Technology is truly progressive only when it is holistic, without any disruptions. It should be an end-to-end solution that automates the entire process from start to finish, using digital tools wherever necessary.
If a task has to be completed partially through traditional means because a part of the function is not completely digitized, then we are missing the point of automation. The true validation of automation lies in completing tasks error-free with the lowest turnaround time. In simple terms, it is a seamless and efficient way of working that should cover all facets of the work.
For instance, if loan application submission is digitized but verification and approval are still carried out in the old way, then we are falling behind in our use of technology. True progress is achieved when the entire loan cycle, from submission of the application to the approval and disbursal of the loan, takes only a few hours because of automated loan origination software.
Tasks that involve a lot of paperwork, such as the loan cycle process, hiring, estate planning, and others that require multiple signatures, can be completed much more efficiently by using eSignature Apps. These apps eliminate errors that can occur due to missing signatures in the normal course of paperwork. When electronic signature applications are used, missing signatures are automatically alerted, and the form can be completed without any delays.
Benefits of Electronic Signatures
Any digital platform is complete only when it can be authenticated. If you file your tax returns online, it will be verified only after you have signed it. Now, the fun part is, how will you sign something that is online in an electronic mode? Well, the solution exists in the form of an electronic signature. Not to be mistaken with digital signatures as there is a difference between the two. While digital signatures copy other information of the user, an electronic signature is used to verify a document. There are advantages of electronic signatures that should be considered seriously by anyone who has not yet turned to this easy way of progressive documentation:
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Legally Accepted
Electronic signatures are accepted universally under the ESing Act 2000 and Uniform Electronic Transactions Act 1999. Electronic signatures from any device are acceptable if they have been verified for authenticity.
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Going Paperless
Green initiatives are taking center stage in most organizations. People are making a conscious effort to fell fewer trees and not try to burden the planet that is already facing the wrath of global warming. Every effort counts when it comes to efforts to maintain ecological balance. We have one planet to cherish and we have to replenish a few resources through our efforts like signatures.
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Safe and Secure
By using electronic signatures, you can add an extra layer of security to your documents. This is achieved through advanced encryption and decryption techniques, as well as an unalterable audit trail that keeps track of all the changes made to the document. As a result, it is almost impossible to forge or make any unauthorized changes to the document. However, the level of security offered by electronic signatures depends on the type of signature and encryption method used.
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Easy Access
You don’t need to walk into an office and commute to far-off places to sign documents any longer. With electronic means and safe platforms, you can verify and authenticate your paperwork from any corner of the world. You can use any device of your choice like a tablet, computer, or phone to complete this verification through your signature.
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Easy Contracting And Documentation
People often delay crucial work like preparing their wills and attesting them because they lack the facility or time to complete this work. Not anymore; electronic signatures now make it feasible to close mortgages, sign wills with witnesses attesting their signatures, complete financial transactions such as business deals, and scores of other tasks where signatures are required from the comfort of their house or office. From the convenience of any place, the end user can finish the signature verification process using electronic signatures.
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Cost-Efficiency
Money saved is money earned. Now, there is no need to buy extra paper, printing, travel, or spend resources to complete document verification with signatures. It will be verified online using electronic signatures from any part of the world. You can sign your papers from your vacation on a beach while the office where these docs have to be submitted is covered in heavy snow.
Electronic Signatures: How Do These Things Work?
Imagine you have to sell a property to a buyer located in Europe, then you use eSignature to verify the documents. These are the stages to be followed:
- Create a secret code: A computer program will create two unique codes for you, a public one and a private one, similar to a lock and key. Ensure you keep the private code safe!
- Making your seal: When you “sign” a document with your private code, the computer scrambles the document’s contents into a unique code (like a fingerprint).
- Attaching the seal: This scrambled code, along with the time you signed it, becomes your digital signature. It’s then attached to the document.
- Verifying the seal: Your friend receives the document and your public code. Their computer uses the code to unlock your scrambled message. If it unlocks correctly, your friend knows the document hasn’t been tampered with and it came from you!
If someone tries to alter the document, the code will not unlock with your friend’s computer, just like a key that doesn’t fit the lock. This alerts them to the fact that something’s suspicious!
Conclusion:
Moving forward eSingatures will be used everywhere. Every valid transaction that will hold some benefit in terms of employment, rent, financial transactions, or any long-term work, will need signatures that act on behalf of the parties contracting with each other. So it makes sense to shift to the future applications and get uber cool with your operations from now on.