Secured Signing Eases the Compliance Burden for Financial Services
Tuesday, 3 November 2015
Swapping paperwork for eSigning is the best way to avoid being swamped by the wave of increasing regulation for financial services providers. “Inviting your customers to sign documents online has benefits on both sides of the transaction”, notes Mike Eyal, Managing Director of local eSigning service provider Secured Signing. “It will make it easier to demonstrate your compliance with regulations and also provides a great customer experience.”
The financial services sector in Australia and New Zealand has seen a massive increase in regulation with some areas literally tripling the number of regulatory requirements. The future of financial advice (FOFA) legislation means financial planners must have absolute confidence in their documents in the event of a dispute with a client. An ASIC report earlier this year highlighted that weaknesses in documentation and record keeping is a key risk for small amount loan providers. The Anti Money Laundering and Counter Terrorism Financing (AML/CTF) Act creates obligations to gather and retain proof of identity documentation.
The increasing compliance burden magnifies the cost of continuing to use paper to get customer sign off. Australia and NZ Post’s letter service is at a real cross road with multiple price rises forecast and proposals to drop daily deliveries. Continuing to rely on the postal service will increase the cost of doing business and delays in finalising transactions.
eSigning is a powerful tool for reducing the cost of meeting your compliance obligations and increasing confidence in your compliance regime. Being able to sign documents online is also more convenient and simpler for the customer.
Rather than getting a bundle of documents and having to work out what to do with them all, your customer is guided through the transaction step by step with a simple click to sign. They can sign the documents whenever it suits them without having to make a trip to the post office or come in to see you.
For the company, reducing the friction in the transaction means agreements are finalised quicker, which means seeing payments sooner. Done well, it also means you can more clearly demonstrate the customer received the terms prior to signing the document and that notifications were seen before the singing process could be executed. It all adds up to confidence in compliance obligations being met every time, without wasting staff time and more to the point, is objectively demonstrable.
“When you make the transition to eSigning, having a local partner that provides a solution tailored to the needs of your business is such an important part of success” according to Mike Eyal, Managing Director of Secured Signing. “Rather than working out yourself how to change your process, we work with you to map your process and deliver a tailored workflow that meets your needs.”
All documents signed with Secured Signing use personal X509 PKI Digital signatures to secure and seal the document. Online identity checks such as RealMe, verify passport and driver license details can be made part of the signing process for efficient compliance with AML/CTF obligations.
About Secured Signing
Secured Signing provides a comprehensive and secure SaaS digital signature service that delivers a full range of form completion and eSigning capabilities combining advanced personalised X509 PKI Digital Signature technology with easy-to-use, simple-to-deploy, compliant solutions. Secured Signing enables its users to utilise smartphones, PCs, any tablet device and any browser, to capture their graphical signature, fill-in, sign, seal and verify documents anywhere, anytime. The solution streamlines business processes, cuts back on expenses, expedites delivery cycles, improves staff efficiency and enhances customer service in a green environment.
To learn more about Secured Signing, visit www.securedsigning.com.au
Phone AUS: 1800 305 175
Phone NZ: 0800 55 33 66