKI) protect the eSignature and the information within digital documents to prevent the probability of fraud. In addition, two-factor authentication and real-time mail trails have introduced transparency, adding more trust to the process.

The introduction of esignatures has eliminated the slow signing process and will find more use cases as industries adopt new technologies. Here are some trends that can push its use in the future.

Trends that can Shape eSignatures

• Contactless Technology

  Contactless technology has gained precedence since the COVID-19 pandemic. Recently, self-service stations at Melbourne airport have implemented contactless technology like facial recognition to reduce waiting in lines and ensure frictionless identity validation. Integration of the technology in eSignatures can enhance their security by a considerable degree.

• Smartphones

  Smartphone usage is at an all-time high due to a wide variety of phones, easy access to finance, and the evolution of communication networking technologies. Using smartphones to sign essential documents by users will provide ample scope for eSignatures.

• Payments

  Electronic signatures can be used by businesses in the future to gain the consent of users to enable payments and transaction receipts. This can also provide a smooth signing experience to users while reducing the customer acquisition rate.

• Integrations

  All online businesses can benefit by using application program interface (API) integrations. It can be used in validating online transactions and automating forms and agreements.

• Supportive Regulations

  Electronic signature laws have been amended and adapted to customers' changing needs. Most countries legalizing online signatures and giving them the same legal standing as handwritten signatures will encourage various technological advances.

• Device-happy generation

  With every generation, we move towards complete digitization of even the simplest of tasks. It is only natural that the coming wave of business leaders will take to electronic signatures like fish to water.

Two-thirds of businesses using e-signature only adopted it in the last two years.

Adoption Challenges of eSignatures

• Technical barriers - The high technical requirements of electronic signatures and lack of trusted service providers to act as a third party between stakeholders can pose a challenge to fearless adoption.

• Lack of accessible guidance – There is a deficiency of guides to help organizations navigate regulatory hurdles and electronic signature laws.

• Tedious signing process - The signing process can be laborious for users unfamiliar with it. Even a simple digital process can seem daunting for people who aren't tech-savvy.

• Cost Concerns – The common belief is that even if one were to think about going digital, it would surely be more expensive than legacy methods. This is simply untrue.

Also Read: The E-signature Market in the Philippines: A Broad Perspective

The eSignature market

According to the reports of Business Wire, the worldwide e-signature market could potentially reach a total value of $5.5 billion by 2023. The rollout of government laws to help ease conducting of business and improve customer experience can drive the demand for eSignatures. In addition, the expectation of enhanced efficiency,adherence to legal compliance, and streamlined workflows are various factors that can push the market to exhibit a 20.6% CAGR over the forecast period (2022-2032). The focus of governments to minimize the use of paper and shift to a paperless workflow can be one of the most significant deciding factors of adoption. In addition, the digital transformation of processes undertaken by various industries can also drive market growth.

How DrySign Helps

DrySign is an eSignature solution that allows users to sign any document online in seconds without the mess of papers, printers, scanners, etc.

• Better Customer Experience

  Customers need a better experience while signing onto new products and services. DrySign can help companies achieve this by simplifying and streamlining all document workflows like contracts, consent forms, agreements, and letters allowing customers and employees a seamless, hassle-free experience. This attracts the digitally savvy who prefer working with truly digital businesses in their operations.

• Improved Speeds in Signing

  Contracts, forms, and documents can be signed quicker than ever using DrySign. A client can sign a form at his convenience from any location and at any time.

• Low Error Rate

  DrySign can help users reduce error rates by up to 90%. Customers won't ever miss out on signing a page because the document is marked with defined areas and specific instructions.

• Reduced Expenditure

  Adopting digital signatures will reduce the expenditure on paper, materials such as inks, and maintenance costs of printers and scanners.

• Increased Productivity

  DrySign improves the productivity of any industry professional. As a user, you can track all your documents, whether signed or pending, etc., leading to efficient decision-making. Notifications and reminders allow you to fast-track your processes.

Conclusion

Documentation and workflows are integral to the success of any business. Hence electronic signatures take on the role of becoming a much-required part of the industry today. Contactless tools, digital workflows, increasing use of smartphones, and remote working are all likely to make eSigning a critical tool for organizations. Secure your future with the best electronic signature by switching to DrySign.

Source: Google.com | webinarcare.com | financesonline.com | futuremarketinsights.com

DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.

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