It’s no secret that customer demand for electronic signatures is growing. Analysts predict the broader digital signature market will be worth US$3.31 billion by 2022, up from US$501.7 million in 2016.
But there’s more to implementing and maintaining a successful e-signature solution than choosing the right technology. As Intelledox co-founder Michelle Melbourne explains in this guest post, organisation-wide digital transformation is crucial for supporting sustainable, long-term e-signature adoption.
Over to Michelle…
The age of the customer has seen business strive to digitally transform their processes, and as more customers have easy access to smartphones, tablets and touchscreen computers, e-signature leads this transformation.
Customers are already digitally signing their new account applications, completing financial transactions all while self-servicing their accounts.
As e-signature usage grows, a key driver to faster adoption is digitally transforming the traditional manual forms processes that drive the customer experience into an omni-channel, adaptive, interview-based process.
As per a recent Forrester report, the number of transactions settled using e-signatures was more than 210 million in 2014 and is likely to reach more than 700 million in 2017.
These numbers are not only an indication of adoption of new technology but how businesses are heralding the new way of doing business – at the touch of a finger on any device, anytime.
Mobile and online innovation along with significant competitive pressure has augmented the immediate need to digitalize the business.
The e-signature challenge
Digital process and digital signature needs are not limited to any one industry with organizations across financial services, retail and even manufacturing sector adopting this change. More and more field agents, be it in real estate or insurance, are handed a mobile device or tablet to complete transactions.
And from the perspective of the end-user customer, this is not only convenient but what they have come to expect of businesses – high-quality digital experiences.
Intelledox along with DocuSign is paving the way and enabling organizations to make the switch from tedious and cumbersome PDF forms to engaging, adaptive digital interviews.
Take the example of a New Account Opening process for banking or insurance, typically customers are asked to fill complex PDF forms with repetitive and sometimes irrelevant questions, which then needs to be rekeyed by the business into an existing customer database, often resulting in data entry errors.
Transitioning to an Adaptive Interview solution like Intelledox Infiniti allows customers to quickly answer only relevant questions, which then pushes the data to a core system of record and generates a personalized PDF while seamlessly launching DocuSign for the signing process, in one easy step.
Intelledox Infiniti empowers business users to rapidly design, develop and deploy these applications, improving time to market and significantly improving the adoption of e-signature. The end-to-end Adaptive Interview process not only saves cost and time but also delivers a frictionless customer experience.
Digital transformation best practices
- The key to a smooth transition is to design the digital transformation keeping in mind the customer or end-user and making the system intuitive and easily accessible across all digital channels.
- Businesses need to ask the question – Will each of my consumer group be able to use the system easily? From a 25-year old digital native to the retired veteran – the system should speak to the user in a way that is native to them. This will help companies build a solution in sync with the latest mobile advancements and for the growing demographic but still provide a convenient solution for loyal customers.
- Each business is different; organizations should design the new process with the flexibility to support these unique needs of each business.
- Adopting an Adaptive Interview solution like Intelledox Infiniti extends the business’s investment in DocuSign and supports passing data collected directly to core systems, eliminating the need to rekey forms data.
- Implementing an Adaptive Interview process along with an e-signature solution results in rapid ROI by reducing costs associated with manual process, enhancing customer experience and providing omni-channel access.
With planning and use of best practices, deploying Adaptive Interviews alongside DocuSign rapidly drives e-signature adoption, reduces costs and speeds time to revenue.
This post first appeared on Intelledox’s blog, IX Connect. An Axient partner, Intelledox’s mobile-ready digitalisation software helps over one million people do business faster, smarter and more efficiently.