What are the benefits of an electronic signature?
Unlike a wet signature, which typically requires a signer to print out a form, physically sign, and then scan, fax, or mail the firm, electronic signatures require no extra cumbersome steps or channels. Electronic signatures can be completed and sent through a single digital channel, such as smartphone or desktop or laptop. This also means that businesses can conduct more customer-facing transactions remotely.
The ease and simplicity of providing and collecting electronic signatures results in a better customer experience, reduced turnaround time, greater organizational efficiency, and even improved security and compliance in the case of digital signatures. Electronic signatures also eliminate paper waste, contributing to a greener world.
What is the future use of a digital signature?
eSignatures, just like wet signatures, have a large number of use cases. eSignature use cases are poised to become even more widespread in the future as they replace wet signatures. Some of these use cases include sales contracts, vendor contracts, customer forms, modifications to contracts, new employee onboarding, licensing agreements, non-disclosure agreements, loan application forms, healthcare waivers, and much more.
What industries must use electronic signature software?
Virtually all industries that rely on wet signatures would benefit from switching to electronic signature software. Lightico’s eSignature solution is particularly well suited for business-to-consumer (B2C) companies who have large volumes of customer transactions that must be processed quickly. Banking, auto finance, insurance, healthcare, and law are our specialties, though we work with other industries as well.
Let’s deep dive into some of the main industry use cases for mobile-optimized eSignatures like Lightico.
In today’s competitive lending environment, speed and convenience win. Unfortunately, many lenders have clumsy application processes that frustrate potential clients, causing them to drop out. As a result, auto lenders spend days or weeks chasing clients to complete applications correctly, supply documents and sign applications – during which they are losing valuable loans to the competition.
Lightico streamlines the loan origination and servicing processes by making them instant, mobile-friendly and effortless for both customers and agents. Dynamic workflows automate processes to ensure that all ID and supporting documents are submitted and verified, application forms and ACH forms are correctly completed first time and repayment terms are digitally signed instantly. This accelerates processes, reduces errors, removes rework and shortens time to funding –– significantly increasing lending profitability.
Benefits of a mobile eSignature solution for auto finance
- Increased Loan Conversion Rates
- Shortened Time to Funding
- Reduced Touchpoints & Time-Consuming Rework
- Sped-up Document Collection
- Simplified Compliance Processes & Remove Legal Risk
- Improved Customer Experience
- Increased ACH Form Completion
Lightico’s real-time collaboration tools enable financial institutions to instantly collect documents, ID, forms, signatures, consent and payments from any device. This is critical for banks, which frequently employ time-consuming, physical paperwork-heavy processes for relatively straightforward tasks such as account opening and loan modifications.
By switching to a mobile-optimized eSignature solution, banks allow customers to complete their entire journey through a single digital channel. Agents no longer need to waste precious time chasing customers or prospects to complete inconvenient paperwork. And customers are less likely to abandon the processes they start, such as applications and service requests, due to cumbersome requirements. A more streamlined and intuitive front-end experience provides a tangible ROI for banks.
Benefits of a mobile eSignature solution for banking
- Accelerated Customer Onboarding
- Boosted Conversion Rates & Increase Sales
- Decreased Operational Costs
- Improved Customer Experience (NPS)
- Removal of the Burden of Regulatory Compliance
Common banking use cases
- Personal & Auto Loans
- Specialty loans
- Mortgage / Home Equity
- Credit & Debit Cards
- Checking / Savings / CD Accounts
- Retirement / Investment accounts
- Customer onboarding processes
- Loan Deferments, Extensions & Modifications
- Bankruptcy & Probate Processing
- Fraud & Disputes
- Lost & Stolen Cards
- Proof of insurance
3. Higher education
Collecting all required documents, forms and payments towards admissions and financial aids processes are the hallmark of efficient higher education.
Unfortunately, many admissions and aid evaluation processes are hurt by dated and cumbersome processes, which are slow and disjointed. This leads to a higher operating expense, lower completion rates and student frustration.
With Lightico, admissions and financial aid processes are simplified and automated. Admission workflows ensure students fill all forms, complete submissions, digitally sign them and process payments securely and instantly. Lightico helps higher education simplify new student intake, accelerates completion and improves student experience.
Benefits of a mobile eSignature solution for higher education
- Automated & Simplified Processes
- Accelerated Student Intake & Evaluation
- Improved Successful Completion Rates
- Lowered Admission & Aid Servicing Costs
- Delighted Applicants & Increased Community Loyalty
Simple claims processing is the cornerstone of a successful insurance business. Unfortunately, many insurance companies still suffer from inefficient processes that require them to chase clients for documents, evidence and supporting documents.
This endless back and forth drives up operational costs, delays claims processes and leaves your customers and agents frustrated and unsatisfied.
With Lightico, insurance claims are simplified and automated. While on the phone with an agent, your customers can submit all forms and documentation needed to process their claim in real-time and make excess payments instantly from their cell phones. Lightico simplifies document collection, accelerates claims processing and improves customer experience.
Benefits of a mobile eSignature solution for insurance
- Increased completion rates
- Decreased collection times
- Eliminated waiting and chasing
- Improved customer experience
5. Legal teams
Efficiency and professionalism are the cornerstones of a successful law firm.
Unfortunately, many law firms still suffer from slow, inefficient processes that require in-person signatures, faxing, costly overnight mail and back office work to collect signatures, documents and stipulations from clients via fax, mail and email.
These outdated processes and endless back and forth drives up costs, delays processes and leaves clients frustrated and unsatisfied.
Lightico simplifies client-facing processes, so signatures, documents and payments can be collected simply and instantly without the need for faxing, overnight mailing, waiting for emails or in-person meetings.
Clients can submit all documentation and signatures in real-time from any device. Lightico makes customer processes more efficient, so law firms can reduce back office work and focus on more profitable activities.
Benefits of a mobile eSignature solution for legal teams
- Instantly collect ID and verify customer identity required for compliance.
- Share contracts, documents & stips, while speaking with customers on the phone.
- Instantly collect eSignatures on contracts & consent on policy terms and amend policy details in real time.
- Customers complete transactions through secure mobile payments while on the phone with a representative
Lightico brings dynamic, automated in-call workflows to telco companies so that all customer-facing sales and service processes can be completed instantly and securely in real-time.
Telco sales journeys are often a challenge for agents to close and for customers to stick with due to the complicated nature of deals and plans. The result is that deal turnaround times are prolonged and customers are frustrated with the sales calls they experience. The bottom line is hurt via lost sales, added costs, and lack of customer loyalty. This has led telcos to find ways to simplify their processes, and one of the easiest ways of doing so is by implementing an eSignature solution.
In addition to the core eSignature solution, Lightico also offers a visual cart feature especially designed for telcos. This feature allows buyers to have a more natural and visual buying experience by sending the customers a constructed “cart” with all the order specs so they can review before purchasing on a sales call.
Benefits of a mobile eSignature solution for telcos
- Accelerate Sales & Increase Offer Take Rate
- Improve NPS & Customer Retention
- Automate Customer Workflows to Reduce Errors & Variability
- Expedite Service & Boost FCR
- Instantly Complete Onerous Billing Tasks
- Boost Agent Satisfaction and Retention
The bottom line
There are endless use cases for an eSignature solution, both across industries and within industries. Almost all customer-facing businesses will see increased turnaround time, efficiency, and sales by moving away from paperwork-heavy processes and digitizing the front-end.