Are Electronic Signatures legal in Australia?
Yes! In 1999, the Australian Parliament passed the Electronic Transactions Act, which gives electronic signatures the same legal status as handwritten signatures. A recent survey of 80 Australian organizations found who is leading the e-signature charge and who is falling behind. Top Australian Users:
- 71% Electricity, Gas, Water & Waste
- 60% Manufacturing
- 55% Public Administration & Safety
- 40% Professional, Sientific and Technical Services
- 33% Real Estate
- 18% Finance & Insurance
- 14% Healthcare
- 0% Accommodation & Food Services
User adoption is on the rise worldwide
In 2014 number of transactions worldwide using electronic signatures 210,000,000, and in 2017 Forrester Research2 predicts 700,000,000. More than 50% of Australian millennials (18-34) prefer to e-sign documents
Why aussie organisations choose e-signatures:
Customer demand is key factor influencing electronic signature adoption. 56% Customers expect end-to-end digital transactions 31% Desire to remain Competitive 24% Mobile device use on the rise
Electronic signatures: the key to success?
A study has identified a link between electronic signatures and improved sales performance 3. High performing organizations are twice as likely as under-performing to user electronic signatures.
According to Galaxy Research poll4 54% of survey respondents concerned about in-country data residency. OneSpan Sign is hosted in-country to fulfill data residency requirements.
Benefits for Business
Boost Revenue Electronic signature adopters experience year-on-year annual revenue growth of 9.9% - almost 3% higher than organisations that don't use electronic signatures5. Sell Faster Organizations that use electronic signatures close 17 % more deals than non-adopters. They also shorten their sales cycle by 0.7% year-on-year6. Improve customer retention Customer retention increases by 6.4% annually for organizations using electronic signatures, compared to a - 1.3% drop for non-adopters7. Save time and money Electronic signatures slash paper and printing expenses. they also reduce the time and cost associated with travelling to meetings for in-person signing. Sources: 1. Survey by Axient: Experts in digital automation of documents and forms http://www.axient.com.au/ 2. Forrester Research Inc., Brief: E-Signature Transactions Topped 210 Million In 2014, Craig Le Clair, May 19, 2015 http://bit.ly/28XhQ3s 3. Aberdeen Group, Signed, Sealed, Delivered: Integration Electronic Signatures into the B2B Sales Cycle, August 2014 http://bit.ly/29OZgqZ 4. Galaxy Research poll http://bit.ly/29FwR7R 5. Aberdeen Goup, Signed, Sealed, Delivered: Integrating Electronic Signatures into the B2B Slaes Cycle, August 2014 http://bit.ly/29OZgqZ 6. lbid. 7. lbid.