As we all know, fax
gives business transactions validity as they satisfy the need for a visual
confirmation of a person’s handwritten signature and provides a provable image
of a business document.
I also reported
that a group of Banking Executives were meeting this year in New York City to
discuss the ever increasing role of electronic signatures in banking (see, “E-Signature Banking Summit in NYC” – posted January 17, 2013)
Well, have a look
at what U.S. Bank is now doing with electronic signatures. Here’s an article
from Penny Crosman from Bank technology News entitled, "U.S. Bank Broadens Use of E-Signatures to Loans" (April 10, 2013. ). It highlights just how much U.S. Bank is using electronic signing solutions from Silanis and Topaz to now process loans.
A few things caught
my eye form Crosman’s write-up:
·
Back
in 2011, U.S. Bank began using, “e-signature-assisted
paperless consumer loans in all 3,000 of its branches…”.
·
Today, “the bank extended electronic signing to
deposit account openings across all branches and is now processing 460,000
e-signed documents per week.”
Alert to Fax providers: Electronic
signatures will replace the need for faxing documents soon enough. Fax Server and Online Fax Services providers need to adopt electronic signing into their offerings through partnerships, OEM relationships or both. I also recommend subscribing to American Banker's BTN to keep on top of technology trends in the banking industry.
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