How Digital Transformation Gives New Businesses an Advantage

Digital transformation is a multivariable process that completely alters the form of a business, from frontend to backend systems and solutions. Newer aspects of digital transformation include eSignatures, eForms, ID verification, and more. These fully change business processes and customer experiences for the better. As a result, when digital transformation occurs within a business, the business tends to have the upper hand.

What is Digital Transformation?

When a business undergoes a digital transformation, it uses new digital technologies to make or alter existing business procedures, culture, and customer experience. In exchange, they are following the changing demands in the business and market. This customer-centric process is all about customer engagement during the transformation of going from paper to digital.

The New Business Advantage

As mentioned above, there are numerous aspects that go into a successful digital transformation. In order to eliminate endless paperwork, in-person visits, and tedious processes and transactions, there needs to be a line of new solutions to replace it all. This is where Lightico’s eSignature, eForm, and ID verification tools come in. All of these solutions combined are what give businesses an edge over others.

Advantages of eSignatures

Traditionally, customers would enter a branch or physical location to fill out paperwork and complete transactions. Now, with eSignatures, customers can do all these tedious things from the comfort of their own homes on their mobile devices, thus eliminating the need for printing, faxing, mailing, or in-person visits. And once customers get a small taste of such simplicity and ease, it becomes more and more desirable –– there is no going back now. As the demand for eSignatures continues to skyrocket, especially during the pandemic, it is crucial that businesses keep up. Providing a digital customer experience is the key to survival. In order to do so, this usually means transforming the business into something newer and better.

Benefits of eSignatures

Lightico is one of the leading eSignature platforms in the world, helping new companies digitally transform. Some benefits of Lightico’s eSignature solution include:

• Instant: Digital signatures are collected in real-time over text message
• Legal & secure: Lightico’s solution exceeds the standards of the ESIGN Act and Uniform Electronic Transactions Act
• Integrated: Lightico can be easily integrated into existing workflows, CRM, agent toolbars, and third-party business applications using our API. It can be white-labeled with your brand as well.
• One time sign: For a faster and easier experience, both customers and agents can either draw or type their signature once and then paste wherever else it is required.
• Compliant Audit Trail: Lightico automatically creates and stores a time-stamped record of every activity with a full audit trail to ensure legal safety.
• Agent guided: Lightico agents are readily available to assist users in real-time to make sure documents are signed completely and correctly the first time around.
• Anywhere: Customers can review and sign documents from their mobile devices, anytime, anywhere.

Advantages of eForms

eForms and eSignatures tend to go hand-in-hand because when you provide an eSignature, it is typically on an eForm. eForms are becoming increasingly popular, especially those that are mobile-optimized. For something to be mobile-optimized, its website content can be altered to fit on a phone screen, making it user-friendly, easier to read, and easier to comprehend. Mobile-optimized eForms are a necessary component of customer convenience. In fact, Happy State Bank in Texas partnered with Lightico for its first mobile-first platform, allowing customers to complete any banking transaction quickly, securely, and remotely. Through this partnership, Happy State Bank soon realized that basic actions like opening new accounts, taking out loans, changing account details, applying for credit cards, and changing existing payments are also easy to facilitate via phone and eForms. Lightico also provides a secure messaging portal for communication with customers via text message, allowing eForms to be sent back and forth between the customer and agent. As a result, the bank has experienced a huge increase in the number of transactions made through the sessions.

Benefits of eForms

eForms are a major player in digital transformation because they replace the need for physical paperwork, thus speeding up numerous processes. Some benefits of Lightico’s eForm solution include:

• Location-independent: Customers can easily fill out eForms from their mobile devices, at any location.
• Synced with your CRM: The eForm solution and your current CRM are combined to use two-way sync data with a complete audit trail.
• Agent Guided: To avoid any confusion or error, real-time agents are available to help customers fill out eForms correctly the first time.
• Omnichannel Self Serve: eForms can be integrated with all customer touchpoints (call center, website, IVR, Alexa, or in-store POS device) so customers can complete forms quickly and by themselves.
• Accelerating sales and services: With easier and more convenient signing experiences, there are fewer errors and risks of losing customers.
• Improve NPS and simplify onboarding: Rather than having tedious paperwork or slow PDF forms, eForms allow for effortless and on-the-go mobile eSignatures.
• Better workflow: Teams work faster and better when customers are satisfied.

Advantages of ID Verification

With all this digital transformation taking place, it is important to remember to remain safe and secure online. You need to make sure the people you are talking to and working with online are who they say they really are. Although it can be scary to think about, there are people out there who are using COVID-19 to their advantage to scam people into giving them personal information or money. By May 28, 2020, the FBI’s Internet Crime Complaint Center (IC3) received about the same amount of complaints (about 320,000) as they did in all of 2019 (about 400,000). Approximately 75% of the complaints were related to guards and swindles. As a response to all this fraudulent behavior, the FBI created a COVID-19 Working Group. The group is composed of FBI representatives from all 56 field offices and 500 participants from the Department of Justice. This is where ID verification comes in -- to stop criminals from stealing people’s identity and make sure online transactions and processes are secure.

Benefits of ID Verification

With a good ID verification solution, both customers and businesses have a safer experience when dealing with money or important documents. Some features and benefits of Lightico’s solution include:

• Instant: Customers can use their cell phone cameras to upload a picture of any photo ID right away and from any location.
• Agent-guided: Agents can help customers complete the verification process while on the phone to eliminate errors or confusion.
• Enhanced security: For additional security, you can use KBA (Knowledge-Based Authentication) and OTP (One Time Password) capabilities.
• Accelerate ID&V for smooth onboarding
• Prevent fraud
• Enable KYC and AML

These three solutions — eSignatures, eForms, and ID verification –– work together to give businesses an advantage. Digital transformation makes the lives of both the businesses and its customers much easier. The days of annoying paperwork and traveling back and forth to physical locations are over. With Lightico’s top of the line platform, businesses can amplify their customer experiences, reduce costs, and complete processes much faster. Learn more about Lightico’s eSignatures, eForms, digital payments, ID&V, and more at Lightico.com.