Sign of the times: Why implementing electronic signatures is vital today
Has COVID-19 changed the game for e-signatures? Although they’ve long been a crucial part of many leading organizations’ operations, the new demands of the coronavirus pandemic have certainly added new urgency to implementing electronic signatures.
The rise of the e-signature has skyrocketed due to today’s need for distancing and better remote communication. The pandemic has created several issues around the signing and execution of contracts, deeds, and other key documents.
So, is the writing on the wall for “wet-ink” signatures? In this blog, we shine a light on the e-signature boom and explain how Nintex AssureSign®, can help organizations overcome the challenges of the uncertain times we find ourselves in.
But first, let’s look at how electronic signatures have become just as legally valid as their old-fashioned counterparts.
Recent signs of change
The electronic signature has been established in law across the world, giving it legitimacy in a wide range of circumstances, if not quite all… yet.
In the USA, the Uniform Electronic Transactions Act (UETA) and the federal Electronic Signatures in Global and National Commerce Act (E-SIGN) outline the legal frameworks for using electronic signatures. This is neatly summarized by the experts at Proskauer Rose LLP:
“Adopted by 48 states and the District of Columbia (Illinois and New York are the exceptions), UETA is the law for most jurisdictions across the U.S. Although certain documents, such as wills, trusts, those relating to divorce, certain financings, and contracts governed by the UCC currently do not fall under UETA and E-SIGN, most legal documents (including most UCC documents) have been signed by eSignature long before this pandemic.”
The move to implementing electronic signatures is a global trend. Since July 2020, the UK’s Land Registry, which deals with land and property—including transfers of ownership of property, leases, mortgages, and other property dealings—now accepts witnessed electronic signatures for the first time—a landmark event.
What’s more, it has been recently reported that the global e-signature market is predicted to progress at a 24.6% compound annual growth rate (CAGR) during 2020–2030. The signs are certainly looking good for e-signature.
The benefits of digital signatures today
There’s no doubt that the restrictions of COVID-19 have made people more aware of the uses and benefits of digital signatures. Just think: with remote working and social distancing measures, how often can you get two people in a room for a document to be physically signed and witnessed?
Now that businesses have reopened their doors after the first wave of lockdowns, many workers are choosing flexible working arrangements, spending perhaps one or two days a week in the office and the remaining time at home. There are obvious efficiency gains to having an electronic alternative to “wet-ink” signatures, which apply not just for remote workers but everyone.
Here are some of the key benefits of digital signatures:
- Perfect for paperless home offices – which may not have a printer/scanner
- Signed and sent digitally, instantly – instead of via slow “snail mail”
- Contactless client and employee experiences – supporting contactless business
- Documents can be routed/tracked after signing – not lost in inboxes or desk trays
When used in conjunction with automation technologies, organizations can begin to build fully digital, automated processes and workflows which empower workers to do more wherever they are.
Integrate e-signatures into your processes
Nintex AssureSign®, offers all the electronic signature functionality that organizations need. It can be seamlessly integrated into workflows, so you can create faster, more efficient business processes that enable contactless working practices and customer interactions. With Nintex AssureSign® you can:
- Accelerate signature-based workflows
- Stay compliant and secure
- Gain visibility into signing processes
- Provide anytime, anywhere approval
Because it’s Nintex AssureSign® is certified compliant with ISO 27001, SSAE SOC 2 Type 2, FedRAMP Tailored, and PCI DSS. Nintex Sign® can also ensure that your organizations meet industry-specific compliance requirements such as GLBA, HIPAA, and FDA 21 CFR Part 11.
The Nintex Platform offers the full range of process automation technologies so that organizations can benefit from a holistic approach to process automation. Read some examples of our customers who have had success implementing electronic signatures into their workflows with Nintex.
Start implementing electronic signatures today
At the top of this article, we asked whether the pandemic had changed the game for e-signatures. The reliance on “wet-ink” signatures is certainly problematic in many scenarios now. But the shift has been on its way for a while. COVID-19 has merely accelerated the pace of change.
Are electronic signatures a sign of the times?
Yes. With Nintex AssureSign®, definitely.
To learn more about the benefits of digital signatures and implementing electronic signatures at your organization with Nintex Sign®, get in contact with our team today.