eSignature for Financial Services

eSignatures allow financial services providers to obtain signatures from customers quickly and easily. There’s no need to collect documents in person or travel to a physical location. It helps speed up the processing time for loans, mortgages, and other financial products. It’s also easier to verify and validate signatures by asking clients to undergo a biometric check to confirm their identities.

Financial services providers can also eliminate the need to print forms. Not only does this save time, but it also reduces the potential for errors. Undoubtedly, this shift to digital processes requires fewer steps to accomplish tasks, so there’s more time for high-value work.

Yes. You can use electronic signatures to eSign loan documents and other financial agreements. In countries like the United States and Europe, eSignatures have legal validity. Meaning they hold the same legal weight as handwritten signatures under certain conditions. However, the specific rules and requirements for electronic signatures may vary by jurisdiction. Some documents must also comply with specific technical and legal standards to be legally valid and enforceable.

Thus, you must do your due diligence when signing electronic forms and contracts. The same thing applies when choosing an electronic signature solution. You must see that it meets the basic regulatory requirements, such as those set out by the U.S.’s ESIGN Act or the EU’s eIDAS regulation.

In a financial transaction, a digital signature helps determine the legitimacy of a particular signatory. It ensures that the person initiating the transaction is who they say they are. This level of accountability and trustworthiness allows all parties to engage confidently in any financial transaction. You can also minimize the risk of fraud, identity theft, and scams.

As long as there’s a valid digital signature, the financial transaction is almost guaranteed to be secure and safe. It’s also a way for clients to know whether they can trust you to protect their hard-earned money. Not only does this help boost client confidence, but it also promotes a secure reputation for your firm, bank, or insurance company.

Fill is a cloud-based platform enabling finance organizations to sign, collect, and manage documents electronically. Getting started with Fill is easy. There’s no need for complicated setups or time-consuming hardware configurations. All you need is a computer or phone with an internet connection. You then need to sign up for a free account, which gives you immediate access to the web dashboard.

Once you have access to the web dashboard, you can explore the wide range of features and options available. Note that a free account will limit your access to some of the more advanced features. If you want unrestricted access, upgrading your plan would be your best bet.

Check out our pricing page here to see which plan is the most suited for your needs.

eSignatures, or electronic signatures, can be considered as secure as their traditional counterparts. Financial companies also use encryption to ensure that no one can intercept or alter an electronically signed document without permission. Only the parties involved in the transaction can access the signed copy. On top of this, banks and investment firms can provide multi-level authentication to increase security.

Besides, the process for validating electronic signatures can be automated, reducing the need for manual checks. This automated process can save you time and money as there is no need for hard copies or physical sign-offs. There’s also no need to wait for signatures to be delivered by mail.

Here are some best practices for using digital signatures on financial documents:

1. Choose a reliable eSignature provider: Ensure that the provider you choose is secure enough to meet your jurisdiction’s legal requirements.
2. Verify signer identity: Verify the signer’s identity before allowing them to sign a document. You can do this by requesting the signer to undergo a biometric check.
3. Use strong authentication: Require strong authentication, such as a complex password or two-factor code. This way, you can ensure that only authorized individuals can access the signature.
4. Ensure non-repudiation: Use digital signatures with cryptographic hashes, which prevents the signatory from denying the signatures they affixed.
5. Keep a detailed audit trail: An audit trail can help detect and prevent fraudulent activity by identifying unauthorized or suspicious changes.
6. Comply with legal requirements: Using an eSignature for financial services requires compliance with applicable regulations, such as the E-Sign Act, Know Your Customer (KYC), and Anti-Money Laundering (AML) laws.

Yes. With Fill, you can instantly check the status of your financial documents. Just open your web dashboard to see where each request stands. Look for the “Status” column next to each item. It should tell you whether the request has been received, viewed, accepted, or declined.

Another way to track the progress of your requests is to check the audit logs. Each document has a unique activity log that provides an in-depth look at every action taken. This way, you can quickly check for potential roadblocks and take action to correct them. Additionally, you can set up your email notifications to stay on top of any changes that may occur.

The best electronic signature for financial service providers would depend on various factors. You have to consider the level of security needed, its ease of use, and its ability to meet industry requirements. More importantly, it has to live up to the challenge of providing an unquestioned level of trust and assurance.

With Fill, you can do more than eSign loan documents and investment contracts. Our cloud-based electronic signature solution includes identity verification, document tracking, and automated audit logs. Thus, you can ensure your documents’ security, authenticity, and legal enforceability.

Undoubtedly, our electronic signature solution provides unmatched convenience, cost savings, and security. Try it out yourself and see how your financial organization can benefit from signing documents digitally.