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PDFelement posted a blog entry in PDFelement BlogDigital banking methods are now used by millions of people globally, due to its convenience and saved time. E-signatures are a big part of why digital banking works so well. Read on to discover why! E-signature, as defined by the US Federal ESIGN Act, is an "electronic signature, which can be an electronic sound, symbol, or even process, associated with a contract or any other record and adopted or executed by a person with the intention of signing the record.” Digital banking plays a vital role in today’s fast-paced world because it offers easy and convenient access to all of your banking needs. E-signature technology provides a secure yet convenient way for clients to sign legally-binding documents and send them back in seconds without wasting time, paper, or money. E-signature can increase the efficiency of online banking in the following ways: • Saves Costs It has been reported by Bank Systems & Technology magazine that banks spend millions annually to correct, retype, rework, and authenticate signatures on their business documents. With e-signatures, financial institutions have eliminated almost every type of error related to client signatures. Also, e-signatures accelerate the workflow as they can be incorporated easily in the automated document process, thus saving time, cost, and manpower. E-signatures have also cut down the costs of large manual processing, data typing, and paper storage by getting rid of heavy paper documentation. All data is now digitally stored in e-signature cards, occupying minimum space on the bank server. This makes data retrieval secure and efficient. All overheads associated with creating, managing, storing, and retrieving the paper signed documents are eliminated. • Saves Time E-signatures increase banking efficiency by cutting down the document workflow from weeks to minutes. Using web and mobile browsers that are specially encrypted by the bank or financial institution, you can process documents very quickly without compromising their security or compliance standards. Documentation and forms that used to take up to 10 days to be processed, can now be processed within 24 to 48 hours with e-signatures. That’s quite a difference. • Expands Reach E-signature technology offers multiple ways of gathering signatures, like click-to-sign or scripted signatures drawn on mobile screens, without the cost of opening and staffing new branches globally, or spending money on extra resources. • Improves Customer Experience with Speed and Mobility These days, very few clients choose to print, sign, and scan their documents to send them back to the bank. It is a tedious job. That’s why speed and efficiency can make or break a client relationship. Using e-signatures, which lets you sign a document with just a click to complete a documentation process, from any place, any time without compromising data security and maintaining compliance with the law speaks volumes about a bank’s working efficiency. • Improves Sales Adopting e-signatures eliminates the need to print and send documents to clients via post, thus saving selling time. A client, without coming to the bank, can process different documents within minutes instead of days. E-signatures are a huge benefit to the online banking industry, since it brings with it cost savings, security, global standardization, and the incorporation of mobile technology. What are your thoughts? Let us know in the comments below!
Learn how PDFs, along with changed processes and tools, can help you improve and update your contractual process! Contracts are used by companies to manage performances, negotiations, modification or termination of contracts with different parties such as other companies, customers, distributors, contractors, vendors, or employees. Any contract involves working closely with another person to reach mutual agreements and understanding on what is expected out of this contract. Generally, contract management involves 5 steps. Many companies follow these steps, but are stuck in the same old routine when the process could use an overhaul to improve the experience for everyone involved. Here are the steps you should be taking, along with suggestions on how to improve each step through the use of a PDF tool like PDFelement: Selecting the right contract template. It is important to choose a contract type that is the most suitable for your transaction. Different contract types include terms and conditions, letters of intent, letters of agreement, interagency agreements, leases, and more. Working off of a pre-made template is incredibly helpful in this step, because you aren’t just starting from scratch. PDFelement has many templates available to choose from, and other similar software programs usually do as well. It is also helpful to have assistance from a lawyer or legal expert when putting your contract together to ensure that it meets all necessary requirements. Easily collecting the required information. All important documentation need to be assembled quickly so you have it beforehand to avoid any delays in the agreement. These documents may include paperwork and decisions such as payment schedule, budget plan, a proposal routing sheet, the scope of work required, etc. Again, tools like PDFelement help you collect this information quickly and easily with features that let you create and fill forms that can be easily sent to the person you are negotiating with over email. PDFelement’s data extraction feature also helps in this step. Choosing the right negotiator. It is usually the authority in power that acts as the negotiator. This official institution negotiates between the two contracting parties and ensures terms and conditions are acceptable for both. This negotiator consults all head department and offices before reaching any decision. The process could take up to several months depending on the complexity of the contract. Reviewing the contract This process is carried out by any high entity or corporation that reviews all clauses andnature of the agreement. This body ensures that all rules and regulations, sponsor rules and the company’s policies are followed. All original documents need to be sent for this process. Again, with PDFelement, collaboration and annotation tools allow many people to review and comment on a contractual document, so that you are aware of sections that need to be changed or updated. Signing the contract. This is the final step in the contract management process. Once the contract has been evaluated and approved, both parties need to sign the contract agreeing to comply with the terms of this agreement. With the digital signature features, scanning tools, or printing to PDF functions provided by PDFelement, this process is easier than ever. Either party can scan their signature to appear in the document, or digitally sign the contract. They can even scan the document by hand and then scan and print it to PDF so it can easily be sent back electronically. As well, with the security tools available in PDFelement, both parties can encrypt the document with a password to ensure confidentiality. With the right digital tools like PDFelement, as well as by re-thinking old processes, you can vastly improve your company’s contractual process, resulting in much more timely agreements, and greater efficiency overall for your business! Have any other tips? Let us know in the comments! .