E-Sign Your New Bank Account

Perhaps the biggest draw to mobile devices is their immediacy. You’re always just a touch or click away from knowing a piece of trivia, getting directions to a new restaurant, or even transferring funds between accounts.

Yes, mobile banking is on the rise. According to the Federal Reserve Survey for 2015, 52 percent of smartphone owners with a bank account have used mobile banking in the 12 months prior to the survey, up from 51 percent a year earlier. Another 11 percent of smartphone users who don’t currently partake in mobile banking will probably or definitely use it within the next year. The results are in and the bottom line is that more banks need to digitalize their customers’ experience with online self-serve options. E-signatures can improve the customer’s experience; and that’s half the battle when it comes to effectively using mobile.

The software is easy to use, speedy, and it saves money. No more shuffling paperwork and waiting for signatures to get signed, counter signed, and approved. With electronic signatures, customers can open accounts anytime, anywhere, on any device. Simply put, it makes banking more convenient.

For those people in search of a new bank, finding one where they can open an account on their smartphone or tablet might be the quickest answer. According to Nitro, 79 percent of adult smartphone owners have their devices with them 22 hours a day. And 46 percent of those surveyed travel for their work half the time or more. With so many people on the go, more banks should really take advantage of what the digital era is offering and consider electronic signature software for mobile and tablet devices.

A study by E-Sign Live found that “in addition to strengthening compliance, e-signatures deliver value on other fronts including expanding the reach without opening new branches.” Mobile transactions reach beyond traditional geographic locations, which help the banks reach customers without the cost of opening or staffing a new branch.

For the banks that offer mobile banking apps right now, they are still requiring actual signatures for specific account openings. When using an e-signature feature, there are multiple ways of gathering signatures that include click-to-sign and scripted signatures drawn on a mobile or tablet device. This type of software can capture an audit trail of the entire process and have proof of how the signature was obtained and executed. Customers will receive the PDF-type forms for their new account immediately, instead of waiting for counter sign signatures.

Many banks have recently focused on customer experiences at their branches with tablet kiosks offering in-bank features to display demos, training and check-in services. Now, many forward-thinking banks will consider beefing up the user experiences of their mobile apps with features like e-signature software.

Introducing customers to e-signature software could make new account setup easier and a more convenient alternative to visiting brick and mortar branches. This on-the-go service will be more than an added value banking component – it will be a necessity in the not-so-distant future.