Client expectations have shifted dramatically throughout the years. No client likes to sit and wait for contracts to be drawn and signed for an extended period of time. Clients want a quick and effective work process that reduces the time it takes to receive service. This is something that the traditional paper approach does not account for.
This is where paperless transactions become very secure and efficient. Going paperless involves getting rid of all barriers to successful service delivery and client onboarding. This paperless transaction relies heavily on digital signatures. So, how does improving customer onboarding at a company work?
What is the process for onboarding new clients in a traditional business system?
Before looking at how digital signatures can help with new client onboarding, it’s important to understand how the traditional onboarding process works. The standard onboarding process entails a great deal of detailed planning and mounds of paperwork.
In this fast-paced business climate, where company operations are being digitized, it’s noteworthy to note that client onboarding is still trapped in the old system. This is especially evident in financial transactions like stock trading or opening a bank account. Clients would have to fill out lengthy forms and sign them under the paper-based method.
They would be compelled to take the form away and locate signatories if they needed references. This is a time-consuming process that can take weeks if the references aren’t readily available. The entire procedure can be extremely aggravating.
In the grand scheme of things, the cost to the company, both in terms of actual monetary cost and time cost, is also a crucial aspect to consider. Paper, printer ink, scanners, and filing must all be purchased by businesses. Not only do the prices mount up quickly, but they also do so at a glacial pace. Worst of all, when human mistake manifests itself in the form of signature gathering or form completion.
This could result in a new start for the procedure. This is a time-consuming procedure that no one enjoys. The exciting part is that technology has eliminated all of these annoyances. Without printing a single sheet of paper, With Signature Generator, you can easily upload documents and draw signatures online. What is the mechanism behind this? In a moment, we’ll get into the specifics.
How Technology Has Affected Client Onboarding in a Business
Technology entrepreneurs, such as Signature Generator, have championed a smooth and seamless procedure for filling forms and adding signatures as a replacement for the time-consuming paper-based process. The client onboarding procedure has been greatly enhanced, and the arduous duties of printing and scanning documents have been eliminated.
It has also increased the protection of crucial data, allowing firms to avoid leaving documents lying around or in easily accessible locations. In the new customer onboarding process, this has eliminated the inefficiencies and ineffectiveness associated with a paper-based approach.
1: Signature Generator; How Signature Generator Aids in the Onboarding of New Clients
Rather than printing reams of paper and mailing them to clients to collect their information, a company can use the Signature Generator platform to do it. The onboarding manager can share the link with clients from here.
Clients can use the URL to access the platform and fill out forms as well as digitally sign documents using the Signature Generator platform’s e-sign tool, regardless of where they are. Filling out the form and signing it is a straightforward process that only requires a few steps:
- The form will be open after you visit the Signature Generator site using the link.
- Fill out the form completely, then when you’re through, click the e-sign tool to bring up the signature box.
- In the open box, you can draw, type, or upload your signature.
- When you’re through creating your signature, drag it to the document’s signature space.
Save and download the document
The onboarding manager can access the form and take action on it from any location. On the Signature Generator platform, any document that is uploaded and saved is safe and secure. It is only accessible to stakeholders who have the access code.
Digital Straight-Through Process vs. Traditional Process
It is necessary to compare the traditional and digital processes in order to better comprehend the major distinctions.
Onboarding Procedures in the Past
This necessitates the printing of forms, as well as the use of wet-ink signatures. The onboarding manager must print the required forms and make copies for each signing party to complete the procedure. After that, they must gather wet-ink signatures from the stakeholder.
This is a time-consuming process, especially if there are numerous signatories that are not based in the same city. This implies the company must include in the cost of shipping or mailing forms to signatories, as well as set aside time in the office for an onsite signing process.
After that, the forms must be returned to the onboarding manager, who will go over each one for any errors. If an error is discovered, the process is likely to restart from the beginning. The entire procedure is costly, inconvenient, and time-consuming.
Straight-Through Digital Onboarding Process
This necessitates the onboarding manager retrieving the digital forms from the company’s database, uploading them to a digital signature platform for electronic signatures, and sending the link to the signing parties. On their internet-enabled devices, the signing parties can access the documents from anywhere and at any time.
They can use the e-sign feature to fill out the form and sign it electronically. After each signature is done, the manager receives an email message. After that, he can download the documents and use them as needed.
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The process of onboarding new clients is made easier with digital signatures. It’s smooth and doesn’t necessitate any document printing or scanning. It reduces the expense of printing, mailing, and shipping, as well as filing and follow-up.