Ways In Which Electronic Signature Is Revolutionising The Fintech Sector

13 Mar 2024

VeriDoc Sign

In the last two years, the fintech industry and banking sectors have witnessed many challenges across the globe. Not only fintech but other sectors have also experienced the same. There was significant disruption in approaches to spending money and the decline of human activity, for instance, visiting banks or ATMs for cash. 

But, when staring at the entire business landscape, you can merely see slight traces of positivity in the finance sector. And all thanks to digital revolutions and technological inventions regarded as document signing software. This article will elaborate on how digital appearance and eSignature concept revolutionise the fintech industry. 

Electronic Signature: An Overview

In the fintech sector, the eSignature platform plays a crucial role since electronic signature has made everything easy and simplified for firms. It's an effective tool that ensures the preservation of all vital financial documents secured by generating a hash key. It safeguards the papers whenever the authority alters the documents. 

Each document in the cloud with electronic signatures contains a public and private key. These keys significantly improve document security and assure the authenticity of the document source. The electronic signature moreover increases document transparency and ensures more productivity within the organisation. 

How Does Electronic Signature Improve The Experience In The Fintech Sector?

The emergence of technology in the fintech industry carries a series of benefits to improve the experience and smoothen workloads. It also increases opportunities to boost cost management, productivity, and efficiency. 

  • Tightened Security

The application of electronic signatures in financial technology sectors to sign important documents has unveiled a much better and more productive way of preventing scams and fraud activities. The innovation helps secure the data and records, which was rarely possible with hand-signed papers. Due to the entire electronic approach and signing techniques, thieving the information becomes extremely difficult for fraudsters. 

  • Multiple Payment & Banking Options

Signing a document online involves robust authentication processes. Therefore, several banking firms can now provide their clients with multiple payment options and online banking services. With the help of technology, customers can easily access their bank accounts, process payment transactions, and check account balances without commuting to banking establishments. 

It doesn't only increase the bank's productivity but also enhances the banking experience for customers. People can pay for their shopping, goods, services, etc., via multiple payment options. 

  • Strengthen Customer Relationship

The invention of the eSign helps fintech companies manage their documents, assets, and association with customers. The technology makes it easier for fintech companies to send and receive vital documents from clients and vice versa. Besides, clients can also sell their assets or withdraw their money remotely from their accounts with a simple digital signature. Electronic signature helps fintech companies maintain customer satisfaction and good alliance with their clients.

Summing Up

The adaptation of the electronic signature app has simplified the work process effortlessly in the fintech sector, from documentation and cash withdrawal to other financial activities. Moreover, the list of revolutions through electronic signatures is endless. It not only secures the records but also eliminates 90% of paper-based documentation, will save almost 2.4 billion trees in less than 20 years, reduces time consumption, and more. 

VeriDoc Sign is an eSignature software providing customers with a new, agile, safe, and dependable option for handling their finances.