DVAG (Deutsche Vermögensberatung) decided to cut out the cost and hassles of manual and paper-based contract signing and equip their sales team with iPads and SIGNificant Signature Capture. DVAG is Germanys largest independent financial advisor. This initiative is one of the largest e-signature implementations on mobile devices in Europe.
The SIGNificant enterprise platform enables you to choose the best solution for every channel, business process, and department need, while still maintaining all the advantages of a homogeneous platform. For example, you can deploy native apps for your field agents, browser-based e-signing on signature pads for branch offices, and email documents for end customers to sign online on any web-enabled device. All of our e-signature solutions are built on the same core technology and can be easily integrated with each other. You will find the most important features across our platform. Many features are available server-based and alternatively as stand-alone products.
Recently, a social scientist named Dr. Eileen Chou conducted a series of experiments to study laypeople’s perceptions of various types of e-signatures compared to a handwritten signature. In general, e-signatures were perceived as less trustworthy and the associated document was perceived as more likely to be breached.
In one of her studies, Dr. Chou had nearly 300 research participants read a contract. Unknown to them, the research participants had been assigned to one of six different groups. The contracts seen and read by the participants in each group were identical in every respect except one – the type of signature on the document. One group read a contract with a hand signature. The other five groups read the identical contract with one of five different types of e-signatures – a check box, a PIN, an avatar, a typed name, or a software generated signature (essentially a font that looks somewhat similar to handwriting). The participants were not asked to focus on the signature, nor were they asked any question about the signature. The signature was simply there as part of the overall document.
After reading the contract, the participants answered a series of questions. The same questions were asked regardless of which group the participant was in. The questions included several about the likelihood that the contract would be breached. Dr. Chou then conducted a statistical analysis to compare the results of each group against each other group. Her statistically significant findings were that participants in the hand signature group believed the contract was less likely to be breached than the participants in any of the five e-signature groups. Again, it was the exact same contract in every group. But, putting a hand signature on the document resulted in participants showing a stronger belief that the contract would not be breached. Dr. Chou also found that, of the five e-signature groups, the participants in the software-generated signatures group had the lowest belief that the contract would be breached, whereas the participants in the avatar signatures group showed the highest belief that the contract would be breached. Interestingly, of the five e-signatures, the software-generated signatures look the most like a real signature and avatars arguably resemble a real signature the least.
The number of transactions using electronic signatures is growing, even though the number of companies offering the service is shrinking.
That’s the key takeaway from a new report out that is forecasting growth for the electronic signature market. The estimates are particularly interesting in light of DocuSign’s announcement last week that it raised a whopping $233 million in venture capital. Forrester Research estimates that the electronic signature market is seeing an average annual growth rate of 53 percent, with transactions estimated to grow from 210 million in 2014 to 700 million in 2017.
In an interview Forrester VP and Principle Analyst Craig Le Clair he said DocuSign, which has offices in San Francisco and Seattle, is the market leader followed by Adobe, but that the number of players is quickly decreasing. “There’s been a lot of consolidation in the market, and every pure play has been bought by someone,” he said.
Le Clair said “If you do the math there’s no way the amount of money put into DocuSign could be justified doing the signature part of the process”.