Craig Le Clair, vice president and principal analyst at Forrester Research explains what other organizations are doing with electronic signature.
We get a lot of questions about electronic signatures today at Forrester. And the question is usually from insurance companies and retail banks. They want to know what others are doing with electronic signature because they have a lot of processes that they see good demand for getting rid of. That includes paper and absorbing that what signature into the operation which then requires scanning and all the paper management that we've known to do.
What are the use cases for electronic signature?
- Customer Onboarding - Onboarding new customer requires signing a lot of forms and you're signing wire-transfer approvals. In banking, for example, you're signing all kinds of compliance forms. Why not have those done electronically?
- Lending - Whether it's the more commoditized form of lending in auto and loans and so forth, the lending value stream that they have today really can benefit from having that signature be electronic.
Where does content management and business process management come in?
I'll start with the process area first. In the process area usually the electronic signing part is a task or an offshoot of the larger process, so generally, the e-signature component is under the control of a BPM solution or a dynamic case management solution. At the right state in that transition, it's going to move you to the signer, but it will move you to a whole set of systems and servers behind the scenes that will:
- Absorb the generated document
- Move it to the signature server
- Go through the authentication process
- Meet the e-sign requirements for authentication and intent to sign
Then travel all that evidence with some interesting mathematics to then move it back to the content management solution for downstream archiving and management. So very, very important to think of electronic signature as part of your processes going forward particularly driven by mobile today. People want to sign on their phones, they want to sign on their tablets, and they want to sign from their homes via their desktops. They don't want to be driven be driving back to that office to meet the third time with the broker or the insurance agent to really just sign some forms so adoption of e-signature is over 50% a year. It's being driven by customer experience and by mobility.