Banking goes far deeper than the management of financial transactions. Organisational, compliance, and governance layers are (rightfully so) demanding and complex. From merchants to customer onboarding, relationship banking, and internal agreements or workflow management, these layers must be managed effectively, securely, and with certainty - ensuring both the bank and its customers are protected.

In practice, digital signatures can offer a wealth of benefits for processes within the banking sector – and for its customers. Of course, the signing of documents is one facet of this solution, but the advantages and applications abound. Now the question becomes; how is modern banking delivering excellent service to digital citizens?

“From a functional perspective, digital signatures deliver everything from in-branch biometric signing to remote signing embedded into existing web applications, real-time USSD signing in call center scenarios, data retrieval from stored documents, dynamic pre-populated contracts, and the provision of a digital stamp that ensures integrity and validity of a document via an app, the website, internet banking, and in-branch – it’s clear that the scope for innovation is vast,” confirms Carrie Peter, Managing Director at Impression Signatures.

“Add to this the benefit of applying digital signatures to daily internal operations, such as declarations, procurement, internal communications, and approvals, and implementing a digital solution becomes an operational must. For the bank’s client, this technology offers security, and a proven digital identity, decreases the risk of fraud, and ensures interactions with their bank are seamless and hassle-free. It’s a real win-win.”

This approach – often based on a SaaS model – holds several marked benefits to banking operations. Of course, proof of identity and data security are paramount with digitally sealed documents that cannot be altered after signing. Add to this end-to-end compliance with digital identity tracking and secure document storage, and the result is the reduction of fraud, extended cyber security capabilities, and greater trust from customers and stakeholders alike.

“Of course, this means the customer experience is vastly improved through seamless and reliable interactions – positively impacting customer loyalty, ease of doing business with the bank, and built-in security. The business also enjoys reduced paper and printing costs, less time spent on manual administrative tasks, minimised friction in the signing process, and total visibility with extensive tracking features,” adds Peter. “The right digital signature solution will also support the bank’s existing digitization initiatives with API-driven customisation.”

According to Peter, one of the greatest benefits of implementing digital signatures in banking is the irrefutable audit trail this process creates – all while eliminating the need for risk-rich paperwork. “Through the use of digital signatures, both the bank and its merchants or customers have access to a secure location for all legally executed documentation. The identity of signatories is also proven through a secure digital identity, eradicating repudiation after the fact.”