Growth in the Use of E-Signatures
A Brief History:
The way documents were “signed” to prove their authenticity has evolved from the first wax seals in the 9th century, to the “statute of frauds” in 1677 where signing of names under contracts became widespread.
The Modern Signature:
Then came the fax machine in the 1980’s, a convenient electronic way send documents, and not too long afterwards the first e-signatures started to emerge.
In 2000 the Electronic Signatures in Global and National Commerce Act was signed, and Countries started to legislate around the use of electronic signatures.
Today it is estimated that over 700 million transactions are completed through electronic signatures annually, with an anticipated market size compound annual growth rate of over 35% per annum between 2018 and 2023 (BusinessWire).
The Drivers of Adoption:
· Rising investments in electronic documents by Governments and Enterprises
· Improved security with a controlled and seamless workflow
· Improved operational efficiency at lower OPEX
· Enhanced end to end customer experience
The Impact of Digital Automation:
Documents have been generated digitally at scale since the first PC’s and Microsoft applications, yet many traditional organisations processes still utilise printing, wet signatures, scanning and physically filing.
With today’s tools, the proliferation of internet connectivity, and the drive for more secure, robust business automation, electronically signing traditional paper based contracts and documents will soon become the new normal.