There’s no denying fintech companies are changing the face of finance.
And the key source of disruption is one we’ve seen tear through many other industries, “Fintech is mirroring what’s going on in society right now. It’s opening up the ability for businesses to deliver financial services that either your bank doesn't deliver, or that it delivers in a very outdated way that doesn't align with how people want to consume stuff,” says Liz High, EVP Strategy and Marketing at Nymbus.
Customers now expect seamless, personalized experiences like those delivered by Amazon and Uber. Plus, they’re savvy—they can instantly spot if an organization can’t deliver and move on.
And while fintechs are outpacing traditional financial institutions today, it’s a marathon, not a sprint. Fintechs need to keep improving their services or the incumbents will inevitably catch up.
Here are four ways eSignatures are improving customer experience in fintech to help keep pace with the fast-moving industry.
Let customers sign from anywhere
And the fintech industry isn’t immune to this trend. As Liz says, “Today fintech is about being real-time, it's about being 24/7/365. And it's about reducing as much friction as possible from people's lives."
And that means delivering a seamless experience across every single part of your app—from onboarding and navigation to support and, of course, paperwork.
While eSignatures can’t remove all the friction from your product, they can help smooth some of the biggest speed bumps.
By embedding eSignatures into your website or app, via API, your customers and users can sign important documents on whatever device they’re using at that moment. That means there’s no need to download documents, switch windows or applications, or physically sign anything.
Build trust with a custom-branded experience
You can have all the convenience in the world. But if you can’t convince customers that your product is safe, you’ll have a tough time attracting and retaining users.
And when it comes to making financial decisions, trust is at the top of the list for customers. As Liz explains:
“All financial institutions struggle with trust. When people switch from one bank to another, the top reason is about protecting data. It’s number one, before interest rates, before convenience. The number one thing that makes someone switch is a lack of trust.”
So the question is, how do you build that trust?
A lot of it is down to brand. A significant part in delivering on trust is about consistency. When you can deliver a consistent image throughout your company—from website and sales to hiring and customer support—the chances that customers will choose your services and stay with you increase. Just look at the numbers:
- 81% of consumers say that they need to trust a brand before they buy.
- 59% of shoppers prefer to buy new products from the brands they trust.
The right eSignature experience can help. Using eSignature APIs, you can custom-brand your entire signing experience with your fonts, colors, and logos to create brand consistency through every signing interaction. So, rather than showing customers multiple brands throughout the signing process, with custom branding, customers only see one company identity the entire time—giving them a greater sense that their information and money are in good hands.
Innovate fast despite tight regulation
Fintech innovation is always accelerating—if it’s not nascent blockchain tech that’s projected to be a US$20 billion market by 2024, it’s a surging demand for peer-to-peer lending that’s tipped to reach US$567.3 billion in 2028.
To stay on top of this new tech and pass on the benefits to your customers requires you to continually build and launch new products.
However, moving fast isn’t so simple in the highly regulated fintech industry. As soon as a new product makes contact with the real world, it faces a whole new level of scrutiny. Does your product protect user data? Is it compliant? Is it legally binding?
These questions often trip up fintech teams and slow the release of new products.
The answer: build new products using tools that make them legally binding, secure, and compliant from the get-go. For example, using a legally binding eSignature tool from the outset of your new product’s development means that when you’re ready to launch the regulatory and customer privacy considerations are already factored in.
Reduce the development load to build faster
Mark Zuckerberg’s adage “move fast and break things” might be a tad risky for most fintechs. But he’s right about the first part; moving fast is a must for today’s fintechs.
Your ability to iterate upon your services and experiences is what will set you apart from the slow-moving financial institutions you’re disrupting.
Now, you could assemble a development team and task them with building new, smoother workflows directly into your website or application.
Or, fintechs can build cohesive and robust product iterations by integrating best-of-breed point solutions. It’s the best of both worlds: you save on developer costs and gain access to the latest, most cutting-edge industry solutions.
Take eSignature APIs, for example. With the right documentation, SDKs, and support team, single developers have been able to implement eSignature APIs like HelloSign in an average of 2.5 days. What’s more, updates, maintenance, and security are handled by experts.
Keep improving your fintech customer experience with eSignatures
These are just a few of the many ways eSignatures can help improve the customer experience in fintech and deliver the tools customers want and expect.
And it’s paying big dividends for those who are on board. Take Climb Credit, for instance: eSignatures helped increase its revenue by 70%.
This is just the tip of the iceberg. To find out more about how fintech teams can make the most of eSignatures, check out our latest guide, The definitive guide to eSignatures in fintech.