• 2024-02-15

Ultimate Electronic Document Management Solution for the Financial Sector

Imagine a scenario. Charlette David (an imaginary name) needs a business loan to fund her start-up. She lives in Texas; USA and she is looking for a loan.   Traditionally, customers should personally visit a branch and explain their requirements. In the wake of online banking, customers are still filling their details manually and lending institutions are spending several hours in creating, sharing, and signing loan or mortgage deals. Electronic document management systems for the financial sectors have gone a long way in simplifying this process. 

Producing Identity Proofs

Ms. Charlette must produce ID proofs such as a driver’s license or voters' ID to prove their identities, including name, gender, age, and address. They must produce collateral securities, pay slips, and other evidence to prove that they possess the ability to repay the loan. Customers have to spend time printing, scanning, signing, and uploading them through a device. They should apply for leave to spare time for visiting the lender’s office if the electronic transaction is not accessible.

There will be a third-party verification that personally visits the customer’s residence to cross-verify and confirm the property the customer is ceding as collateral security to secure a loan. Banks or financial institutes must be spending several man-hours in these processes. 

Financial institutes must also spend money on printing voluminous application forms, loan agreement forms, and property mortgagee agreement forms. Financial institutes must spend money for scanning photographs, and documents produced as proofs and maintain them as files physically, which occupy office space. The financial institutes transfer the overall 

production and service charges to customers as processing charges. The entire process may take several weeks or a month time and customers may have to bear the risk of uncertainty of whether or not the lender clears the loan on time. 

Prolonged Processing Time and Enhanced Service Charges

There are several intermediaries on the way to transfer the loan amount of a student pursuing overseas education. Customers must also bear transfer charges, forex charges, and insurance charges. It is a time-consuming process for the money to get credited to the beneficiary institute’s account, after which the customer receives an acknowledgment that the institute has received the semester fee of the student.

Immediate Consequences of the Delay

Customers have already experienced convenience and immediate services throughout the consumer retail and packaging goods industry. Customers today are expecting the same efficiency and clarity in terms of services they are looking for from financial institutions. Enormous operational delays and add-on costs reflect the sales departments’ ability to convert leads as a business.

How eSigns Digital Agreement Templates Save Time, Efforts, and Money?

Cost-Effective Document Management 

eSigns is an advanced electronic signature software for the financial sector with renewed document management abilities. Unlike the erstwhile electronic signature tools of the early nineties and twenties, which possessed eSignature capabilities alone, eSigns has inbuilt document management capabilities.

Customized Loan Application/Recovery Templates

Financial institutions can create several application forms and documents that they may require for opening the customer account, customer onboarding, and loan processing on their preferred devices upon installing this software. 

Codeless Programs

Financial institutions can create templates instantly without writing code. They can simply drag and drop the required fields in the template to create a document.

Store and Reuse Templates

FIs can be reused once templates. Companies can store the lease agreements sales agreements, and insurance contracts in a central repository and reuse them for future operations.

Cost-effective and Saves Money

eSigns software services are available on a wide range of price slabs. Individuals and business entities can opt for a price range that best suits their needs. On downloading and installing the software, companies can create voluminous documents by drag-drop method and store them for reuse. Companies can save money by importing data, images, and eSignatures stored in the device to fill an agreement document. They need not spend money on scanning images and printing documents multiple times. They can simply reuse the once-stored document/template for all future operations.

Flexible and Agile

eSigns is flexible to meet various organizational needs. Companies can modify, edit, remove, add, and store customized documents. Companies in the financial sector can avoid delays incurred on express delivery services to dispatch the documents. Companies can rather place these documents on cloud-based platforms for the recipients and multiple other stakeholders to access documents instantly.

Digital KYC verification 

Companies can crosscheck customer details like name, gender, and contact details without demanding a customer's physical presence by instantly verifying these details from the driver's license or the voter ID card. 

Ensure Safety with Two-Step Authentication

Companies can avoid document piracy and leakage by ensuring delivery to the intended customer only by enabling email authentication or by asking the customer to answer a knowledge-related question. Companies can also use biometric authentication such as scanned digital fingerprints. Iris. And behavioral traits to confirm the authentic identification of the customer.

Fight Document Tampering with Digital Auditing Trail

eSigns documents a detailed log on the date of the document creation and when an electronic signature is fixed with a digital stamp and seal. eSigns will maintain a detailed log on the number of times a user edits the document, capturing the time and date, and placing the document for a transparent and unbiased, digital auditing trial.

Workflow Management

Digital document management platform for finances automates the total workflow of the financial institutions, including routine customer interaction, signing of agreements, and contracts with customers. It also manages several third-party vendors, and multiple stakeholders, opening customers’ accounts, onboarding the customer, loan recovery reminders, and third-party property mortgage management.   


So far, the finance sector institutes that lend money to B2-B and B2C customers are operating in a hybrid mode combining manual and digital methods to serve customers. It is high time for the banks and the other finance sector institutes to gear up to equip with the complete digital ecosystem that reduces loan processing time and errors due to manual data entry. An electronic document management for financial institutions integrated with AI analytics that sheds light on customer behavior. This is helpful for the companies to serve customers in more personalized ways.

eSigns is also a collaborative, cloud-native platform that ensures efficient customer service. Unlike its predecessors, eSigns is an advanced and next-generation platform that works beyond fixing electronic signatures alone. Apart from ensuring legal validity and customer safety, eSigns adds efficiency in offering quick and instant customer services with its document management and eSignature features.