The COVID-19 pandemic has aided the expansion of several e-signature services and solution companies.
Furthermore, the growing adoption of remote working policies by businesses due to the implementation of lockdowns and social distancing procedures, as well as the growing demand for secure online transactions and connectivity, are propelling the e-signature market forward.
This tech has a range of business benefits including improving workflows, offering contactless options, and a high-level audit trail. As a growth category, usage is in high demand with forecasts the digital signature market size will be worth USD $5.5 billion by 2023.
Gartner has stated that e-signatures can be split into three categories.
- Basic e-Signature – this is a ‘click-to-sign’ signature that doesn’t require digital certificates.
- Advanced e-Signature – ensures that the document has not been tampered with or altered after signing by using a self-acquired digital certificate ascribed to each signer.
- Qualified e-Signature – a digital certificate based on a digital ID verified by a government or industry-sponsored identity proofing scheme that may require a qualified e-Signature based on a qualified digital signature for specific use cases.
Security is an area of concern when it comes to new technologies such as digital signatures. But this should not be the case because an electronic record that serves as a transaction audit trail and verification is included with digital signatures.
The audit trail keeps track of all interactions with the document, such as when it was opened, examined, and signed. The place where the record was signed will also be revealed; if the signing parties have agreed to these terms.
This audit trail is visible to all transaction participants and can be used to resolve objections if one of the signers disputes their signature or if there is a problem with the transaction.
To help understand the use of digital signatures ERS IT Solutions have made a very insightful infographic that explores how digital signature capture on apps offers enhanced security and efficiency across all industries.