What key features should an eSignature solution possess?

The key features an eSignatures solution should possess include: review, assent or abandon functions, enabling a transparent view and full users comprehension of what they are signing, in addition to support of various signature hardware devices, such as signing pads, tablet PCs and Flat screens capturing signature biometric traits (speed, pressure, acceleration, rhythm and movement in the air). Other important features which enhance security are authentication and signature execution using multiple authentication methods in addition to enabling multiple signatures for different parts of forms. To allow flexibility and easy integration, the eSignature solution should also include Interfaces for existing applications with conversion capabilities of various document input formats into PDF, support of at least PDF and XML, support of various tokens, smart-cards and soft certificates in addition to desktop and web Interfaces. High efficiency is achieved with a highly scalable solution which includes mass (batch) signature capabilities and enables on the fly positioning of signature fields with  automatic signature positioning functionalities for documents that have the same format. Additional important features are the ability to verify incoming digitally signed documents, to perform real-time comparison of signatures against pre-enrolled profiles, also known as e-archiving which can be implemented as an external call to a file or content management system including PDF/A support.

How can the implementation of effective eSignatures solutions drive productivity and business effectiveness for financial organisations?

 Electronic signatures solutions drive productivity and effectiveness for financial organization by reducing operational & back office overhead, as when business processes become paper-free, the need to perform paper-related tasks such as printing, scanning, faxing and shredding is eliminated. In addition, all documents are available to the back office systems for real-time decision making and immediate electronic archiving, eliminating document loss, duplication or missing signatures. These solutions also increase security and reduce fraud because once the document is signed electronically, the integrity of the content and authenticity of the signer are guaranteed. The electronic signature helps accelerating turnaround times by reducing customer waiting periods by avoiding searching for contracts or forms. Accounts can be opened faster and withdrawals completed more efficiently, meaning that financial institutions can do more business. In addition, customers continue to sign like they always did but with an improved experience, leading to customer satisfaction and retention. Financial institutions can also increase revenue by having more time available for up/cross selling, thanks to increased efficiency of sales/consulting staffs. Finally, eSignature solutions drive improved legal compliancy and limited liability, as any manipulation within the document will result in invaliding the signature.

Should the implementation of eSignatures be viewed as purely a technology issue, or are there other elements that need to be considered if they to be employed successfully?

 The implementation of eSignatures is definatly more than a technology issue. The specific business processes have to be analysed and adopted in order to help streamline existing processes and achieve the benefits of the paperless environment. In addition input devices could differ, depending on the organization’s needs, meaning where and how they are meant to be used.

How are financial institutions using eSignature solutions to distinguish themselves from their competitors?

Financial institutions using eSignature solutions can distinguish themselves from competitors by enhancing their efficiency and enabling faster processes for their customers, thanks to immediate availability of document for archiving, further processing or forwarding to customers via email and eliminating cases of lost contracts or missing signatures. In addition financial institutions can offer improved services given by sales and consulting staff, resulting with better customer experience, higher satisfaction and retention. Their customers enjoy improved signing processes which include reduced waiting periods, increased security and reduced fraud with no change in their habits. Last but not least are the abilities to improve their legal compliancy, limit their liability and create a better image by promoting an environment friendly initiative.

What are the challenges facing financial companies in getting the best from this process?

The challenges financial companies face in getting the best from this process are: getting all the necessary departments on board and aligned, by involving them in the process (business, IT, legal) in order to integrate the solution efficiently. In addition to embedding the solution gradually by starting small with 2-3 branches, in order to learn which improvements are needed in the process, but always have the big picture in mind and finally, getting secure top-management support.

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