The use of electronic signatures is quickly becoming the got to for many industries in recent times. The common industries such as automobile finance industries have actually started to understand the important impact of digital adoption that brings profitability and efficiency. In this blog, we will be talking about the ways in which electronic signatures online actually help in the automobile finance business
The important thing to understand here is that it takes a lot of time to buy a new car and one of the most pertinent reasons behind this is an abundance of paperwork that is required. Once you start to think of the deals that can be streamlined if the time to complete was cut in half or even more, the implementation of electronic signatures will make more sense to you.
Numerous documents are interchanged between the customers and dealers within the automobile industry and even though the information on these documents is important, the time spent in filing them manually is not.
As the world adopts and uses the power of digitization, it has become even more important than ever to transition into the digital era while taking benefits of the options that this industry is capable of offering. Instant gratification is expected by consumers and electronic signatures help the automobile finance business to adapt to these growing standards.
There is no longer any need for extra paperwork because all devices offer a suitable way to fill the ever-growing gap between the digital expectations of the customers and other company requirements. In this case, the dealers must realize the need to digitize their processes for maximizing the cost of businesses and adhering to the speed and simplicity that these transactions can possibly reach with the devices.
The era that we are living in right now has made it possible to make digital transactions happen instantly. With the use of technological advancements, there is no need to be present in the store. Rather, one can engage in the automobile industry anytime and at any place.
Use of Electronic Signature in Automobile Finance Business:
1)Significant Reduction in Errors: An automobile business needs many kinds of paperwork to be done because the investment made in the purchase is large. While completing this paperwork manually, one can easily miss out on a signature space.
Now think of the disappointment that you will possibly feel while completing this paperwork only to discover that some important spaces were missed. This happens oftentimes and it ends up delaying the entire process and even leads to a loss of sales. In this scene, the implementation of online signatures reduces the error rate remarkably while also improving productivity substantially.
Since there will be a reduction in the errors, the companies can actually close more deals without risking any customers. To put this in specific terms, the automated processes of electronic signature in word or pdf can also reduce the financial impact of human error. These errors usually result in additional shipping costs or a loss of the customer completely. The functionality between online signatures and each automobile company offers a seamless and successful sales interaction leading to an enjoyable experience for both parties.
2)Comfort: Electronic signatures have a vital capability of being flexible. This means that you have the freedom to operate the online signature software anywhere you want. This aspect also widens a company’s capabilities because customers can actually engage in sales operations all around the world at an independent personal discretion.
Most importantly, the software is such that it offers an ease of textable, signable, and comfortable online documents that can be accessed easily. Hence, making a move to electronic signatures makes a big difference in the ease of buying a car while creating simple sales for the auto retailer.
In the auto industry, e signatures are easy, quick, and comfortable than going to the dealer, bank and wasting so much time and money in the entire process.
3)Preparing Contracts: There are several ways in which an automobile finance contract for e-signature can be prepared, and out of them all, one of the easiest is creating an electronic signature in word or PDF. You have the option of either uploading or scanning an already existing template, change the content to highlight some needs of the new buyers, and add all the important signature fields whenever you feel necessary.
In addition, there is also an option to create an official contract from the beginning right within an application. While preparing a contract, you can very easily add multiple signers, signature fields, and form fields as well as the signing date, and the signer’s title. You can also place a request for a compulsory attachment such as a photocopy of an ID while adding a relevant date of expiry for indicating the last date until which the documents must be signed.
4)Quick Sales: Automobile finance companies are always in pursuit of revolutionary technologies that can help them in selling automobiles quickly and much more efficiently. You can implement an e-signature solution while guaranteeing enhanced ways of production, management, and transmission of legal documentation that is involved in an automobile purchase.
Being an experienced automobile finance executive, one will most likely be able to appreciate the different auto-fill template features as well. It helps in giving you the freedom to complete your business tasks quickly, create better, and distribute better because the e-sign documents can be signed at any time, any place, and on any device.
5)Security: The use of online signature allows increased security for each individual transaction. Since there is a use of the digital process, real-time and automatic monitoring is possible which eventually ends in reducing the chance of fraud and the time taken to detect that fraud.
There is never a stage when the document leaves the control of an organization that holds the information and it also offers a clear audit trail history. You can see the date and time at which the document was accessed and signed and from which IP address. In case you think that the document is challenged then you can quickly trace and reconstruct the events.
This process is very reassuring for automobile financiers because they do not have to worry about any security problems while dealing with a customer. This enables the loans to be processed quickly and more dependably because all the information is clearly visible in all steps.
It can be said that the use of e signatures will help in bringing the automobile industry to an entirely new level. With the reduction of errors, and added comfort, speed, security, and cost-saving capabilities, the advantages of adopting electronic signatures are very clear.
Hence, if you are in the automobile finance business then take steps towards going digital and taking benefits of online signatures in the realm of the automotive trail.