Resolve Customer Experience Challenges Facing CFOs with Electronic Signatures

Mary Ellen Power, December 2, 2013

To the average consumer, the banking and financial services sector has gone through a series of innovative changes in the last few years. Mobile banking and the potential for online financial transactions have allowed customers to feel that they are in control of when, where and how they bank, with a growing number of respected institutions eager to capitalize on user familiarity with the latest technology.

In fact, a recently released survey by industry organization Efma shows that banks worldwide are increasing investment in technology designed to innovate the customer experience such as electronic signature, enabling business processes such as mortgage disclosures, wealth management products or personal loans to become more efficient.

Electronic Signature

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The study, which has been released annually since 2008, also revealed that 60 percent of global banks have a formal strategy for innovation, with 76 percent claiming that they are already well on the way to achieving their goals. What is interesting about this is the fact that in terms of improving business processes, three aspects were highlighted - speed, agility and efficiency.

Improving customer engagement

All of these are integral to improving the customer experience, whether that be in a physical branch location or, increasingly, on a mobile device. Recent analysis of Google search trends by The Financial Brand found that the rise of mobile banking dovetailed almost perfectly with the introduction of the iPad in 2010, sparking interest in a bank's ability to conduct a variety of transactions quickly and efficiently.

With that in mind, it is also worth noting that one of the major drawbacks in a traditional banking experience has been that physical documentation can often hold up the process of agreement, a scenario that can be alleviated by the introduction of an e-signature. CFOs are more than aware that changes to the way a bank engages with its client base need to be backed up with the means to provide customers with an all-in-one digital experience that is often more than just an ability to deposit funds by photograph.

For more information on how e-signatures improve the customer experience, CFOs in the finance sector should download the Electronic Signatures for Banking Beginner's Guide.