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e-Signature Adoption Has Reached Critical Mass

E-Signature Banking Summit was held at the NYSE on April 8, 2011

All the presentations, conversations and questions at the e-Signature Banking Summit that took place on April 8 in New York city led to one solid conclusion—e-signatures have reached a new stage in their adoption by the banking industry.

“It’s definitely not about whether e-signatures are legal anymore,” says Michael Laurie, VP of Strategic Development at Silanis. “Now banking executives want to know how best to incorporate e-signatures into their large customer facing business transformation initiatives so they can achieve the benefits of straight-through processing.”

Hosted by Silanis, the e-Signature Banking Summit was the first of its kind and received overwhelming interest from the banking sector, ultimately triggering a move to a bigger venue at the New York Stock Exchange due to the high number of registrants.

Over 80 senior banking executives from the largest, most progressive banks and financial institutions in North America attended the day-long summit, which featured presentations from senior executives from U.S. Bank, a senior Gartner analyst, Wells Fargo’s legal counsel and a partner at Buckley Sandler LLP.

The topics, which ranged from the digital banking customer experience, to legal and regulatory news, to adoption considerations, provoked many questions about compliance, workflow and implementation considerations as well as e-signature IT requirements.

Participants were also keenly interested in a case study presented by US Bank’s David S. Miller and John Fraser on how their financial institution made exception processing nearly redundant by incorporating e-signatures into its consumer and business loan processing which is being deployed across 30013 retail branches.

One statistic delivered by esteemed Gartner fellow, David Furlonger, in his keynote, highlighted how important it is for the banking industry to continue the migration from paper to electronic processing. It’s not news that today’s youth love the web and their mobile devices, however the startling news is that by 2025, the number of Internet users worldwide is predicted to reach five billion.

This exponentially increasing number of ‘connected’ customers means that financial institutions have no choice but to focus on digital service delivery across all channels--whether it’s through mobile devices, computers, or in their branches—if they want to meet customer expectations successfully.

Another important takeaway from the Summit emerged in the presentations delivered by Margo Tank from the law firm, Buckley Sandler and David Whitaker from Wells Fargo.

Both their presentations reinforced how important it is to establish signing intent, stressing the importance of a solidly designed e-signing process as well as the need to demonstrate the signer’s ability to do so electronically.

Click here for more information on the role the e-signing process evidence plays in mitigating legal risks.

In response to widespread feedback from attendees who were hoping the summit would provide more insight into solution options, Silanis will host a webcast on Tuesday May 3rd. e-Signatures in Banking Use Case Demonstrations will feature Silanis’ Director of Business Architects, Yazan Alwaid, and show remote click-to-sign, electronic evidence playback, online delivery of disclosures and much more.

More Stories By Mary Ellen Power

Mary Ellen Power is Vice President of Marketing at Silanis Technology, a leading provider of electronic signature solutions. Ms. Power has led Silanis' customer relations and industry marketing efforts since 2000 where she has had the opportunity to engage with some of the world's largest insurance carriers, financial service providers, government organizations and analyst firms. Over the years, Ms. Power has acquired in-depth knowledge of the electronic signature market and its impact in real-world customer deployments.

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