Electronic signature software is a worthwhile digital tool used across industries to gather signatures quickly and securely. From contracts and business agreements to getting projects off the ground and running, e-signatures help to streamline workflows and keep all documents compliant.
These solutions are part of the fast-growing software as a service (SaaS) market, which surpassed $204.6 billion globally in 2022. In particular, these cloud-based applications allow users to sign documents, contracts, and agreements across multiple devices and operating systems, keeping business as usual moving along more efficiently.
When you think about the many contracts, applications, and document exchanges that occur on average across industries on a daily basis, it’s easy to see why electronic signature solutions are so popular in the SaaS space. Here are four industries that especially benefit from adding electronic signature services to their operational budget.
1. Banking and Finance
Banking and finance institutions can use electronic signature solutions to meet regulatory requirements while providing blockchain stamping and full audit trails. With the right security protocol in place, it’s safer than gathering paper copies and penned signatures, which can easily get lost or damaged. Electronic signature solutions also provide verification and two-factor authentication as an extra layer of security to ensure that cyber criminals don’t gain access to digital copies. This reduces human errors in paperwork and keeps track of time-sensitive requirements related to investment purchasing and sales.
2. Insurance
Insurance products require a lot of signatures to make them legally binding. However, electronic signature software reduces the time involved in acquiring signatures for forms, policies, applications, insurance claims, and declarations. When an agreement is signed, e-signature software then notifies both the sender and receiver of what signatures are required and when they are received. It’s a great way to complete insurance paperwork in minutes, especially while working with third-party services and outside contractors.
3. Real Estate
It’s so easy to conduct real estate transactions with e-signature solutions from providers like Jsign. Such applications allow brokers and agents to gather the necessary signatures quickly when there are multiple competing offers. It’s also helpful in processing agreements made by multiple parties in different physical locations, such as mortgage forms, pre-approval letters, offers to purchase, leases, contracts, and transfers of power.
4. Healthcare
Combining HIPAA-compliant electronic signature solutions with cloud-based storage has been especially useful within healthcare. Physicians and patients are able to sign important documents online without compromising privacy, and two-factor authentication security protocols keep important patient medical records protected. Using compliant cloud-based software for processing claims and forms is a great way to secure signatures for new patient forms, HIPAA forms, and credentialing prescriptions. It makes a visit to the doctor easier and keeps records in a digital space where they’re less likely to get lost as the patient moves from between offices.
Tech Tools Help to Increase Productivity
The SaaS space is growing exponentially, and these low-cost solutions to increase productivity will forever change how we go about our daily tasks at work. Electronic signatures are a convenient way to automate a common task that can end up taking a significant amount of time with paper and pen. Stop leaving your office to hunt down a signature for a document. Instead, simply email your request and have it signed within minutes; it’s really that simple.
