Before the spread of online banking, the dematerialisation of signatures was one of the main innovations in digital banking. It is a major trend in banking and insurance.
The main features of the digital signature
The digital signature simplifies the life of the customer, who can now sign a contract at home by SMS or voice mail, saving time and money, and can better follow up. Moreover, contrary to some preconceived ideas, non-materialized signatures are totally secure.
In the insurance industry, digital signatures are the result of the digital customer journey. The legal point of the online subscription or contract process is that it can prove :
- The entire signed file, to ensure that the content of the contract has not been altered for both the insurer and the insured
- The identity certificate of the signatory, which confirms that the signatory is who they claim to be.
How does the digital signature work?
Electronic signature software is very reliable! It is a simple solution for approving your decisions and signing all your documents. Indeed, the electronic signature is managed by your bank, which usually provides you with a digital certificate in the form of "signature software" sent to your phone or computer.
It contains a series of information such as your identity, the identity of the issuing bank, a public key and a private key that will be used to encrypt and decrypt signatures.
The software will then create a digital signature consisting of a series of numbers and letters, which will be encrypted using the private key contained in the digital certificate. Then all the data will be merged to create a digital signature.
The many advantages of electronic signatures
The digital signature is a win-win invention for banks and their customers. By simplifying the subscription process, it can save time and make the contract effective immediately. Indeed, there is no longer any need to go to the agent's office to review and collect the contract, then go to the post office to return the signed contract... and then wait for it to reach its destination. Everything can be done at home behind the screen. By eliminating the risk of lost documents, uncertified signatures can also improve management, and they are always accessible on the customer's space. Finally, electronic signatures are also environmentally friendly and economical! In fact, it can eliminate photocopying and other paper printing and save on postage costs. The banks that specialise in this process (such as online banking) often save these costs by offering their customers significantly reduced fees.
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