1st generation e-signature solutions are not enough anymore
The early days of e-signatures
E-signature solutions have been introduced in the late 1990s but haven’t evolved much since. These solutions have definitely improved business efficiencies and as a result widened the use of e-signature solutions from 89 million in 2013 to 754 million in 2017*. However, what was a satisfactory customer experience back in the late 1990s, still lacks some basic customer service requirements that clients nowadays expect, leading to decreased conversion rates.
Why current e-signature solutions are lacking?
As we all know, mobile usage has increased dramatically in recent years. However, most 1st generation e-signature solutions still require users to access the document from their email. In addition, once the document is opened, it is displayed as a full letter size display making it very difficult to read on mobile which may lead to a frustrating experience. In addition, in some cases, clients do need some clarification or explanation regarding the documents that are sent to them and an ability to review the document together with a company agent in real time can provide better experience and higher completion rates.
Customer Experience is king
Customer experience has become a main differentiator that separates companies from their competitors. Therefore, equipping your agents with flexible and efficient tools that allow them to simplify the customer experience when the client is at the finish line, can make a big difference. This comes hand in hand with the ability to instantly audio/video chat, co-browse, collect files & IDs and co-fill documents with the client.
Next Generation e-signature solutions
So, what do you need in an e-signature solution to match your customers’ needs? Flexibility to choose between Customer self-service mode option and an agent-assisted option would better match your customers’ different needs. An ability to send the document to client via SMS as well as via email and an ability to demonstrate the document in a mobile optimized way by providing an option for a digital form view, can provide a much better experience for your mobile users. Lastly, a comprehensive live collaborative document review session that allows to co-fill, co-sign, audio/video chat, co-browse and instantly collect additional docs & Ids while recording the session for compliance purposes, provides your agents the right tools in the crucial last mile of the transaction process.
Improved business outcomes are right around the corner
In sum, next generation e-signature solutions allow to reduce customer frustration, improve brand loyalty and increase conversion rates. Customers report an increase of up to 25% in conversion rates after implementing such solutions.
* Annual e-signature transactions worldwide 2012-2017, Statista Research department