That may seem like an easy question to answer: most people would think that it just a digital version of their \u201cwet\u201d, physical, handwritten signature. Well, in some cases, that\u2019s exactly what it is. However, there is so much more to it than that, even to the point that it can get quite confusing. For example, did you know that a \u201cDigital Signature\u201d is a form of \u201cElectronic Signature\u201d even though not all \u201cElectronic Signatures\u201d are considered a \u201cDigital Signature\u201d? Some Electronic Signatures are not even remotely similar to your handwritten signature. Let\u2019s take a look at the various shapes and forms of Electronic Signatures, how they differ from each other and why they should be an important part of your Institution’s automation and Customer Experience strategy.<\/p>\n
As we look at each type of Electronic Signature, it is important to note that each is considered a legally binding and carries the same legal weight as a handwritten signature based on the laws that apply within a given jurisdiction.<\/p>\n
In the United States, an Electronic Signature is defined as\u00a0\u201can electronic\u00a0sound<\/em>,\u00a0symbol<\/em>, or\u00a0process<\/em>, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to\u00a0sign\u00a0<\/em>the record\u201d. In the European Union\u00a0the definition is slightly different:\u00a0\u201cdata in electronic form which is attached to or logically associated with other data in electronic form and which is used by the signatory to sign\u201d. Notice that the \u201celectronic form\u201d of the signature can be a\u00a0sound<\/em>,\u00a0symbol\u00a0<\/em>or\u00a0process –\u00a0<\/em>at least in the US. For example, just a check box or even just typing your name is acceptable, so it doesn\u2019t necessarily need to be a digital or electronic copy of your handwritten signature. Now let\u2019s look at the different types of signatures and how their purposes differ:<\/p>\n From onboarding new customers remotely to automating in-office paper-based processes, Electronic Signatures provide many benefits to Financial Institution and other types of businesses. Some of them include:<\/p>\n Cost savings by eliminating use of paper can be significant, while creating a more efficient process greatly improves both employee gratification and customer satisfaction. With the ability to expand past your brick-and-mortar footprint while allowing your customers to transact business with you from wherever they are thanks to online and in-app signing capabilities, adopting an Electronic Signature strategy for your business becomes a very sensible decision.<\/p>\n","protected":false},"excerpt":{"rendered":" From your experts in scanning, another clever and efficient way to move beyond paper. Learn about the types and benefits of electronic signatures, already present in many areas of our lives.<\/p>\n","protected":false},"author":1,"featured_media":9517,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[23],"tags":[],"acf":[],"yoast_head":"\n\n
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The Benefits of Electronic Signature<\/h2>\n
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