There is no denying it— the digital revolution is here to stay. Gone are the days of traditional business transactions burdened by filing cabinets, waiting on signatures, and endless amounts of paperwork. What we see now is a huge shift to a highly efficient digital process that has all but eliminated the need for ink and paper. It might be sunny outside but we have never been more excited about the ever-present cloud that is changing the way we think, act, and do business.
Digital transformation is changing every facet of the business sector, none more than the insurance, banking, credit unions, and wealth management fields. Firms in these industries are looking for ways to better serve their clients and to improve the way they go to market. Creating completely digital transactions is a huge win for client experience and vastly improves current processes that are still dependent on non-digital means such as dealing with paper, faxing, and scanning.
Here we are in 2014 and everyone is looking to digitally transform internal and external systems. It’s amazing when you think about it— just five years ago the “cloud” was nothing but a term used by the weatherman. Fast-forward to today and I would be hard-pressed to find anyone in the business sector not using the cloud, or at the very least familiar with its purpose.
Another reason I strongly believe in keeping business digital is the huge influence it has on customer experience. We have grown accustomed to instant gratification—Internet to move at lightening speed, news to be delivered in almost real-time— and the same is true when conducting business. The Banking and Insurance industries are making a notable drive to initiate mobile processes that are user-friendly and intuitive. And the cherry on top? The move to mobile processing yields lower cost and higher efficiency for both you and the customers you serve. That’s a win-win no matter what angle you look at it.
Companies are taking huge strides to build systems to communicate with clients in the mobile sphere to help drive the digital transformation. Like any large organization, there is an ever-present focus on improving efficiency, reducing costs, driving revenue, and adopting the digital movement is quickly being added to the top of the list. The bottom line: if you want to compete in this new-age world business world, the digital movement is the vehicle that will take you there.
Despite all the excitement and benefits of transitioning to an entirely digital based platform, there are challenges that must be addressed. Chiefly, the conversion of old to new has proven to be a test. However, the challenge comes in identifying the right path and the right way to ensure customers view this shift as deeply necessary as companies do.
There is no denying the immense impact technology is having on the business sector, and the professional world as a whole. Cloud technology solves problems and drives values, further allowing us to help customers drive improvements in their business. The move fully digital transactions, in combination with DocuSign, has increased efficiency within the Insurance and Banking Community through three main drivers:
Customer Satisfaction: Digital Transaction Management (DTM) is becoming far more accessible for agents and clients to understand and use. Both parties are finding an increased level of gratification from the shift to digital processes, with nearly 50-point swings in customer satisfaction. People don’t stay with companies where there time is not valued and nothing is respected more than time in this new way of business.
Savings Benefits: Both sectors of savings, hard and operational, are experiencing a heightened level of efficiency in today’s drive to tech-based approaches. Instead of chasing around signature for two weeks, business is opened and closed in one day. Time is freed up to meet with financial advisors or allocated to important tasks that move production forward at a rapid rate, unlike anything we have seen before.
Regulatory Compliance: DTM is heavily regulated. If an audit trail is not present, you are hit with a regulatory compliance fine. Compared with the nearly 12% of paper based transactions void of any traceable audit trail, DTM is far more secure and structured.
The Insurance field has also played its part in influencing the digital industry. We have drastically shaped our direction by working with partners with similar mindsets in the tech world to drive revenue for our clients. DocuSign holds itself to the same standards it holds external companies to and that unified cohesion of thought is what is propelling the digital transformation at its core. By focusing on customer satisfaction and security, we’ve seen enormous growth within these verticals.
I invite you to become a part of the Insurance conversation at DocuSign MOMENTUM 2014, where you will be able to learn more about the way Insurance is shifting in today’s world. I also encourage you to tap into the top 5 blogs and top 10 twitter handles that are sparking conversations within the Insurance field.
Top 5 Blogs:
Top 10 Twitter Handles:
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We look forward to seeing you in San Francisco!