5 Reasons to Invest in an Electronic Signature Solution

Instead of using paper forms to support customer transactions, industries are implementing eSignatures. eSignatures can be completed instantly and sent through a single digital channel such as a mobile phone, laptop, tablet, or desktop. This eliminates the need to scan, fax, or mail paperwork with handwritten signatures. As a result, signing processes are much easier and faster. With a more simple and convenient way to provide and collect signatures, eSignatures allow for reduced turnaround time, greater efficiency, and improved security and compliance, all while improving the customer experience. Multiple industries such as banking and finance, insurance, healthcare, pharmaceuticals, and government all rely on eSignatures to better their digital experiences. As a matter of fact, 81% of business users believe eSignatures are important when it comes to daily security compliance. With so many industries making the switch from paper-based signatures to eSignatures, they are just becoming more and more popular. In this blog, we will discuss the top five reasons to invest in an electronic signature solution.

How Lightico’s Electronic Signature Solution Helps

In 2019, Lightico and Happy State Bank in Texas partnered so the bank could digitally transform and improve efficiencies. Since then, Happy State has been able to onboard and service customers remotely by sending them a text message with a link to a mobile session. In the session, customers can upload their documents and submit eSignatures. Despite the ongoing pandemic, Happy State Bank has still been able to operate thanks to its Lightico partnership. The bank experienced a 90% eSignature completion rate on account openings, a reduced time to process loans and loan deferral requests, and a 4x increase in their customer interaction via digital channels. Happy State expanded its use of Lightico’s eSignature solution to ensure customers could still complete all their banking tasks easily, securely, and remotely.

5 Reasons to Invest in an Electronic Signature Solution

1. Efficiency

With Lightico’s eSignature solution, users can instantly send and receive signatures in real-time via text message. Customers and agents just draw or type their signature once and then tap to insert their signature in the required places. This shortens the time required to complete any process, making it more time- and energy-efficient. Additionally, Lightico’s platform is agent-guided, meaning that an agent can assist customers through the whole digital process to avoid any errors or missing information. Agents can talk to customers online or over the phone to ensure that the process is done correctly, quickly, and easily. Also, this makes the lives of customers just that much easier, which is the overarching goal. In fact, before the pandemic, Happy State Bank conducted 250 virtual sessions in the month of February. But in March, the bank conducted over 1000 sessions with Lightico in real-time.

2. Location-Independent

One of the most attractive aspects of eSignatures is that they are location-independent. In other words, no matter where you are, you can eSign your documents on the go. This accelerates processes and avoids the inconvenience of email, snail mail, or in-person visits. Additionally, since people can complete forms anytime, anywhere, completion rates rise. So, agents have to worry less about chasing customers for missing information and can spend their time helping others and finding even more ways to better customer experience. With this eSigning process also comes the presence of mobile-optimized eForms. For something to be mobile-optimized, it means the website content is transformed to fit and be seen from a mobile device to allow for the same personalized experience one would have on a computer. As a result, when completing an eForm and eSignature on-the-go, you do not need a computer or printer handy. All you need to do is sign with your finger on your mobile device, again, no matter where you are.

3. Legal

Lightico’s eSignature solution is legally recognized and secure for all users. It exceeds legal requirements such as the ESIGN Act and the Uniform Electronic Transactions Act. Any activity inside the Lightico session is time-stamped with a complete audit trail to eliminate any legal risks. Furthermore, since Happy State Bank’s partnership with Lightico, they launched their own SBA Paycheck Protection Program in only three days. With that, the bank processed and received SBA authorization for thousands of applications up to $159 million and funded more than $50 million in PPP loans.

4. Secure

Digital signatures are a way to verify and authenticate digital documents to make sure the person signing is actually the person they claim to be. Under the surface of the actual signature, there is deep technology based on asymmetric cryptography. It protects information with both a public and private key. A public key is shared with any person who needs to access the document and a private key is only known to the owner of the document. To encrypt a digitally signed document, the sender must use the receiver’s public key. The public key is then sent to a Certification Authority (CA) where it is carefully checked to ensure the signer is who they claim to be.

5. Easy to Collect Multiple Signatures

Many times, forms require multiple signatures from multiple people. Typically, this would mean all participants have to agree on a time and place to meet so they can sit down and tackle heavy paperwork together. This could take a long time, with everyone on different schedules, thus increasing turnaround times. But, with a multi-party eSignature solution, all participants can sign from any location to complete the process faster. Using Lightico’s mobile-first solutions, Happy State Bank has been able to accelerate the collection of multi-party eSignatures and required documents on account openings. Customers can easily provide eSignatures on forms and upload documents by just taking a picture with their cell phone camera.

The Bottom Line

In any industry, it is vital to understand what customers want. And ultimately, in any situation, customers crave convenience. Especially now, during the ongoing pandemic, customers will do what is easiest for them in the moment. If something requires leaving the house to meet with others, they most likely will do anything to avoid it. So, eSignature solutions are even more necessary than before. Investing in an eSignature solution not only improves the customer experience but also your business or organization. Satisfied customers lead to a well-running organization and even attracts more customers. Learn more about Lightico’s eSignature capabilities, along with the full platform of eForms, digital payments, ID&V, and more at Lightico.com.