How Lightico Can Boost Your eSignature Completion Rates

Rather than using physical forms to support customer interactions, industries are using eSignatures. With eSignatures, forms can be completed instantly and sent through a single digital channel like a mobile phone, laptop, desktop, or tablet. As a result, scanning, faxing, and mailing paperwork with wet signatures are eliminated. The signing process then becomes much easier and faster, thus boosting completion rates.

Why Lightico’s eSignatures Are Better For B2C Companies

1. Mobile means instant completion from anywhere Businesses everywhere are using eSignature solutions to get the job done faster. Whether it is a sales contract, purchasing document, loan application, employment paperwork, or anything in between, these documents are more likely to be completed via eSignatures nowadays.

Years ago, emailing was the primary way to digitally send such documents back and forth. However, today people tend to prefer newer delivery channels like social and texting. When emails start piling up in the inbox, people tend to just ignore them or forget about them before even opening them. In fact, the average email open rate today is just 17.8%. So, there is a very little chance that an email with a required document will be opened and completed. By having alternative means for communication via mobile platforms, people can complete forms more conveniently and quickly. Once industries use mobile-optimized eForms, there is no longer a need for a computer, printer, or PDF reader. Forms can be eSigned on-the-go from any smartphone with just the tap of a finger. 2. Easier to understand The whole point of going paperless is to make processes for customers easier. So, with a digital platform for signing, customers can have a better experience. Many times, customers will either give up or take their business elsewhere if paperwork becomes too complicated and confusing. What customers really want is convenience. If a document is straight to the point and is easy to navigate online, signing it becomes effortless and convenient. 3. Multi-Party Signing When forms require signatures from two or more parties, the turnaround time to complete the transaction instantly increases. Typically, it would take days or even weeks until all participants can make it to a branch to review and sign tedious paperwork. However, with a multi-party eSignature solution, customers are able to sign from any location, completing the process much faster.

How Lightico’s eSignature Solution Really Helps

In 2019, Lightico and Happy State Bank in Texas created a partnership with the intention of improving the bank’s efficiencies and eliminating excess paperwork processes. Since then, Happy State has been able to use Lightico’s mobile-first platform to create:

• Drive-thru account opening
• Simplified loan modifications & deferments
• Service requests and customer onboarding via text messaging

In all of these situations, customers and agents communicate via text through a live Lightico session where customers can upload their documents and submit eSignatures. Luckily for Happy State Bank, they had already gone through a digital transformation once COVID-19 hit, and were able to service their customers remotely — thanks to their partnership with Lightico. The bank saw a 90% eSignature completion rate on account openings, a reduced time to process loans and loan deferrals, 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.

What Lightico’s eSignature Solution Does

Lightico’s solution helps any industry boost completion rates – not just banks. In fact, the solution has the ability to completely transform any industry. Here are some ways Lightico can impact your business in addition to boosting completion rates:

• Accelerate sales & service cycle times: Reduce customer touchpoints, making it easier and instant for customers to review and sign.
• Improve NPS & smooth onboarding: Customers no longer need to print physical documents and agents no longer need to chase people for missing signatures.
• Simplify & bolster consent compliance: Capture legally binding signatures with full audit trails to eliminate legal risks.

All of these effects of eSignature solutions ease the signing process for customers. And again, an easier process leads to a higher completion rate.

Summary

First-generation eSignature solutions no longer get the job done. Newer solutions that use digital channels like text messaging and real-time, instant communication are more customer-focused. Next-generation eSignatures create an easier and simpler process for form completion. As a result, customers are more inclined to sign and upload since it does not create any burden on them. With more customer satisfaction and willingness to work with agents, completion rates rise. Learn more about Lightico’s eSignature capabilities, along with the full platform of eForms, digital payments, ID&V and more at Lightico.com.