The onset of the COVID-19 pandemic pushed our communication to an online format where deals were about to be put on hold due to the impossibility of a physical meeting for ink signatures. Then, emerged the widespread use of electronic signatures, which eased the legal, administrative, and corporate-related work.
With the advancing technology alongside legalization by the ESIGN act introduced by the US government in 2000, electronic signatures have grown gradually. Previously, in 2020, the transnational market of e-signatures was estimated to be $1198.6 million, and currently, it is growing at a CAGR of 26.6%, predicted to reach $12,721.4 million by 2030.
This was just the preliminary introduction of e-signatures; read further to know more details.
E-signatures improve customer experience
With the escalating incorporation of technology and automation in everything we do, the human effort has been downsizing slowly, eventually speeding the operation. Since people now prefer to sign online, applications now reach the administration via mail without involving any third party in between, deals are finalized without a lag of travel of miles, bank accounts are opened in a matter of seconds, and financial transactions are executed in a blink of an eye.
From real estate to government-run banking institutions, organizations have rapidly transformed their policies for accepting electronic signatures as legal proof of identification and consent for immediate pursuits. This has eventually contributed to building a seamless end-to-end connection between authorities and customers, improving their experience by quick services and instantaneous outcomes.
E- signatures aid in fulfilling CSR pursuits
Annually 14% of deforestation is done globally for the production of paper adequate for the world to use. As we turn towards digital files, Word documents, and PDFs, we gradually contribute to a reduction in these statistics.
Not only this, by switching to machine-made files, we save on the printing cost, binding labor, electricity consumption, and the hours of delay due to all these activities.
San Diego County in California saves $225,000 annually by deploying digital signatures in their company’s paper. The Bank of Montreal has calculated a saving of $100 million in its paper-related expenditure. The government of Vermont has gradually seen a drop of 75% in the time taken for contract approvals. The lowering of finances and time involved enhances the productivity of the organizations, redirecting them to better strategies and CSR pursuits.
E- signatures elevate cybersecurity
Electronic signatures are encrypted by private keys. They are accessed only by mandatory user authentication, which is executed via one-time password(OTP), email codes, fingerprints, or by a set of several questions curated by the user during the creation of the e-signature.
Therefore, electronic signatures are malware-proof assets that approve the cybersecurity needs of an institute via their cryptographic nature.
The last note
As we evolve in terms of digitalization, so does the culture of remote work, multinational workforce, and sustainable practices, where electronic signatures find a place in our schedules due to their superfast aids and conservative qualities that hasten the task and save nature simultaneously.