Electronic signing and verification of identity (VOI) are two powerful innovations that have transformed the way law firms and conveyancing businesses operate. By using these technologies in conjunction with one another, firms can reap a host of benefits that improve efficiency, reduce costs, and enhance customer experience, all while improving security and convenience.
Benefits
Combining eSigning and VOI offers several benefits for firms, including:
Increased efficiency
By using eSigning and VOI together, firms can streamline their operations and reduce the time and resources required to execute transactions. This results in faster turnaround times and greater productivity, enabling businesses to handle more transactions in less time.
Firms can provide a seamless and secure digital signing experience for their clients by using eSigning in conjunction with their verification of identity. Your clients can sign documents from anywhere, at any time, without the need for physical meetings or paper documents. This not only saves time and money but also enhances the customer experience, which can help to improve client retention and loyalty.
Reduced costs
By implementing eSigning and VOI, firms can significantly reduce the need for physical paperwork, resulting in substantial cost savings associated with printing, scanning, and storing paper documents. Additionally, you can save on postage, courier fees, and other expenses related to physically delivering documents. The automated population of data reduces the risk of human error, leading to further cost savings.
Improved security
Electronic signatures and VOI provide tighter security than traditional paper-based transactions. eSignature solutions such as SignIT are encrypted and tracked by the latest technology with an audit trail report provided post transaction, ensuring that documents cannot be altered or forged. This level of transparency helps to build trust between businesses and their clients, which can lead to improved relationships and increased customer satisfaction.
VOI ensures that the person signing the document is who they claim to be, reducing the risk of identity theft and fraud. With InfoTrackID Identity documents are checked against the Australian Government Document Verification Service (DVS), which helps to prevent fraud and identity theft. This is particularly important when dealing with sensitive information such as financial documents or legal contracts.
How to implement in your business
InfoTrack have streamlined the procedure for submitting VOI with eSigning. By incorporating the functionality of two clicks of a button during the VOI order creation, InfoTrack’s system allows for the electronic transmission of the relevant Client Authorisation Form (CAF) and Purchaser's Declaration Form. The forms are prefilled with the assistance of Artificial Intelligence (AI) and delivered to your client's email for signing. This approach not only saves you time and effort by only requiring you to fill in your client’s details once, but also reduces expenses as merging the two processes lowers associated fees.
InfoTrack’s SettleIT solution utilises both VOI and eSigning technology during transactions. InfoTrackID is used to verify your client’s identity, with all ID documents checked against the DVS to ensure authenticity and eliminate possible fraudulent activity. The CAF will be sent directly to your client for eSigning using SignIT. Once your client has signed and uploaded their VOI documents, SettleIT completes the VOI and CAF to transact on behalf of you and your client in the ELNO workspace ensuring the process is as secure and seamless as possible.
Combining electronic signing and VOI offers several benefits for businesses, including increased efficiency, reduced costs, improved security, and enhanced compliance. Adopting these technologies will allow your firm to streamline operations, provide a better customer experience, and stay ahead of the competition in today's digital economy.
