In today’s competitive banking landscape, it is all about service delivery to the digital citizen, where the bank that offers the most convenience, leads.
The banking industry is arguably one of the most competitive in the world. Which is a great windfall for the market, because it makes banks more efficient and stimulates innovation.
And amid accelerating innovation, traditional banking is becoming obsolete in favour of digital processes that make it easier and faster for businesses and consumers to manage their financial affairs.
During 2020, which has been characterised by a sweeping shakeup caused by the COVID-19 pandemic, it has become acutely evident that digitising customer onboarding and account opening is no longer just beneficial – it is crucial.
But banks face significant challenges in digitising the last mile. This is where digital signature software steps in, to assist banks with integrated systems that automate and digitise KYC (Know Your Customer) compliance and document delivery.
And, aside from enabling banks to keep up with the changing milieu, digital signatures benefit them in many other ways.
Let’s look at some of the major benefits we have personally seen our customers in the banking industry enjoy thanks to digital signatures:
1. Cost savings
In an industry where it’s literally all about money, reducing expenditure is an overriding objective. According to Bank Systems & Technology, manual and paper-based processes during a typical customer onboarding process can cost up to 20 times more than electronic document processing. Consider as well the admin costs that are racked up by NIGO (not in good order) documents, and the need for the implementation of digital systems is obvious.
2. Maximum security
Because the business of banking calls for heightened security, the importance of implementing reliable software steeped in cryptography cannot be underestimated. Digital signatures are the most advanced and secure type of electronic signature available, as they guarantee beyond any shadow of doubt that the contents of a document have not been altered at any stage during transit.
3. Better customer experience & customer loyalty
Customers are the backbone of any successful business, and banks are no different. Give customers what they want, and you have a customer for life. And, with the customer of today expecting super-speed and seamless transacting, digital strategy and offering is what will set a bank apart and make it consumers’ go-to. Digital signatures allow banks to offer customers remote, contact-free onboarding and document delivery, with the added benefits of security, digital audit trails and legal safety.
Not only are banks the trusted custodians of customers’ assets, they are also the keepers of customer data. High value and sensitive customer data. This, and the fact that regulations around data protection and privacy are more stringent than ever before, means banks need to be 100% compliant with the laws that have been made to protect information. Digital signatures are highly compliant. SigniFlow digital signatures were developed with both security and compliance at their core, and are compliant with European, US, South African and international regulations for electronic transactions and trust services.
Because digital signatures drastically reduce the amount of time that would normally be spent on admin around paper (think of all the copying, filing, scanning, mailing, searching for documents, etc), staff and advisors have more time to spend on building and maintaining customer relationships. Simply put, paper kills productivity – digital signatures bring it back to life.
For more information on how SigniFlow has helped banks go paperless with our digital signature and workflow software, visit our SigniFlow for Banking page, or to get in touch or find out more about how our solutions are changing the business world at large, visit SigniFlow.com.
- WealthForge – What are NIGO Documents?
- SigniFlow – SigniFlow for Banking
- SigniFlow – Electronic vs digital signatures: Defining the difference
- SigniFlow – Top ten benefits of digital signatures