Keep These Considerations Top of Mind When Choosing a Digital Signature Provider
Today’s rich and fast-growing digital landscape brings many opportunities for businesses to ensure smooth transactions with consumers. One service that has made a significant and positive difference is the development of digital signatures.
During the pandemic, credit unions, like all businesses, had to determine how to continue to conduct transactions with their members outside of an in-person branch experience. Online banking became a way of life, and credit unions developed digital strategies to ensure their members’ needs were met. Part of that strategy included digital signatures — a necessary tool that is proving even more useful with each passing day.
“Credit unions are renowned for their member service, and offering digital signatures is part of that practice. The ease, speed, and security of a good digital signature platform offers advantages for credit unions, especially in light of the high trust and regulatory nature of financial services,” said Cameron Smith, Vice President, Strategic Partnerships & Resources for NWCUA.
While many electronic signature vendors offer services, there are important points to consider when choosing the right one for your credit union.
Keeping members’ personal information secure is paramount. Electronic signatures and digital signatures differ in significant ways. A digital signature is a type of electronic signature that offers enhanced security because it contains encrypted information. A digital signature permanently embeds specific information into the signed document that acts like a fingerprint to the signers’ identity.
Digital signature technology, such as that offered by Strategic Link partner SIGNiX, enables strong, multi-factor authentication options, including knowledge-based authentication and identity document verification. All of the legal evidence is embedded into the document itself, providing a higher level of security that the documents haven’t been tampered with. Digital signatures comply with international standards for security.
Ease of Use
You want to make life simple for your members and staff so be sure the vendor provides an easy-to-learn platform to sign and return the documents. For example, SIGNiX offers several ways to conduct transactions by allowing members to sign online, on a mobile device, or in person.
Today’s technology requires a significant commitment to learning how to use online products and services. SIGNiX provides support with online training for its products and services that include webinars to guide users through the online signing process. Answers to questions are addressed both through the SIGNiX blog and its training materials to ensure employee success and a positive member experience.
The old days of waiting for documents in the mail are obsolete. A vendor platform should allow you to track your documents easily, in real time. As an additional service, SIGNiX will send your members automatic reminders should they forget to sign.
Digital signatures offer savings compared to standard printed documents. Compare prices between vendors, while considering that you’ll reduce costs on paper, printing, and mailing, and maintenance of printing equipment.
Check with vendors on how well their products integrate with your particular technology solutions. Workflow is one area where you don’t want unnecessary problems. Reliable digital signature vendors should be familiar with financial services systems and how their products will work within your credit union’s current technology.
Signature providers should offer products and services that meet all your digital transaction needs. One that is becoming increasingly important is online notarization services. SIGNiX offers Remote Online Notarization (RON), saving credit unions time and effort, and ensuring a higher level of security than traditional notarization.