Some 20-odd years ago, no one could have imagined the success of mobile payments, equity crowdfunding platforms, cryptocurrency, online lending and other Fintech marvels. Today’s financial and banking services can be accessed from anywhere and anytime — at lighting speed — on the mobile. But what about all the related paperwork? Customers can’t be expected to physically go to a bank or credit union and sign them! Same with the outdated process of printing-scanning-couriering. Ultimately, to make financial transactions an end-to-end digital process, eSignature capture and management solutions by vendors such as SignEasy can help. It can facilitate an intuitive and legal signing process – just what users of Fintech apps need.
For any app business of today, wet signatures just won’t cut it anymore. This is especially true for documentation-intensive Fintech apps. You need to have alternative methods of completing and storing documentation related to online transactions and applications.
eSignature APIs, by vendors such as SignEasy, integrate with your Fintech app to help you close the product sales and sign-up loop faster and keep sensitive documents secure, while offering a superior user experience.
Here are the top 5 ways in which legally binding eSignatures can help Fintech apps head towards a brighter future:
New-gen customers, who are patrons of your Fintech app, crave convenience. So, they obviously don’t want to visit the bank or your physical offices every-time they need to sign any document. eSignatures removes this pain-point by allowing users to upload and sign documentation for loans and membership on the mobile quickly. There will also be no need for users to waste time on printing, scanning and courier these documents. So, customers can sign and access the signed documents wherever and whenever needed.
One of the biggest reasons for frustration, amongst customers and your employees, is that financial paperwork can be painfully long – requiring approvals from multiple stakeholders. eSignature allows for financial negotiations and approvals to happen faster, as the eSignature solution automatically tracks and sends regular reminders to signers at every step of the approval process. By streamlining the processes, electronic signatures offer-up a 25% improvement in back-office processing time. This means that your processing team also needs to spend less time on paperwork and more time on selling.
Switching to electronic signatures has helped banks save $3 to $5 million every year in courier costs. It can do the same for your Fintech app too. Then, there is also the cost of paper, printing and storage that is completely eliminated. What’s not to love!
Forms related to financial products tend to be quite complex and require all fields to be filled-in correctly for compliance’s sake. If errors creep in, you get slapped with stiff penalties by regulatory bodies, not to mention time wasted by your team in vetting and returning the document to correction. With SignEasy, signers are guided through confusing fields in the form with explainer text. Also, it will not allow for signers to approve the form without filling in all requisite fields. Thus, it reduces the chances of erroneous and incomplete forms being processed.
Records of financial transactions and customer data tend to be confidential, so you would want to make sure that they are encrypted and not at risk of being misplaced, edited or stolen. eSignature solutions keep your signed agreements and consent forms protected using 256-bit SSL encryption and industry-grade storage security. It also maintains audit trails of all your documentation, so that your business stays compliant and fraud-free. For added security, SignEasy allows users to secure agreement with passcode or biometric authentication.
Today’s customers want things handed to them quickly. They won’t have the patience to step outside of your Fintech app to submit an application, apply for a loan or upload documents. This is why you need a simple and flexible eSignature API that will meld seamlessly with your Fintech app’s workflow. SignEasy’s API, that works on any platform – web or mobile, offers the following features:
SignEasy’s powerful yet easy-to-use API was used by EquityList, a cap table management software by AngelList, to issue equity grants to early employees with embedded Aadhaar-based eSignatures. [Aadhaar is an identification number issued to Indian nationals.] As the brand’s confidence grew in SignEasy, they even upgraded from the standard plan (100 document transactions per month) to take advantage of high volume pricing.
Like EquityList, if you too would like to consider the SignEasy API for your new app, just drop us a note and we will set up a demo asap!