Customer’s Top Three Questions about E-Signatures in the Banking Industry
From shopping to transferring money, paying bills, everything is digitally possible now. Then why not you can sign documents digitally? With the invention of the e-Signatures, people are now finding it the easiest mode to sign documents from the comfort of their homes. After seeing the people’s interest, the banking sector has included e-Signatures in its transactions.
When customers prefer to eSign the documents at the same time certain questions round up their mind. As banking dealings involve huge transactions, so the worry of money loss or data leakage is normal. Here we will list the top three questions that people generally ask about doing online signature in the banking sector.
- Does my personal information remain completely secure when I eSign documents?
When in question is the banking transactions, customers are often worried about their bank balance security. This is quite normal. Here if they listen about doing signature online to proceed with the transactions, they will ask whether their information is protected.
As the banks deal with highly sensitive information, so data breaches pose serious threats. But you can maintain safe and secure transactions with eSign Genie. It provides integrity and security when you eSign documents.
So, financial institutions protect the security of their customer’s accounts even while using eSignature technology.
When customers sign the documents, these are verified by the different secure technology options. Moreover, eSignatures also use valid techniques to prevent any signature or document forging once it gets completed after signing.
How are eSigns traced?
Audits of the person, who eSign documents, is done throughout the complete transaction. From tracking their machines IP address to the date and time of their signature, every activity is tracked minutely to avoid any transactions done with wrong intentions. So you can easily look into all the actions that are done to the document.
Usually, it is not possible due to all the encryptions and security measures. Somehow if someone manages to make some unauthorized change to your signed document, a security alert is sent immediately. This helps in preventing any fraudulent activity. Moreover, you will also get a tamper-evident seal that restricts any future editing capabilities. This keeps you at peace that the integrity and validity of your documents is maintained completely.
2. How eSignatures save customers time?
A study by Ombud Open Research says that when eSignature solutions are implemented, the average turnaround time reduces to 80 percent. Banks need to handle an infinite amount of paperwork, so applying any technology that pushes the paperwork is like a win-win situation for both customers and staff.
As banking persons spend less time sorting papers, so the process automatically fastens. It will ultimately save the time of both customers as well as banking staff. Moreover, when customers eSign documents, there is no requirement for them to personally visit the bank to sign any documents like loan applications, etc. This frees them to invest time and energy in some other tasks.
We would also like to add here that as banking personals tasks become sorted with the eSignatures, their work pressure reduces. As they can work in a stress-free and efficient working environment, so they can dedicate more towards providing excellent customer services.
Moreover, eSignatures also eliminates the requirement of printing, scanning, or mailing any documents. This will save paper and thus protect the environment.
How eSigning Documents guarantee faster delivery?
Naturally, the delivery of eSigned documents through email is faster than physically signed documents sent through the post. As long as the concerned person’s mailbox is not full of the mails, delivery is guaranteed. This is the major advantage of eSigned documents over paper mail. At times when the customers require papers at the earliest, eSigned documents are of great benefit at that time.
Moreover, customers will also enjoy signing the documents from the comfort of their home or bed. All that is required to eSign documents is a device with internet connectivity. Software like eSign Genie is compatible with all types of devices. These include tablets, computers, and even smartphones. There is no requirement of any identification card or any other external device.
3. What to do if someone tries to sign at my document?
When you use eSignature technology, maintaining your privacy and identity is extremely important. But here, if you think that eSignature is not safe, then it’s not the case. Do you know that before electronically signing any document, electronic signature software asks you to verify your identity first? Once your identity is validated, only then you are allowed to sign the document.
Two Identification Methods
Not only once, but your identity is verified twice. Your identity can be verified with a one-time passcode that you receive on your registered mobile number. Unless you authorize someone else to use your phone, your identity can’t be forged.
The second method is the authentication done with a knowledge-based method. Here the signer needs to answer certain questions. If the information matches with the bank records, your authentication is verified.
These two identity verification methods rule out any chances of unauthorized access to your sensitive documents
Here if you are using a paper document, it can easily be altered. But forging e-signatures is not possible unless your security questions are not shared with someone else. Moreover, the risk of losing digital documents is near negligible in comparison to paper-based records.
Signatures are a vital part of the banking sector. If the banks deal with papers and signatures even in this digital world, they won’t be able to work with full efficiency and can’t even give an excellent customer experience. But by incorporating digital signature into their system, they save their lots of time and also enable them to provide instant services to their customers.
However, if customers are concerned about their security, then the above-discussed questions will surely clear their doubts. These are the common questions that customers usually ask about e-Signatures in the banking sector. As you now know, the answers you are ready to keep your customers satisfied.