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Beyond Convenience: The Legality and Security of eSignatures

The way banks engage and conduct business with their customers continues to change dramatically. Digital transformation has dominated the discussion, and the banking industry as a whole has acknowledged the strategic role digital has and will continue to play in ensuring a bank remains relevant for years to come. In fact, a 2018 report from Ernst and Young titled Digital Enterprise Transformation indicated that 65 percent of financial executives believed their revenues improved thanks to their digital transformation plans. About 62% thought that customer experience improved thanks to that, and about 60% believed that having such a plan promoted innovation. Digital transformation, however, is about more than just providing online and mobile functionality. Traditional bankers need to combine digital speed and convenience with human interactions that are both thoughtful and caring at crucial moments in the customer’s journey. The banking industry is rapidly adopting electronic signatures (eSignatures) as the foundation of a broader digital transformation strategy. According to a 2017 Forrester study, The State of e-Signature Implementation, the market for these services is expected to grow at 60% and exceed 90 million transactions by 2020.