Industries That Can Benefit From eSignature Solutions

Moving fast in business is crucial for survival! You move slowly, and the rising competition devours your market share. eSignature solutions help companies to minimize delays with paperwork and move things faster. They cut the turnaround time by 90%, which means a document can be signed and shared online even before the ink dries on the paper. Apart from these benefits, they allow businesses to work smartly, save money, boost productivity without using the costly, time-consuming age-old processes.

Investment in eSignature service is the best bet for organizations that want to blast past these issues and speed up their digital transformation journey.

Here are the industries that can benefit immensely from eSignature solutions.

eCommerce Industry

Is there anything familiar between eCommerce and electronic signatures? Both have closer ties with each other and are dependent on the internet for smooth business operations.

The sole credit of the eCommerce industry getting into a monstrous growth phase (USD 4.28 Trillion worldwide), breaking national boundaries, and reaching genuine customers goes to electronic signature solutions.

eSignatures have entirely changed the way eCommerce companies do business with customers.

Here is how they complement each other!

Every order on an eCommerce website is like an online business contract initiated when the buyer places an order. The open contract is closed when the buyer acknowledges the product receipt with an electronic signature.

The plan of using an eSignature application is evident here.

Its use means genuine company representatives are delivering the ordered product on behalf of the company, and there are minimal chances of the order getting duplicated and misplaced.

Another critical point is that if a business is present in other geographical locations, the company needs not seek the customer’s signature on a physical document as consent to the contract. When you esign the document using an eSignature solution, you can instantly use it as an agreement signed by both parties.

You are miles ahead of the competition in a tough eCommerce market as your customers get the impression that they are doing business with a trusted company.

This way, eSignatures provide a critical way to boost online branding, gain positive word-of-mouth marketing, and enhance Customer Experience (CX).

Banking Industry

Implementing eSignatures in the banking industry can save an astonishing 1.3 hours per transaction! As they are efficient and track documents very fast.

Banks adopt eSignature solutions in daily business operations to offer a better customer experience and digitize their processes.

Here are some ways banks can benefit from using e-signatures:

Minimize transaction time: It allows banks to process a good number of transactions within a short period

Ensures document security: If your bank uses esignature solutions, you don’t have to worry as esigned documents are stored securely in the cloud storage.

Streamline Internal process: Banks can eliminate all time-consuming steps involved in paperwork as you don’t have to print, scan and mail the documents.

Improved customer loyalty: eSignature solutions give clarity, transparency & excellent efficiency in a bank’s internal processes allowing customers to reach them for more services, thereby improving customer loyalty.

Telecommunication Industry

If an industry has truly capitalized and received immense competitive benefits from electronic signature, then the credit goes to the telecommunication industry.

When the world embraced 4G technology, they needed to acquire customers in mass numbers to justify the infrastructure costs.

But the biggest Achilles heel of this industry was manual document processing as companies received connection requests from lakhs & lakhs of applicants every day. Activating these connections in a few hours and providing them the selected services at the right time was like daydreaming.

Then the telecom industry adopted eSignature technology, which completely changed the scene. Here is how it has benefitted from electronic signatures:

Fastest Customer Acquisition: Process KYC documents in a matter of minutes instead of days.

Pleasant Customer experience: What is more pleasing than seeing your applied services getting activated before your own eyes? You apply for a sim today and enjoy voice and internet services the same day.

Contract Signups and renewals: B2B customers sign their contract online on a paperless document with real-time approvals on contract and eForms.

Tamper-proof documents: Digital signatures are tamper-proof as they use highly secured encryption technology.

Ensures compliance: Electronic signature confirms to ESIGN, eIDAS and IT signature act making it suitable for intercontinental business.

Here is a live example of Reliance Jio using electronic signatures to acquire 20 Million customers in a month.

Insurance Industry

Insurance is the second industry after telecommunication searching for new customers to add to its business. The more customers, the greater is the month-on-month revenue.

But the main challenges faced by them are reducing costs, increasing turnaround, and profitability.

To overcome these challenges and remain relevant in the market, these companies have started deploying electronic signatures as a proven solution to acquire online customers securely, build engagement and grow customer loyalty.

The benefits of implementing eSignature for the insurance industry are:

• Sign new/existing insurance policies with speed and accuracy
• Super convenient for clients as they can quickly sign and retain copies of their signed policies
• Get new customers with ease leading to more significant improvement in productivity of field agents
• Reduce chances of errors by securing your insurance document flow
• Get a considerable return on investment (ROI) by saving paper, mailing costs, and back-office processing
• Boosts up brand image in the market as an eco-friendly company
• One of the most significant benefits of eSignature is that it helps reveal the identify the signer
• It helps save your office space as you don’t need printing and scanning machines

Construction Industry

Do you know that the global construction market would grow to USD 8 Trillion by 2030? There is an incredible opportunity to be a part of this boom and climb the ladders of success.

The construction industry has tonnes of paperwork- contracts, material sourcing, paid bills, unpaid bills, builder-customer agreements, employee records, bank agreements, construction project management, and a lot more.

According to a recent study by the World Economic Forum (WEF), full-scale digitalization within ten years is capable of producing annual global cost savings of USD 0.7-1.2 Trillion (13-21%) on Engineering & Construction and USD 0.3-0.5 Trillion (10-17%) in the Operations phase.

Electronic Signatures are an essential weapon in swiftly ensuring the digital shift.

You can barely escape from paperwork! Whether the construction company is a smaller company or a larger company, contracts and agreements form part of everyday work. The most important thing is to keep all the records safe for years & years, preventing them from misuse and getting destroyed.

LunarPen eSignature applications are born to handle these situations pretty well.

Here is how LunarPen eSignature helps the construction industry:

• Stores all documents in one place and keeps construction industry contracts completely secure
• Eliminates the risk of construction project delays by getting required signatures from engineers, managers, and contractors
• Process construction company documents in the most efficient way by uploading, eSigning, and emailing the documents
• Prevents forgery of essential documents and contracts as online documents are accessible only to authorized users

Law Firms Industry

The law firm industry is worth USD 300 Billion a year. It provides expertise on various practices, including business law, criminal law, commercial law, tax law, intellectual property, and real estate.

It involves loads of paperwork hassles that are always a pain and needs due care for document creation, usage, security, and storage.

Paperless electronically signed documents simplify the process of document signing and increase document safety.

Here are the main benefits of electronic signature in the law firm industry:

Time Management: LunarPen eSignature application saves a lot of time doing manual tasks like printing, scanning, mailing, and storing the documents.

Cost savings: It considerably reduces the amount of paper needed for printing, scanning, copying, and mailing documents.

Security: It offers the highest level of protection than a paper contract due to encryption technology, allowing verification of every signer and maintaining the chain of custody.

Client conversion rate: It allows to increase the conversion rate for retaining new clients by signing with the organization immediately at the first intake.

Use from anywhere: Your clients won’t have to take work off to come in and sign documents that are essential to their matters. They go to their email and can review and sign their documents quickly.

Protects confidential documents: It helps protect personal information with secure electronic storage. Your clients will love how fast and easy it is to sign documents with eSignatures.

Legally Enforceable: Electronic signatures used for signing online documents are legally enforceable by law.

Conclusion

The growing list of companies and industrial sectors using eSignature solutions is undeniable proof of its adoption in day-to-day business operations. Take the name of any industry, and you can see the way companies are using this technology to speed up business processes, boost productivity and win consumer confidence. Electronic signatures are a dream come true for companies trying to reduce operational costs and increase market share without constraint on a company’s existing resources.