The Good News and Bad News about e-Signatures
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.
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.
AIIM recently hosted a webinar where we explored how implementing electronic signatures into your workflows can help eliminate bottlenecks and drastically improve your processes. You can view it here:
About John Mancini
John Mancini is the President of Content Results, LLC and the Past President of AIIM. He is a well-known author, speaker, and advisor on information management, digital transformation and intelligent automation. John is a frequent keynote speaker and author of more than 30 eBooks on a variety of topics. He can be found on Twitter, LinkedIn and Facebook as jmancini77. Recent keynote topics include: The Stairway to Digital Transformation Navigating Disruptive Waters — 4 Things You Need to Know to Build Your Digital Transformation Strategy Getting Ahead of the Digital Transformation Curve Viewing Information Management Through a New Lens Digital Disruption: 6 Strategies to Avoid Being “Blockbustered” Specialties: Keynote speaker and writer on AI, RPA, intelligent Information Management, Intelligent Automation and Digital Transformation. Consensus-building with Boards to create strategic focus, action, and accountability. Extensive public speaking and public relations work Conversant and experienced in major technology issues and trends. Expert on inbound and content marketing, particularly in an association environment and on the Hubspot platform. John is a Phi Beta Kappa graduate of the College of William and Mary, and holds an M.A. in Public Policy from the Woodrow Wilson School at Princeton University.