E-signatures: Here To Stay? Or On Their Way Out? | Drysign By Exela

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Digital transformation has been on the minds of organizations now more than ever, and the onset of the COVID-19 pandemic has undoubtedly been a trigger. Digitalization of operations has been significant in providing numerous advantages and facilitating the digital strategy across various industries such as healthcare, banking, insurance, automotive, and more. For example, digital solutions such as electronic signatures or eSignatures provide users with a platform for remote online signing while delivering enhanced security and value in the customer journey.

Today, esignatures are commonplace among businesses looking to simplify their operations and make documents easy to access. Additionally, the impact of global governments moving towards legitimizing online signatures has been the final push to persuade more and more business leaders to go the e-signature way.

Businesses have saved between 55%-78.62% in operational costs by migrating to eSignatures.

Among the many benefits of online signatures, here are a few worth mentioning:

1.E-Signatures significantly improve efficiency, speed, and productivity, ...
... regardless of industry and business size.

2.It instantly makes users go paperless and reduce their carbon footprint.

3.Document loss, theft, destruction, and other such risks are mitigated by moving the process online.

4.The cost benefits of going paperless and digitizing document workflows are immense. It’s not only about cutting paper costs; fuel, infrastructure, printers, scanners, delivery charges, etc., all make up a big part of a company's budget.

5.Using digital signature solutions provides signatories with a robust and secure platform to upload, eSign, and exchange sensitive business documents, thanks to inherent security steps.

Also Read: https://drysign.exelatech.in/blog/electronic-signatures-simplifying-workflows-law-firms

Electronic signatures have come a long way since their inception, from integrating new features for collaboration to adhering to the latest electronic signature laws to being legally compliant. Cryptography protocols known as Public Key Infrastructure (PKI) protect the eSignature and the information within digital documents to prevent the probability of fraud. In addition, two-factor authentication and real-time mail trails have introduced transparency, adding more trust to the process.
The introduction of esignatures has eliminated the slow signing process and will find more use cases as industries adopt new technologies. Here are some trends that can push its use in the future.

Trends that can Shape eSignatures

• Contactless Technology

Contactless technology has gained precedence since the COVID-19 pandemic. Recently, self-service stations at Melbourne airport have implemented contactless technology like facial recognition to reduce waiting in lines and ensure frictionless identity validation. Integration of the technology in eSignatures can enhance their security by a considerable degree.

• Smartphones

Smartphone usage is at an all-time high due to a wide variety of phones, easy access to finance, and the evolution of communication networking technologies. Using smartphones to sign essential documents by users will provide ample scope for eSignatures.

• Payments

Electronic signatures can be used by businesses in the future to gain the consent of users to enable payments and transaction receipts. This can also provide a smooth signing experience to users while reducing the customer acquisition rate.

• Integrations
All online businesses can benefit by using application program interface (API) integrations. It can be used in validating online transactions and automating forms and agreements.

• Supportive Regulations
Electronic signature laws have been amended and adapted to customers' changing needs. Most countries legalizing online signatures and giving them the same legal standing as handwritten signatures will encourage various technological advances.

• Device-happy generation
With every generation, we move towards complete digitization of even the simplest of tasks. It is only natural that the coming wave of business leaders will take to electronic signatures like fish to water.

Adoption Challenges of eSignatures
• Technical barriers
• Lack of accessible guidance
• Tedious signing process
• Cost Concerns

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