The next generation of eSignatures are created for the modern-day consumer. These eSignatures are instant and customers can sign documentation in real-time, making it a fast process for both the business and customer. All eSignatures encrypt the customer's signature into a code to demonstrate consent. They guarantee that customers’ data is secure and compliant with regulations.
However, these eSignatures are instant and customers can sign documents from their phones, making the customers’ journey quick and simple, rather than having to download an application or PDF. As a result, companies that have switched to using next-generation eSignatures have achieved a 90% completion rate after the transition.
Why should you incorporate eSignatures into your business?
According to new research, businesses that use new technologies could capture a 30% increase in revenue. In addition, digitizing a company by introducing eSignatures ensures stability and security for both the customer and the organization. Introducing digital solutions eliminates legal risk and human error by streamlining all tasks.
Businesses can see significant business benefits by switching to eSignatures. Here we’ll discuss a couple of key areas that are positively impacted by eSignatures.
eSignatures gained legal status when the ESIGN Act of 2000 and Uniform Electronic Transaction Act put in place, now gives eSignatures the same rights as handwritten signatures. These acts ensured that eSignatures were compliant with all laws and regulations, giving them the same rights as handwritten signatures, so the documentation cannot be denied. eSignatures being compliant means that there is less room for error with substantial documentation. With eSignatures being globally recognized, and since the pandemic more documentation is now eligible to be signed digitally. For example, tenancy agreements in the UK can now be signed electronically. eSignatures can be easily integrated into existing workflows, and getting consent from consumers is faster and requires less effort with eSignatures.
Using eSignatures enables a digital copy to be stored in a CRM and is tamper-proof, giving both the customer and organization security. It is advised to use a third-party source to ensure that data is secure and the documentation is compliant with the local laws and regulations. eSignatures require ID verification, making it difficult to alter the eSignatures. As they are time-stamped and customers will receive a one-time password before one can sign, to reduce the chance of fraud. When the digital signature is provided the software creates a mathematical code to represent the signature.
Ensuring that the eSignatures are secure when building the product into an existing workflow means that it has to comply with the public critical infrastructure (PKI). The PKI is a software that is needed to store digital certificates and manages public key encryption.
Using eSignatures shortens cycle times and reduces customer touchpoints. eSignatures are instant, with customers signing documents in real-time simply via a text message. eSignatures lower the risk of businesses losing customers during the sales process. As a result, there is no wait time compared to using physical signatures, which are time-consuming, as one has to sign, scan, and send back.
When signing documents requiring multiple parties to sign using eSignatures solutions, individuals can sign instantly without waiting for the other parties to sign. Reminders will be automatically sent out to the signatories, and the status will be available to all parties, ensuring a faster turnaround time. Moreover, using Lightico’s platform is agent-guided, meaning that an agent can guide the customer through the process, so there is less room for customer error and confusion and faster digital completion is achieved.
4. Improved customer experience
96% of insurance executives have recognized that a personalized customer experience (CX), is one of the top five priorities. 80% of consumers said that convenience, speed, and helpful advice matter to them. Businesses that meet the customers’ expectations by using digital tools such as eSignatures have a better response rate.
eSignatures are instant, as forms can be signed via smartphones, making the process quick and straightforward. In addition, using eSignatures has improved the customer experience as businesses do not have to constantly follow up with the customer, as they have instant access to the documentation. Therefore, customers have time to build rapport with the organization, resulting in customer loyalty. Since the pandemic, more organizations had to scale up on IT support, resulting in 89% of companies taking this action to promote a smoother customer experience.
5. Improved employee experience
eSignatures are instant and are sent out directly to the customer, therefore this does not require employees to constantly follow up with the customers. This gives employees more time to focus on aspects that are key to the business. In addition, the pandemic has reinforced the fact that employees can still work efficiently remotely. Therefore incorporating digital capabilities into the workflow with tools such as eSignatures cuts cost, simplifies the supply chain, and removes errors.
6. Environmentally friendly practices
Digitizing contracts and switching to eSignatures, are environmentally friendly as they comply with global climate change agreements such as The Paris Agreement, 2016. This agreement is a legally binding international treaty on climate change, with 196 countries participating. Though making these small changes of using eSignatures will help this agreement to reach its target, before CO2 emissions reach their peak. With industries such as finance, legal, and healthcare having to send out hundreds of contracts each day, this won’t only make the workflow more efficient, it will also cut the organization’s carbon footprint.
Eliminating the high cost of paperwork makes it also cost friendly. Digitalizing contracts can save $15 per transaction, increasing income or resources for investment and expenditure in other departments. Using digital tools can also close deals faster as clients might be more likely to sign with an organization if they have high levels of CSR. Generation Z, who have/ will be entering the workforce, soon value businesses with environmentally friendly values. Consequently, incorporating digital tools into a business’s long term strategy will secure future sales. The advancement of technology has made going paperless effortless and the pandemic has reinforced this, as companies had no choice but to run organizations remotely.
The Takeaways: Use eSignatures For Immediate ROI
As eSignatures are now legally recognized, making them compliant with laws and regulations in the USA, UK, and EU, means that they are available to more organizations. The security of eSignatures being stored in a CRM will give the client and organization confidence in using the product as there is less chance of documentation being lost.
Customers who have used eSignatures have had an improved experience compared to organizations that have not introduced digital capabilities. This is by the convenience and speed of signing documents. Hence, employees have more time to focus on building relationships with the customers and focusing on other areas of the business. Additionally, with global climate change agreements put in place, this will aid businesses’ to becoming more favorable with customers as they are using a sustainable product. Though also impacting the organization's turnaround time and shortening its supply chain. To learn more about Lightico's eSignature, eForms, document collection, visit lightico.com.
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