Private Banking: The Next Frontier for E-Signatures

As is the case across many industries, e-signatures are gaining ground in banking. But, in the specialized arm of a bank’s private banking department, e-signatures present bankers a unique opportunity to offer their discriminating clients a new level of service and convenience. We’ve proven that using e-signatures can save thousands of dollars on paper- and ink-related costs, but the benefits of using e-signatures in private banking have an even higher value.

Here’s why we believe private banking is the next frontier for e-signatures within the banking industry: 

Here, there and everywhere. High net worth clients can be hard to pin down. For business or pleasure, clients are frequently on the road or jet setting across the country or the world. And when they’re not, most tend to lead very busy daily lives. Coordinating a mutually convenient time for a husband and wife to sign a loan document is easier said than done. But still – time is of the essence. With tax and estate strategies at play, some of the most important financial transactions are time sensitive.

E-signatures deployed through the cloud, like our Independent E-Signature™, let signers finalize their transactions anywhere there is an Internet connection and on virtually any device, including a smartphone or a tablet. This means a banker doesn’t have to hustle from place to place or arrange an inconvenient meeting just to get a couple of documents signed. Clients can complete transactions easily no matter where they are without interrupting their day.

More talk, less instruction. Private bankers spend many hours building close, personal relationships with clients – often, becoming a friend as well as a trusted advisor. A private banker’s interaction with his or her client is best spent either getting to know the client better or delving into the client’s financial portfolio to assure that the client’s interests are being best served.

With the ability for documents to be signed whenever and wherever necessary, private bankers using e-signatures don’t have to devote their time with clients discussing paperwork, going through the motions of signing a note or other routine tasks that add little to the relationship. Instead, they can use their face time to talk about planning options, grandchildren or what the future holds for their client. It’s a far more productive and pleasurable way to interact.

Warming up to the next generation. The clients private banks have now won’t be the clients they have forever. Many high-net-worth individuals are transferring assets to the next generation. But banking for the younger set will look much different. In fact, banks are already facing competition from FinTech alternatives, like Green Dot and NetSpend, which have caught the eyes of digitally-comfortable young people.

For private bankers to win over a new generation of clients, they must embrace a level of mobility and technologically-enhanced convenience that young people expect. E-signatures can provide this, serving as tool to bridge the generations between private banking clients.

Interested in learning more about e-signatures for the banking industry? Download our free ebook on e-signatures for banking.