The traditional ‘wet’ signature has been vulnerable to forgery since the invention of ink, while a properly authenticated electronic signature offers more security and confidence than ever before. The additional security offered by the digital signature is immeasurable.
The bottom line is that when a sheet of paper arrives in the post, marked with a squiggle of biro, you’re taking it on trust that it has genuinely been signed by the right person.
The virtually witnessed electronic signature takes away almost any element of doubt, and our watertight system provides incontrovertible proof that the right person has signed a document.
Videosign’s metadata, combined with tamper-proof documentation, video evidence and facial recognition verification adds up to the most secure way possible to agree on a contract.
Our product enables professionals to meet directly with their clients in a virtual meeting room while providing the tools to offer a purely digital experience of collaboration, remote signing and witnessing of documentation.
This experience can be completed using the web browser, and without the need to install additional software.
We have effectively been able to eliminate time-consuming paper processes, whilst making convenience and compliance our top priorities.
For those in the legal profession, the benefits will be obvious, but I suspect conveyancing will be the area where the electronic signature really captures the public imagination.
For many people, buying a home will be their most important interaction with the legal profession, and this technology has the potential to reduce completion times by weeks. The announcement in July that the Land Registry will accept digital signatures is destined to transform the conveyancing sector and will seriously advantage legal practitioners who embrace this important development.
Environmental sustainability is also a key driver for moving away from paper-based systems to cloud-based solutions.
As more organisations aim to reduce their carbon footprint and operate on ethical terms, reducing the use of paper is an obvious win.
Add a significant reduction in the sheer time, cost and journey of physical mail, as all documents are shared securely and stored online.
Efficiency and security is something that is applauded by lawyers and clients alike. No more waiting for documents in the mail. No more waiting for clients to visit the office. No more delays due to incorrect completion of documentation.
With professionals now able to guide their clients through lengthy and complex documents in person – we’re hearing of measurably improved performance, as simple document signings that used to take a week are being reduced to just an hour or less.
The other interesting thing about our platform is that our clients are constantly finding new ways to use it that we hadn’t previously anticipated. For instance, a client in South Africa started using the platform for signing contracts, but soon discovered it was also useful for invigilating online financial services regulatory exams and verifying the identity of candidates.
That has meant that even when exam candidates are overseas, it has been possible to verify their identity and supervise them during the test – reducing the chances of cheating substantially.
I have no doubt that new uses of the technology will continue to emerge, and with the changes, we’re all living through, and expectations shifting, I believe the potential of the electronic signature is only just beginning to be understood.
Any company that is holding off from adapting to the new way of doing business, and waiting for life to ‘return to normal’ is likely to get left behind.
Although no one could have foreseen how our lives would change during 2020, I believe that the desire for the simplicity and security of the electronic signature is here to stay.
For more information, or to arrange a demonstration of Videosign, contact us at enquiries@videosign.co
