E-Signatures in Banking: A Vendor Spectrum

by Karen Monks,  Stephen Greer, June 3, 2014
Global

Abstract

Questions about the viability of e-signature applications for banking have slowly been answered over the last 10 or 12 years. It’s no surprise that the financial services industry is a slow mover.

Partly driven by strict regulation, and partly by a risk-averse culture, financial services technology is usually slow to mature, and banks typically lag in adoption of horizontal applications. E-signatures are no different. Banks are finally utilizing e-signatures across many functions and processes to lower costs, shorten cycle times, and improve the services they provide. The rapid momentum in e-signature adoption was also driven by the evolution of consumer technology. Smartphones, tablets, and touch screen computers help make e-signing more accessible.

In the report E-signatures in Banking: A Vendor Spectrum, Celent identified 16 e-signature vendors that have North American banking clients or are targeting the market. Eleven are profiled and included in this report. Many of the profiled vendors have been in the market since the e-signature laws took effect.

Despite the benefits of the technology, financial institutions might find themselves with barriers to adoption, notably where processes need compliance or legal approval. As time goes on, the use cases are becoming solid enough to bypass compliance issues within an organization, but these departments might still stand in the way of broad institutional adoption.

“Banks understand the need to reduce cycle time, improve process efficiency, and meet the increasingly demanding attitudes of their customers,” says Stephen Greer, Analyst with Celent’s Banking Group and author of the report. “Customers are increasingly using consumer technology like smartphones and tablets. They demand that the organizations with which they conduct business make conducting that business easy.”

This report examines e-signature technology and e-signature technology vendors. It starts with an overview of the market. This includes where e-signatures are being used, and what the general trends are in their use. Then the report goes over the technical aspects of e-signature adoption, highlighting what it means for an institution. We profile the various vendor solutions on the market today, included detailed technical specs, customer data, and implementation/pricing methodology.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Introduction

2

E-Signature Software

3

 

E-Signatures in Banking: Market Overview

4

 

Product Selection

5

 

Report Methodology

5

 

Profiled Vendors

5

Technology Overview

7

 

Deployment Options

7

 

Access Methods

8

 

E-Signature Approaches

9

 

Security Features

11

E-Signature Vendors

13

 

Adobe: EchoSign

13

 

AlphaTrust Corporation: PRONTO Enterprise Platform

16

 

AssureSign: AssureSign

19

 

Communication Intelligence Corporation: Signature One

22

 

DocuSign: DocuSign

25

 

RPost: R-Sign

28

 

SIGNiX: EnterpriseDoX

31

 

Silanis Technology: e-SignLive

34

 

SOFTPRO: SignDoc

37

 

Wolters Kluwer: Secure Document Exchange (SDX)

41

 

xzymo: SIGNificant

44

Conclusion

48

 

Strong Financial Service Interest

48

 

Race for Market Share

48

 

E-Signature Checklist

48

Leveraging Celent’s Expertise

50

 

Support for Financial Institutions

50

 

Support for Vendors

50

Related Celent Research

51

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