"Not only do electronic signatures help brokers, lenders, and advisers to save time but they also cut out the risk of scanning errors by 92%"
Advances in technology have revolutionised businesses across the world – and their approach to work in a post-pandemic era. The mortgage and financial industry have embraced this digital sprint and are using innovative new tools to assist brokers, lenders, and advisers in speeding up the process of selling a mortgage.
When people found themselves required to stay at home, they were unable to gain access to the usual office equipment and indeed their fellow workers. Software and applications which effectively filled the void started to grow, i.e. replacements for scanners that could receive and send signed documentation and communication tools that brought remote teams together to work through daily tasks.
GetBusy has seen a huge uplift in businesses searching for electronic signatures following the impact of Covid-19 due to the time-saving features it can offer.
Not only do electronic signatures help brokers, lenders, and advisers to save time but they also cut out the risk of scanning errors by 92%, increase audit efficiency by 80% and reduce the likelihood of a file going missing by 66%. With so many beneficial features, it is no surprise to learn that research has predicted the electronic signatures market will expand at a CAGR of 24.6% during 2020–2030 as global adoption rates continue to rise and evolve.
In the mortgage industry specifically, intermediaries have vast amounts of paperwork to get through for just one application. That, combined with facing delays in receiving documentation back from customers, can severely impact the efficiency of the process and impede the customer experience.
Technological advances are speeding up the processes of the mortgage industry – as it begins to utilise features such as electronic signatures – which can improve workflow and approvals up to a staggering 83%.
Physical documents have become a waning commodity in an online world. Something that was prevalent pre Covid-19 and will certainly be true after it. Not only can companies enjoy the benefits of improved productivity there are also environmental, security, compliance and cost benefits which make a compelling case for any business.
Nervousness can occur around the signatures’ validity however in the UK, an electronic signature has been legal since the introduction of the Electronic Communications Act in 2000. The UK now adheres to the European Union's eIDAS regulations 2016 as it was recognised that technology would evolve and approval regulation needed to adapt.
We want to make life easier for our customers by providing a platform that enables electronic document signing, as well as having the additional business benefits to create to-do lists, the ability to transfer, and safely send and store large documents (up to 200MB) whilst having the added peace of mind that there is GDPR and ISO2001 level compliance and security-built in.
It is evident that a post-Covid world looks very different from the one we had become accustomed to. However, this change should not be viewed negatively. The need for mortgage intermediaries has never been higher in such an uncertain market, so working in a smarter and more digitally secure way is more vital than ever because of this.