Are you geared up to expand in the next Finserv boom?

The Singapore Financial Services industry has had a challenging past year, thanks to macroeconomic factors, such as sluggish global growth and geopolitical uncertainties. Nonetheless, despite these hurdles, the industry has shown remarkable resilience. With increased government investment, the Finserv industry is on the cusp of renewed growth as projected by the Monetary Authority Services of Singapore, with an anticipated growth rate of 4%-5% annually until 2025.

With growth comes increased competition, necessitating faster, more agile operational infrastructure to enable growth. Providing frictionless customer experience  becomes essential for Financial Services firms in Singapore to differentiate themselves from competitors. In order to stay competitive, Financial Services firms are optimising how they streamline customer onboarding and account opening, scale customer acquisition, automate internal processes such as new employee onboarding, digitise loan documentation through staff and broker networks, and harness the value of data across all agreements. 

It’s hard to believe in 2024, but some banks and financial organisations in the Little Red Dot are yet to embrace the shift away from paper. The result? Poor customer and employee experience and a mix of online and offline solutions – resulting in missing documents, missing signatories and, even, missing fully-signed contracts and agreements.   

There’s a better way with Docusign

With Docusign, all the information you want is in one, easy-to-access place with super intuitive navigation. Loan and customer contracts can be negotiated, revised and stored – all in a single location, keeping teams on the same page in one simple workflow. And all this with 99.99% platform availability wherever you are in the world, whatever the time. The result? Increased business agility that lets teams focus on the work that matters.

Leading the charge to provide unparalleled customer service is Capital C Corporation which has transformed its customer lending process with Docusign. Capital C Corporation provides leading financial services to consumers and businesses across Singapore. It engaged Docusign’s integration with Singpass, Singapore’s National Digital Identity scheme, to implement eSignature across almost every function of its organisation. The result? Thousands of loans have been digitised every month. 

Capital C Corporation has also seen a 70% increase in productivity, 95% reduction in use of paper contracts, and a reduction of end-to-end loan approval process time from 2 days to just 4 hours. This isn’t just better for the customers, it’s better for business.

“Docusign helps us and our customers stay competitive. Some of our clients need funds incredibly quickly. Approval speed is critical because it allows them to secure stock much faster and at a better price,” said Edy Ng, Chief Operating Officer at Capital C.  

Managing risk with Docusign

According to research by Google, Temasek, and Bain, Asean’s digital economy is set to exceed S$396 million by 2025 in gross merchandise value, with the digitalisation of financial services being a key growth driver. Maintaining customer confidence and security in the financial services industries is key to sustained growth. 

Docusign complies with the highest security standards globally, making it a trusted solution accepted in markets spanning from the European Union to China and Singapore

In Singapore, Docusign integrates with the SingPass app to provide a truly end-to-end digital signature experience for everything from bank loan agreements to the nomination of beneficiaries in insurance. Signatures are cryptographically linked to the signer and automatically validated at the point of signing, which guarantees secure identity verification as well as a rich audit trail providing proof of signing parties’ identities, and timestamps in a downloadable file. Docusign also provides direct ID verification for eSignatures to further help prevent cyber-related fraud to ensure signers are who they say they are. This provides users a peace of mind – all with faster turnaround times, less errors and greater efficiency and convenience for both customers and employees. 

Digital signatures are still possible, no clicks in sight

As scams become increasingly sophisticated, Singapore has introduced heightened regulatory measures on a national scale to mitigate risks such as ensuring email communications have no clickable links in emails and SMS to protect consumers. 

Docusign has introduced innovative solutions designed to tackle these urgent concerns, effectively eliminating potential dangers posed by clickable links in email or messaging communications by having  ‘no clicks’ in sight. Customers may opt to either remove all clickable links or, integrate the signing experience into their own app or portal. This allows financial services organisations to provide assurance to customers and comply with local regulations.

Transforming how we agree in Financial Services

Unlocking the power of agreement data in the Financial Services industry entails the comprehensive integration of technology across all aspects of business operations; reimagining how the organisation gets work done, and how employees collaborate and how customers interact with the business. For instance, banks can help customers open an account or secure a loan faster by generating smart contracts. On the other hand, brokers and agents can meet customers where they are with flexible, effortless mobile signing experiences, accelerating time-to-close and delivering a frictionless experience.

Not to mention, from authentications to ease of signing, this takes a cognitive workload off internal teams, while maintaining the same high security demanded by the financial services sector.

In a fast-paced industry like Financial Services, speed and efficiency are critical. Learn more about how Docusign helps Financial Services organisations modernise account opening, lending, and customer service or get in touch with our team

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Docusign Contributor
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