The year 2020 has been marked by significant life changes. Our days are jam-packed with Zoom conversations, Slack discussions, and Insta Live sessions now that physical interaction is no longer an option and everyone is working from home. Even when individuals return to work, this new ‘touchless’ reality has become the norm; due to persistent worries about viral transmission and the momentum behind these new daily routines, health and hygiene will likely remain a high focus in the future.
It’s hardly surprising, however, that 2020 will be remembered as the year when people said their final goodbyes to the age-old habit of hand-signing papers. It’s time for electronic signatures, or eSignatures, to take centre stage.
Their ascension has already begun, according to current data: the eSignature industry is estimated to reach $8 billion by 2023. The global benefit of using eSignatures will be accelerated by the greater market trend toward digital tools and cloud software, making it the de facto means to sign and communicate essential documents.
We’ve broken down the top five online document signing trends to watch this year and beyond to assist small and medium-sized enterprises remain ahead of the curve:
eSignatures are expected to become more sector neutral
In the past, crises have boosted the speed of technological invention and acceptance. During the SARS outbreak (2002-2004), for example, people’s fear to touching common surfaces aided the development of e-commerce in China. A few years later, the economic downturn that followed the subprime mortgage crisis of 2008 gave birth to the sharing economy (i.e. Uber and Airbnb). Businesses of all sizes are embracing contemporary technologies for document signing, remote collaboration, video conferencing, and texting, and COVID-19 will be no exception. It’s a sink or swim situation, and only the adaptable will survive.
Remote document processing will no longer be a luxury for high-tech firms; it will become a need for all types of enterprises. From accounting, finance, insurance, and law to real estate, human resources, education, and healthcare, eSignatures will become commonplace across sectors and business verticals.
Paperwork will be transformed by artificial intelligence and machine learning
Users will soon be able to search and extract information from documents, videos, and photographs by just conversing with a Digital Transaction Management (DTM) solution, thanks to advances in conversational AI.
According to a Stanford University research, when employees work remotely, their productivity is likely to suffer. However, this isn’t always the case. Embracing ground-breaking advancements like artificial intelligence (AI) and machine learning (ML) is one of the greatest ways to avoid the ‘efficiency-slump’ bullet, according to forward-thinking businesses.
Consider a document bot that can assist users write contracts and other legal documents automatically. This eliminates the physical labor of paperwork, and Aragon study suggests that by 2022, this future notion will have a 70% probability of becoming a reality.
Businesses will soon be able to concentrate workers’ time on more mission-critical duties, thanks to technology that allows them to put the documentation workflow on autopilot.
Contract validation will be improved via contactless technology
Melbourne’s Avalon airport has installed touch-less self-service for travellers in response to COVID-19. Face recognition is being used at bag drop stations to identify travellers and link them to their luggage, and passports are being examined remotely, which will be very crucial in the post-COVID era.
Businesses in a variety of industries are turning to sophisticated biometric technology, such as facial recognition, for its potential to provide contactless, frictionless, and secure data validation. WeSignature has already enabled multi-factor authentication for signers through facial recognition (Face ID) and fingerprints in the eSignature sector (Touch ID). Many additional digital workflows and products are expected to follow suit in the near future, incorporating contactless and biometric security capabilities.
Brands will be able to give digital natives a better experience
Electronic Signature have previously been used by a number of fintech businesses, including Squareup and Kabbage, to secure stakeholder approval for documents such as payment authorizations and transaction receipts. For time-sensitive procedures like emergency or quick loans, this sort of digital workflow is critical.
Creating an online Signatures lower client acquisition expenses and the lead-to-win time frame for sales teams by allowing them to perform online transactions in the blink of an eye. Businesses and their sales teams can make a sale when a customer’s interest is first piqued or when it is at its height.
This strategy may be used to a variety of industries, not only fintech. APIs are being used by online retailers and SaaS companies to incorporate eSignature solutions into their payment flows and other LOB platforms.
At a Crossroads with eSignatures
We are reaching a tipping point for eSignatures, as with many other technological technologies, which will permanently impact how we conduct crucial transactions. Companies were already going in this route, with contactless tools, remote teams, and mobile processes being adopted – but the COVID problem has proved to be the trigger for making eSignature solutions a must-have for enterprises large and small.
