With lockdowns and social distancing taking place all over the globe, business operations have dramatically changed. From online meetings to digital signatures, the world is finding solutions to operate under the new norm.
The use of technology is playing a crucial role in transforming traditional methods of doing business into modern, more efficient ways.
One example of this is digital signing. Since the start of this year, we have seen a large increase in the acceptance and adoption of digital signing. With the growing use and familiarity of digital signatures could this become the “new normal”?
According to the 2020 Digital Signature Global Market Report, digital signatures are meant to grow from 1.83 billon in 2019 to 2.33 Billion in 2020. With the expectation it will reach 4.95 billion in 2023.
Companies like Adobe have pushed the dial for electronic signing. So why are people still not adopting them?
Some businesses believe that digital signatures pose a security risk to their firm. This is because they believe anyone could sign it if they had access to the device.
However, security is one of the driving forces behind the creation of this technology.
To ensure the correct people are signing, IP addresses are logged and timestamped, with only one copy of the document exists.
It’s not just legal professionals introducing digital signatures into there processes, but banks aswell. On the 9th of November 2020, Auswide bank implemented a digital option for customers to sign their home loan documents.
With multiple industries already adopting digital signatures, we can look forward to healthcare, real estate, construction, and the public sector taking it up.
In this digital age, it’s hard to find a reason why electronic signing shouldn’t become the new norm, with benefits like:
- Time Efficiency – Electronic signatures have removed the hassle of chasing signatures, enabling you to monitor the status of any document.
- Security – electronically signed documents are more secure then paper. Each signature is encrypted and stored securely online, with the protection of unauthorised personal tampering with the record.
- Improved Client experience – By using digital signatures, you save your clients the time of coming to your office to sign and reduce the risk of documents getting lost in the post.
Digital signatures are very quickly becoming the new normal for most transactions, which do not require “wet ink”. However, people are still, and will continue to be hesitant to make the switch.