Online signatures are the new digital alternative for the traditional wet signature. It is one of the developments that has resulted from the rapid digitization which has been going on for the last few years. We can already feel a lot of things have been efficiently replaced by digital alternatives over the years which have made a lot of things easier for us in our day-to-day lives. UPI transactions in the banking sector are a glowing example of this. Likewise, the way we sign and approve documents is also about to be revolutionized by online signatures. We will see in this blog post why online signatures can prove beneficial for improving our experiences of signing documents.
There are mainly two types of online signatures that are available these days for use. The first one is eSignatures and the second option is digital signature. Although they are quite similar in function and nature, the latter is a bit more secure than the former. eSignatures or electronic signatures are as easy as clicking a button after you have initially created a signature for yourself. However, digital signatures are further encrypted and may require special characters to be typed in for the approval to be completed.
Online signatures are one of the easiest and most convenient ways to approve documents these days. All one needs to do is get hold of an online signature service provider who provides you with the necessary tools to implement it into your organization or business. You will be provided storage services where documents can be stored and accessed by authorized individuals and you can send documents through that cloud storage to the signers. The signers can log in through their devices remotely and proceed to sign the document online. That’s all there is to it. You have an approved and signed piece of the document without even having the need to meet up with the signer or prepare copies of paperwork and get it to them.
It is really easy to create online signatures these days. One of the best
ways one can opt for doing it is using the eSignature service provider itself. They usually provide provisions for you to easily create your own online signature. One simply needs to type in the words that are to be included in the signature and then the system generates options for the users from which they can choose a template or style for their signature. Signers are recommended to go for the option that is somewhat similar to their wet signature for convenience. Once you have acquired an online signature, you can use it for authorizing all your documents that are to be processed online by agencies or clients.
Most of the people who are skeptical about technology may feel a bit uncomfortable handling their important documents online as they may doubt the legal validity of such transactions. Also the fact that technology is rapidly changing and the pace at which it has been advancing can be intimidating for some people. But the good news is there are numerous laws in place now that approve online signatures and consider it as a valid form of approving and authorizing documents. eSignatures are a legally binding option with laws like Electronic Signatures in Global and National Commerce Act (ESIGN) by Federal legislation in 2000 in place. Documents with eSignatures can be offered as a legally binding agreement between two parties for local as well as global deals which makes it all the more convenient.
Providing the facility to create online signatures and using them can prove beneficial for a lot of sectors of employment and businesses. Let us see a few examples.
- Banking sector
The banking process is very slow as it is and it needs all the necessary tools so that it can take care of accounts, loan related documents and other official documents as quickly and efficiently as possible. By providing their clients the provision of generating their own online signatures and using them for official purposes related to the bank, they will be able to speed up the process by a lot. It will not only result in greater efficiency of work but also increase customer satisfaction which will surely attract more accounts for the bank.
- Real estate
Real Estate agents need to commute a lot in order to close a deal. They need to frequently meet up with clients and personally go to the sites of properties they are dealing with. The workload is famously known to be immense in Real Estate businesses for this reason. Enabling their clients to generate online signatures and using it for all the documentation can take a significant load off the work they do. The agents can now exhibit better productivity as the additional pressure of dealing with paperwork and handling them would no longer be an issue with online signature services.
- Educational institutions
Educational institutions have a vast reach especially when it comes to reputed colleges and universities. Applicants come in from all around the world looking to secure a seat for them at the most prestigious institutions. However, this ends up adding up to the pile of documents that these institutions have to deal with and verification can be tricky if people from different regions or countries. Creating the provision for creating online signatures and implementing them for official paperwork regarding the admission process can save these institutions a lot of headache. They can easily assess the documents through eSignature cloud storages and can get documents approved by students remotely.
Since we have seen how some sectors can effectively incorporate online generated signatures into their system of work, let us list out some of the immediate changes that can be brought about by implementing it in any business or organization.
- Faster process
Although it can be considered as a given, the first impact will definitely be noticed at the speed at which a certain process is usually completed. Mitigating the need to arrange and take care of paperwork can save up a lot of time for the employees and the result is a fairly shortened time of completion for these tasks.
- Enhanced security
Although it is a general tendency to be skeptical about using online signatures for important documents, they are actually much safer than the traditional process. Accessing documents in eSignature cloud storage can be challenging for people with malicious intentions as the authorization process does not allow any third-party users to access a document. Paperwork can be easily damaged or misplaced but your documents are going nowhere when they are in encrypted cloud storage.
- Workflow tracking
eSignature service providers can be very useful when it comes to keeping track of the documents and the activities that have been going on in the cloud storages. Individuals can check statuses of their documents and can know whether a document has been opened or signed by the concerned individual providing them with a little extra perspective on what to take care of next.
- Environment friendly
Last but not the least, adopting online signatures can prove to be a huge step by companies for contributing towards the environmental cause. The need for paperwork if not mitigated is largely minimized through online services. Looking at the way things are currently deteriorating when it comes to global climate change, it can be a very humanitarian gesture on the part of businesses to make a positive impact in their surroundings.
Since now you get the idea of the prospect that generating online signatures and incorporating them in businesses holds, I think you will be well off making a fruitful decision on this matter.