June 30, 2020
National ESIGN Day Is Here!
20 years ago, the United States Congress passed the Electronic Signatures in Global and National (ESIGN) Commerce Act to regulate the use of electronic signatures in the modern business environment. Now known as “National ESIGN Day,” we here at eDOC Innovations are taking a moment today to reflect on just how much the ESIGN Act has empowered credit unions to provide a better overall experience for their members. Since the law was enacted, eSign has become an increasingly common digital solution in the credit union industry and beyond. It is now becoming part of the new normal as credit unions and other industries adapt to changes brought on by the global pandemic.
The convenience of eSign for both credit unions and their members helps explain why such solutions are becoming more prevalent. For credit unions, the cost savings that result from using fewer supplies and improving workflow efficiencies are evident. Research among eSignature technology users shows an 80% reduction in document turnaround time and average savings of $20 per document. For members, the ability to sign documents from anywhere is crucial and only becoming more valuable in a post-pandemic society as many employees take up remote work. Our own eSign solution, eDOCSignature®, has enabled over 500 credit unions and their members to realize the benefits of eSign.
“We are very proud of the great strides we have made in electronic signature technology over the past several years,” said CEO Mark Fierro. “We have seen first-hand how an eSign product can help credit unions smoothly transition into the digital age, and the benefits of having such a solution certainly extend beyond our industry. Considering the way the business landscape has dramatically changed in recent months, it is encouraging to see eSign technology gaining traction across so many industries worldwide. National ESIGN Day serves as a reminder of how far eSign technology has come and an indicator that this technology is quickly becoming standard.”
Given the security, flexibility, and frugality that eSign products provide to businesses, it only makes sense that the eSignature market is projected to see a 24.6% compound annual growth over the next decade. Leave the pen and paper behind and join us in celebrating National ESIGN Day!