Despite being out of the limelight in the recent past, automation has remained a top priority for businesses and for good reason. Reports indicate that organizations with a clear digitization strategy tabled a 45% growth in revenue in 2020, compared to 15% for those that haven’t digitized. Additionally, automation has contributed significantly to scaling business growth in revenue, workflow management, customer experience & productivity – 40% of companies have improved operational efficiency by implementing targeted automation.
AI technology also plays a vital role in digitization. Artificial intelligence, which has a ubiquitous presence in our daily lives, powers businesses to automate their workflow and manage mundane tasks effortlessly and efficiently. According to surveys, 54% of executives cite increased productivity by leveraging AI.
AI-Powered document automation enables businesses to boost productivity using cost-effective, secure & compliant digital solutions. Document & compliance automation solutions can be utilized to instantly verify customers, and create, manage, and execute documents online without having to depend on manual workflows.
Automation At The Core Of Business Productivity
Surveys from Deloitte & Forbes indicate that automation plays a huge role in managing & optimizing productivity. But why is this?
A large portion of business workflow involves managing documents, paperwork, onboarding customers or employees, closing deals, and more. Banking enterprises in particular spend a significant amount of time verifying their customers. Manually completing such tasks can seriously take a toll on business productivity with the added risk of fraud, illegal activities, and loss of time. Additionally, non-automated workflows for documentation & compliance are not cost-effective.
Replacing wet signatures with digital signatures or eSignatures allows businesses to close deals and onboard customers faster. The main benefit of eSignatures is that they don’t need the physical presence of signatories or highly involved logistical frameworks. Essentially, signatories can eSign documents online from anywhere.
Since digital signatures are encrypted, they are much more secure than wet signatures and mitigate attempts at forgery and identity fraud.
Let’s look at some stats to understand why businesses need an automation success plan that involves eSignatures
- Digitizing and automating paperwork has positively impacted business productivity, delivering a massive reduction in TAT by 99%
- Companies that adopt eSignature solutions reduce document handling expenses by a massive 85%
- Companies that go paperless reduce 90% of their processing errors on average
- Companies save 80% on logistics costs when they go paperless
- 65% of the companies using pen & paper cite physical signature takes an entire day.
E-Signatures can eliminate all the drawbacks of physical signatures and enable businesses to adopt smooth workflow processes and onboard faster. eSignatures can also be integrated with other digital solutions such as digital KYC verification and digital stamping to enable complete and end-to-end automated business processing.
In the BFSI industry, identity verification is a necessary process that involves authenticating and verifying thousands of customers on a daily basis. In most cases, it requires the customers’ physical presence.
However, in unforeseen circumstances like the pandemic, the process can be impossible to carry out. The customer is required to go to the location carrying the documents and the respective representative verifies their identity using biometrics such as iris scans & fingerprints. In some cases, physical signatures are also required. Automating this process online for digital identity verification can come in handy by enabling remote & presence-less identity verification.
Use of e-Signature in Financial and Healthcare
Financial and healthcare institutions can instantly identify and verify customers using AI-based customer verification solutions such as digital KYC or eKYC. Video KYC employs AI to recognize patterns and facial features, extract data, verify it across multiple sources to authenticate a customer’s identity using integrated Optical Character Recognition (OCR) . In doing so, it is providing a secure gateway to verify customers instantly without their physical presence.
Particularly when fraudulent cases are prevalent, the digital verification process can significantly reduce such cases and become a life-saver.
It’s not just the BFSI industry that can benefit from digital verification solutions. Human resource consultancies, retailers and healthcare industries that onboard many employees, vendors and customers every day can switch to digital solutions to boost productivity and efficiency.
Conclusion
Automation and the changing digital landscape positively impact business performance by eliminating inconveniences and delays persisting in manual processes and boosting productivity. The singular benefit of automation is in saving time & costs, which allows businesses to manage and complete tasks faster. Additionally, there are fewer manual errors and loss of documents. These only add to the reasons why businesses should invest in digital solutions and digital transformation.
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