Electronic Signatures Increase Revenue for Brokerage Firms

Today, many organizations are trying to reduce their paper consumption; the truth is that every year more than the average business/office still using more than ten thousands of paper.

Over 50 percent of documents are printed only for people who cannot come and sign them. As a result, billions of money is wasted by businesses to manage paperwork.

It is time for every business to try to shut the door of paper consumption and switch to cutting edge technology - electronic signatures. This not only an environmentally friendly process to improve efficiency but also reduces unnecessary operating costs. Besides, this technology allows sellers to sign contracts electronically and speed up the process of closing transactions.

However, in this article, we have extended the research to see how Sign documents online can increase the sale and profit and how it can help the brokerage firms in their day-to-day work. 

Let's roll down for more information!

What is Electronic Signature?

Before stepping towards “why should broker firms consider electronic signatures”, it is essential to understand “what an electronic signature is?”

An electronic signature also is known as e-signature. It is the process of putting encrypted information on an electronic document and making it legally abide. It allows the user to sign documents online i.e., digitally. Depending on the electronic signature features, they provide many benefits to a brokerage firm.


Why should brokerage firms consider electronic signatures?

With advanced technology, various industries are using electronic signatures, especially schools, healthcare, banking, wealth management, etc. It is a cost-effective, efficient, and automated method to manage the signing of all types of documents, including agreements and contracts, acknowledgments of receipt, application forms, waivers, formal approvals, etc.

According to the report, the use of electronic signatures in day-to-day work can provide a significant return on investment, both in terms of profit for brokerage and customer satisfaction.


Here are some of the other benefits of adopting digital signatures, including: 

  • Increase your income by signing policies faster.

The traditional method (ink and paper) is a time-consuming process that can put customers at no-show risk. Besides, according to a survey, today, a wide range of companies have adopted the new technology - electronic signature. So, there are chances that one of your competitors is using this technology and without any errors or delays completing the process faster. 

As a result, the work cycle time dramatically decreases with more chances of customers taking their business elsewhere.

However, eSign Documents reduce the document workflow cycle i.e., less time to track signature, staff workload, end documents, etc. and allowing you to focus on sales plus help you have the parties' signs on the documents simultaneously. The method is decidedly advantageous if your customers live far away or unable to visit your location for signing the documents/ making transactions.

  • Make your customers happy with 24/7 Service.

Customers expect 24/7 access to essential documents. With electronic signatures, wherever your customers are, they get faster, more convenient, more comfortable, and more permanent access to their relevant documents. Besides, it is accessible on all devices, including smartphones (Windows, iOS, and Android mobiles), tablets, and desktops.

Not only will this increase customer satisfaction, but it will also allow you to focus on your customer meeting time on relationship building and increasing productivity.


  • Reduced Operational Costs

Earlier each year for industries, billions of trees were cut down to make paper, and it had skyrocketed by 40%. It doesn't stop there, but it also requires physical storage space to keep the records.

However, to reduce the overall costs, such as paper, ink, mail, postage, print, or fax, there are numerous electronic signature software available online that can help improve the customer experience while reducing operational costs.

Using the electronic signature method for your documents, the organization can eliminate the risk of fraud or theft and ensure that completion documents and other forms are signed and filed correctly, and account records are updated when customers make changes. 

  • Detailed Legal proof 

Electronic signature services offer more legal proof than traditional methods. If each document like Blank w9 form is signed using automated signature tools, it will be accompanied by each file's event log, which is very comprehensive and legally binding in any court of law.


This log is called an audit trail - providing a full body of evidence in case the court requests a document. 

However, by using a reliable electronic signature tool, you can achieve a flexible and streamlined workflow. Besides, this tool offer stronger levels of authentication, verification, and other useful features. 

  • Other points of Benefits 

The insurance industry is moving from paper to fully electronic processes. To keep the electronic chain intact, carriers and agents integrate electronic signatures, in particular for processing new business.

Electronic signature technology gives you and your team the full control and lets you know the complex path of each documentary task. A broker or client can monitor who viewed the document, who signed it, and what virtual desktop it is on. 

In short, representatives and wealth management know who is in the client's association and who might need answers to questions or more reassurance. They can straightforwardly call, e-mail, and resources accordingly.

However, as soon as it comes to insurance or financing sector, there is often a pointless hazard in the time between interest and the final signed document. Electronic signature technology allows reps to streamline the cycle during the endless last mile in such a situation. 

Moreover, you don't have to worry about the security as the electronic signatures are encrypted and you can also know if someone has tampered with the documents or not.

In Conclusion

With time, every day, digital technology is transforming according to the needs of customers and businesses. More and more organizations - from education to manufacturing to real estate are using electronic signatures to change document signing processes to make operations more agile, cost-effective, and faster and offer better customer experiences. 

Implementing new tools and solutions can be difficult for everyone from top to bottom. Still, with the right level of change management in place, digital transformation can be an exciting and seamless process. 

However, with effective change management, the business can accelerate user adoption, increase productivity, and increase overall revenue. 

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