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Article ID: 144
What is the advantages of signature pads in banking and finance institution? How to use it?
11/Feb/2015

Advantages and selling points of the Signature pads

Digital signatures are in the process of replacing paper signatures

Electronic signatures facilitate the validation stages for documents
For example, when a contract is signed, we see the following process:

For a paper signature

Signature with a signature tablet

You will notice

  • a reduced processing time
  • reduced management costs (scanning, saving, archiving, printing, and sending)
  • reduced cost of supplies (paper, ink, etc.) and transport

The signatory will get a positive and modern view of the organization and appreciate the time saved by the use of a signature tablet.

 

Electronic signatures: soon to become an integral part of all signing procedures

As well as being widely used by financial institutions, electronic signatures are now becoming popular in other sectors:

  • Government administration (tasked with implementing simpler and less costly procedures)
  • Telecommunications
  • Stores
  • Public services, healthcare
  • Lawyers' offices

 

Hand-written electronic signatures

Hand-written signatures remain the most accepted type of signature in many domains.
The electronic versions have the following advantages:

  • verification of the end user's identity (authentication)
  • data integrity (for sensitive, confidential data)
  • higher level of security than with more traditional methods of sending documents:
    • counterfeiting is virtually impossible
    • low chance of losing digital copies
    • time-stamping guarantees the signature date
    • rapid write-down of set-up costs (very quick return on investment)
    • implementation supported by the growing use of cloud computing


 

Banking and Insurance Example

Context:

Banks manage many documents that require the addition of a signature:

- operations related to a bank account: opening an account, making changes, closing an account, deposits, withdrawals, etc.

- various contracts

Mostly, bank documents are:

This process has several disadvantages:

  • Paper and ink costs
  • Delivery costs
  • Loss of time

 

Solution:

Using the Evolis Sig100 & Sig200 signature pads at the counter.
The customer's signature is electronically inserted into the document and automatically stored in the bank's Electronic Document Management software.

 

Advantages:

The digitization of handwritten signatures optimizes the process of validating documents:

  • The time savings are considerable.
  • Electronic signatures are more secure. The signature can be monitored throughout the process, tackling fraud through the use of biometric data.
  • As all electronic documents are available in real time, archive searches are faster.
  • The use of electronic signatures communicates a modern image of the banking organization, and improves customer satisfaction.
  • There is a very rapid return on investment (about 1 year)
by: pangbk

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