With the proliferation of smartphones, high-speed Internet and other technologies, an increasing portion of daily tasks are moving to the web. Though e-signatures and online banking are far from new technologies, e-signatures are helping to make online banking more accessible and useful. From reducing archiving costs to adding convenience to mobile banking, e-signature services offer numerous benefits to both consumers and bankers.
Here are some of the major ways that e-signatures are improving the online banking experience.
Speeding Up the Banking Process through E-Signatures
In a recent case study by Silanis, it was shown that e-signatures allowed banks to shorten the average mortgage application process significantly. What once took in excess of a week to complete could be accomplished in just two days. Further reductions were also seen in the time required to close the loan application process. This offers benefits to both bankers and consumers in the form of lower rates and increased productivity.
E-Signatures are Redefining Online Banking
E-signatures are also allowing a greater range of features within mobile and online banking solutions. From managing investments and stock portfolios to transferring money, it is now possible to accomplish more than ever. Increased security features, such as transmission encryption and user authentication, improve trust with consumers while providing simplified record keeping and tracking for bankers.
Adding Convenience and Improving the User Experience
With so many daily tasks shifting to the Internet, mobile devices and cloud services, online banking is transitioning from an innovative feature to a requirement for many consumers. By utilizing e-signature services, banks can continue to provide increased benefits to customers and remain competitive. By providing flexibility and convenience through online banking, banks can offer consumers a positive customer experience.
Reducing the Costs of Banking with E-Signatures
With increased legal recognition of e-signatures, banks can digitize many of their common documents, contracts and forms. By switching to e-signatures, bankers can reduce material costs, improve delivery times, increase accountability and streamline tracking for nearly any banking process. All of these benefits result in a fast, convenient customer experience with reduced costs for both the banker and the consumer. This is accomplished without compromising security or increasing liabilities for bankers.
Eliminating Banking Errors through E-Signatures
Many financial forms and agreements are complex documents. It is easy to overlook a signature or required element within multiple pages of information. Should the recipient miss an element on a printed document, it could delay proceedings significantly.
E-signatures and digital documents help to reduce this risk while also minimizing the impact of any errors. Form validation ensures that all sections of the document are completed properly. If further information is required, resubmitting a form to a banker or consumer takes just seconds over the Internet. This allows banking processes to move at a rapid pace without sacrificing accuracy.
As the technologies improve, these services will continue to change the way that consumers interact with their bank accounts, investments and other wealth management resources.