eSignatures and eIdentification – Transforming Digital Business

by Gaurav Sharma (guest) on 26. April 2021

A Forrester Research survey found that documents with electronic signatures reduced the error rate by 80% and improved productivity by as much as 85%. Such statistics highlight the potential disruptive power of technologies such as eSignature and eIdentification in transforming digital businesses.

As the digital age marches on, businesses rely more heavily on moving the entire transaction life cycle to a digital platform. This article examines how businesses can benefit from technologies such as eID/digital certificates and digital trust services, etc.

It’s about speed and productivity

Numerous digital companies rely on speedy service delivery and convenience as their primary USP (Unique Selling Proposition). Anything that slows this down, such as paper contract signing, can negatively impact their business model. This is why digital businesses are adopting electronic identification, eSignature, and trust services faster than ever before. According to the Forrester research survey, 65% of the queries related to eSignatures were received from companies that already use the Software-as-a-Service business model.

It is apparent that SaaS companies that rely on immediate product/ service delivery would see a major benefit in the ability to enter into contracts quickly and effortlessly. Even traditional businesses would see the benefit in this. This is why the robust and secure framework offered by eIDAS is so relevant to the European market. It provides businesses with the contractual and transactional security and enforceability needed to operate on a fully digital platform.

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It’s about security

Although electronic identification and trust services help greatly with the turnaround time to transact or enter into a contract, it is still done without compromising on security. In fact, these technologies provide an additional level of security and trust to all parties engaged in the transaction. Furthermore, a digital process/ digital signing process allows for real-time and automatic monitoring and greatly reduces the chance of fraud and the time taken to detect it. Such a system also allows for better auditability in the future.

The eIDAS regulation provides businesses with the necessary level of security and trust to enter into contracts and deliver services on a digital platform. This is true from a legal enforceability point of view as well.

It’s about convenience

As the world becomes ever more connected, the number of products or services that consumers can choose from increases exponentially. 

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This has meant that the focus has been shifting heavily towards the consumers, and their preferences are more important than ever. This cutting-edge competition has forced businesses to adapt and adopt technologies like digital signing and provide them to consumers with a much better service experience.

eIDAS provides seamless and convenient electronic identification and authentication for immediate service delivery for digital businesses. The framework works just as well for cross-border transactions across the EU, which is the level of service that most consumers expect.

Conclusion

Today’s digital businesses focus on improving the customer experience to the greatest extent possible. However, they have to do this while guaranteeing security and the legal enforceability of the contracts they enter. Regulations like eIDAS provide the framework to achieve these goals in the EU and create a modern and unified digital single marketplace.

 

 

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References

 Image: Unicorn, courtesy of Emre Ayaroglu, Flickr (CC BY 2.0)

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