Some banking procedures such as account openings, loans, mortgages, and investments requires loads of papers to be Signed by the customer, from the initial form filling to the final documentation of the transaction; This leads to huge costs (paper, toner, delivery) and longer delays.
Banks and credit unions can significantly reduce the risk of fraud by implementing a verification system of electronic signatures using the biometric data captured with an Sigplex signature pad. Signature authentication can be performed quickly and securely thanks to the encrypted data transfer between the Sigplex signature pad and the PC, tablet or smartphone.
- Public Key Infrastructure (PKI) technology is an encryption verification technology, which offers the highest standard of verification for identifying an individual signature.
- This results in the reduction of compliance risk in several areas, including fewer errors on signed documents, templates to standardise and lock down documents, tracking functionality that provides an audit trail, and integrations with document repositories that ensure documents are properly stored.
- A paper document can be modified after being signed by an unauthorized person, but to forge e-signatures is virtually impossible, the integrity of the data is assured.
- In fact, electronic signatures guarantee:
- Authenticity of both sender and recipient
- Integrity: the system detects any alteration in transmitted data
- Non-repudiation: neither party can contest the signed document.
Electronic signature policy and technology create incredible potential in the financial and banking sector, however, it would be naive to claim that transitioning to the technology isn’t an important commitment. Check out our range of e-signature devices to be used in banking and financial services to reduce your organisation’s time and various resources.
