Documentation is now sent and stored electronically. Since the pandemic, this has been apparent with an increase in social distancing restrictions. Industries such as law have experienced a change since the pandemic, and 63% of legal firms are looking to invest in eSignature tools.
eSignatures are instant, and documentation can be signed via text message from the customer’s smartphone, making the customer experience simple, achieving high levels of customer satisfaction.
What are eSignatures?
eSignatures are electronic data that are freely collected from the signatory. eSignatures use a process that authenticates the signature to certify the document. In addition, digital signatures have features to keep them compliant with laws and regulations and keep them secure. This product eliminates the processes from the supply chain, making the customer experience enjoyable by removing the obstacle of having paperwork. Previously, companies were concerned that eSignatures may not be valid or secure; however, they are now recognized globally and cannot be rejected.
Why should I use eSignatures?
1. eSignatures Are Instant
eSignatures are instant and can be completed in real-time. Using them lowers the risk of losing customers before completing sales, as documentation is accessible and can be signed instantly. Additionally, using instant eSignatures means that customers have the ability to sign documentation from their phones via a text message.
eSignatures are being used frequently in more industries. Furthermore, during the pandemic, eSignatures became more significant than ever. With a high demand in businesses using eSignatures with stakeholders working from home, all documentation must be signed off instantly. In addition, mobile eSignatures are time efficient as the client has instant access. Whereas competing products use PDFs which are time-consuming for consumers to download and sign.
The pandemic has led to a demand for remote technology such as eSignatures. According to McKinsey, 43% of consumers have shifted to working remotely and 58% of consumers globally have digital interactions since the pandemic. This results in organizations spending on data protection due to these changes in B2B and B2C companies. However, companies that used eSignatures have faster completion rates, as this is integrated into the business's website. When put into practice, one of our clients, GlaxoSmithKline (GSK), saw a significant increase in their completion rates and an 8 minute turnaround in the signature collection.
2. eSignatures Are Legally Recognized
Lightico’s mobile eSignatures are aligned with the ESIGN Act of 2000. Consequently, signatures are compliant with laws and regulations globally, giving them the same authority as physical signatures. eSignatures are secure and minimize the risk of fraud, whereas physical signatures can be counterfeited.
Many eSignatures are Advanced Electronic Signatures (AES). This means that the signature is uniquely connected to the user who signed it.
3. eSignatures Are Secure
eSignatures require unique identifications to ensure that the correct user has received the documentation, minimizing the risk of fraud. After consumers sign the documentation, they are stored in a secure CRM. In 2020, there was an 80% error reduction when eSignatures were introduced. Introducing digital tools to your business means that the supply chain is shorter, faster, and cheaper, giving customers more time to focus on other areas of the business. Some organizations show an 85% increase in productivity.
eSignatures are tamper-proof and should be prioritized in your organizations to make your businesses and customers feel secure when signing documentation. When using eSignatures, to ensure documentation is safe, a third-party cloud should be used to verify that you complied with the regulation.
Takeaways: eSignatures Should Be Prioritized
Making eSignatures a priority to your business ensures that the customer journey is fast and straightforward, converting leads into customers without the waiting time of the physical signature. eSignatures are environmentally friendly; printing and scanning are not just time-consuming and tedious, they’re making your carbon footprint larger. UNFCC agreements are encouraging businesses to make changes to be sustainable.
Therefore, creating a long-term digital strategy will aid your organization, customer, and the environment. eSignatures are now legally recognized, industries such as banking and healthcare are using this product for faster digital completion. The pandemic has reinforced the idea of digitizing businesses, being the way to move forward, preparing if another financial crisis hits, all documentation will be secure, and businesses would still function as expected. To learn more about Lightico's eSignature, eForms, document collection, visit lightico.com.
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The most helpful thing about Lightico is the fast turnaround time, The upside is that you are giving your customer an easy way to respond quickly and efficiently. Lightico has cut work and waiting time as you can send customer forms via text and get them back quickly, very convenient for both parties.
"Great Service and Product"
I love the fact that I can send or request documents from a customer and it is easy to get the documents back in a secured site via text message. Our company switched from Docusign to Lightico, as Lightico is easier and more convenient than Docusign, as the customer can choose between receiving a text message or an email.