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The good news and bad news about e-signatures

Apr 18, 2017 11:04:00 AM by John Mancini

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First, the good news.  According to P&S Market Research, the global digital signature market is expected to increase to $3.3 billion by 2022, growing at a CAGR of 31.5%.  That’s billion with a B.

The bad news is that despite the long-standing and well-documented benefits of digital signatures, many organizations are still lagging behind.  According to recent AIIM research, 65% of organizations say they are still signing on paper

The new normal in today's personalized, digital world means giving consumers the ability to apply for life insurance, close on a mortgage, open a new bank account or sign a sales contract on their own terms - at the time, place and on the device of their choice. E-signature technology is the linchpin for keeping these processes completely digital and eliminating costly paper and "wet" signatures.

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According to The Beginner’s Guide to Electronic Signatures, benefits of e-signatures include:

  • Increased staff productivity and operational efficiency
  • Cost reduction and savings
  • Better legal and compliance processes
  • Enhanced customer experiences 

The widespread adoption of e-signatures has been supported by electronic signature laws around the world, including the Americas, Europe, Middle East, Africa and Asia-Pacific. Many of these are based on a model law enacted by the United Nations Commission on International Trade Law – Model Law on Electronic Signatures (2001).

Today there are more than 75 countries that recognize the legal validity of e-signatures. The e-book An Introduction to Electronic Signature Laws Around The World is a great resource to start your investigation of e-signatures.

Interested in learning more?  Check out our free webinar on May 3rd (2 pm eastern), Digital Workflows with eSignatures - Small Changes with BIG Impact

Click to Register for 'Digital Workflows with eSignatures - Small Changes with BIG Impact'

 

Topics: digital signatures, e-signatures, electronic signatures

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