There’s a big disconnect in the financial services sector, and it’s got to do with the customer experience. Most large financial services firms get it right most of the time – with fast, digital, and user-friendly interactions. But when it comes to the last mile of financial services agreements, the speed and efficiency that customers love is replaced with snail mail and pen-and-paper signatures.
Customers today – be they B2B or B2C – expect interactions to happen digitally. This includes the crucial ‘last mile’ transaction when a customer finally signs up (and hands their money over). It is antiquated and inconvenient to expect customers to complete this final transaction the old-school way – it damages your brand and your business.
Relying on paper processes for the final stage of contract signing is inefficient, increases expenditure on things like printing and postage, and can introduce costly errors. Indeed, the reliance on paper sees more than 30% of contracts come back ‘not in good order’ (NIGO) – that is, they need to be sent back out again because one of the parties missed a signature, or didn’t provide other relevant information.
Capturing signatures and other vital contract information digitally can virtually eradicate these ‘last mile woes’. Upstream and downstream processes are sped up, with fewer errors and a better customer experience.
Still not convinced? Here are 10 great reasons to swap paper-based contracts to eSignatures using DocuSign.
1. Reduced time to assets under management
DocuSign financial services customers enjoy faster document cycle times. The time taken to get assets under management can be slashed from days or weeks to just minutes, which means money in the bank faster.
2. Reduced NIGO
Humans are prone to making mistakes. By swapping to Digital Transaction Management (DTM), you are no longer at the mercy of customers who miss a signature here and there – the digital document cannot be saved or sent until it is filled in correctly. Plus, you eliminate the need to rekey data, which is a classic cause of error. Financial services firms using DocuSign have reduced their NIGO and error rates by up to 93%.
3. Improved customer experience
Customers expect to be able to conduct transactions digitally, with the ability to electronically sign documents from anywhere, on any device. DocuSign helps financial services companies to deliver on this expectation.
4. Greater security
DocuSign is the only DTM provider that offers cloud-based, customer-controlled data encryption within their own data centre and leading bank-grade security certifications. Its carrier-grade system architecture, a first in SaaS, eliminates maintenance downtime and ensures the highest level of availability, performance resiliency, and data integrity.
5. Better visibility
DocuSign provides complete transparency into critical transactions, with dashboards showing where all documents are in the process, and automated reminders making sure that documents are signed in a timely fashion. You don’t get this with paper.
6. Reduced cost
A multinational DocuSign financial services customer who digitised core processes achieved a massive 531% ROI with a five-month payback. Digitising can drive internal efficiencies and reduce costs associated with printing, faxing, scanning and sending paperwork.
7. Standard in financial services
Already in the US, DocuSign is the de facto standard for Digital Transaction Management (DTM) in financial services – and it is fast becoming the same in Australia. DocuSign works with more of the applications, services and devices that financial services organisations already use.
8. World-class mobile experience
DocuSign enables transactions anytime, anywhere, on any device. DocuSign is the only solution that offers native mobile apps for all major platforms: IOS, Android and Windows to ensure the easiest and fastest sending and signing experience.
9. Award-winning APIs
DocuSign is “in a class by itself” for its APIs according to analysts. Typical financial services architectures include 200+ enterprise applications and require seamless integration for any advanced digital transactions.
10. Global enterprise standard
DocuSign leads the industry with more than 100K customers and more than 50M users across 188 countries. Every day, more and more businesses choose DocuSign as their DTM partner to take their enterprise fully digital.
DocuSign will be at the Future of Financial Services event in Sydney on 9-10 November. To see how DocuSign could transform your financial services business, visit our booth at the event. We hope to see you there.