How Electronic Signature Works as a Boon for Banks, Healthcare and Pharmaceutical Industry
The application of e-signature is rapidly growing as various industries are seeing immense value in them. E-signatures not only help companies move towards building a paperless culture but they offer important business benefits. Companies which have adopted e-signature have seen a major improvement in their business processes and the same has translated into a competitive edge for them. The banking sector, pharmaceutical industry and the healthcare industry in particular have been able to rope in significant benefits by adopting e-signatures.
1. E-Sign in Banking Industry
Electronic signatures have helped the banking companies effectively deal with some of the major problems they have been facing in their business. With growing competition in the banking sector the net interest margins have been squeezing. As raising lending rates is not possible, the only way to address the problem effectively is to cut costs and improve market share by offering customers better service.
Improved document handling – E-signature has been effective as it has not only helped banks cut document handling expenses by as much as 80 percent, but have also helped to minimize processing errors by as much as 90 percent. Besides, due to the enhanced security features offered by e-signatures the risk of a potential fraud has been drastically cut. With e-signature it is practically impossible for somebody to abuse or manipulate confidential documents.
More customers – While helping banks streamline, smoothen and expedite their internal processes, e-signatures have also translated into more customers. It can therefore be said that e-signatures have enhanced market share for those banks which made the first move.
More convenience – E-signatures have made it much more convenient for customers to use online banking. Using a single e-signature, customers can access several different systems. This saves time, simplifies the work and adds to the security of a transaction. Banks can look to conduct many more transactions online thus lowering the need for customer to travel all the way to branch.
2. E-Sign in Healthcare Industry
While innovation has really transformed the level of healthcare across the world, the process flow has become a bottleneck for both physicians as well as patients. Because of the enormous paper work, the process flow leads to delayed payment for physicians and slower patient on-boarding. However, with electronic signatures both these issues are resolved.
Accelerated process flow – The key bottleneck that delays payment from insurance companies to physician is the need for physician’s signatures on the important documents. In case of handwritten signatures there is a delay in filing these documents and this translates into delayed payment. However, with an electronic signature signing documents is a matter of a click and documents can be submitted instantly leading to faster payments.
Expedited patients on-boarding – Patients require a quick response time when they are seeking treatment. However, the patient on-boarding process becomes a bottleneck as entering patient forms are a big impediment. Forms have to be scanned and sometimes re-keyed – as either handwritten notes are difficult to read, or patients frequently overlook to fill out necessary information. In such a scenario, an electronic signature will help expedite the process as:
· Back and forth in form submission can be avoided as the software will not allow submission until the forms are 100 percent complete.
· As the data can be entered electronically it is automatically entered into the back end systems (without human intervention) thus making it much easier to process medical records.
· Authenticity of the information is much higher and hence serves as strong legal evidence.
3. E-sign in Pharmaceutical Industry
E-signatures have come as a boon for the pharma industry which has been consistently facing costs pressure as well as process bottlenecks have led to revenue constraints.
Cut costs and expedited processes – The advantages of e-signatures in pharma industry are manifold as they reduce operating costs, cut approval timelines, expedite internal processes for pharma companies and enhance security of documents. These electronic signatures need to be compliant with the security standards as determined by the regulators before they can be used. Pharma companies can look to make electronic submission of documents to regulators, which not only reduce time but also cut costs.
Helped manufacturers - On the manufacturing side, all batch records can be safely stored electronically. This has eliminated the need to handle and store huge volumes of papers. What’s more, the documentation of clinical trial data becomes significantly secure and much faster with e-signatures.
How Electronic Signature Works as a Boon for Banks, Healthcare and Pharmaceutical Industry Reviewed by Faheem Kalsekar on May 03, 2014 Rating: