04/23/2024 | Press release | Distributed by Public on 04/23/2024 17:01
Every digital customer interaction provides an organization with the opportunity to deliver an impactful experience and build trust. Yet the digital experience customers have online often doesn't meet expectations. There's little surprise, then, that an unremarkable digital experience often yields incomplete or abandoned digital agreements.
Customers are demanding a better, more dynamic, and more modern experience, even with a complex, highly regulated agreement transaction. At the same time, organizations want high completion rates and satisfied customers without overlooking security, specifically, having the necessary safeguards in place to prevent fraud and protect both the customer and the organization.
So where is the disconnect?
Let's examine the challenges of digital agreements today and explore how to more effectively balance ease of use with security to drive transaction completions.
We can all relate: We walk into an appointment and are handed a clipboard to fill out a form you likely already filled out online. So, you begrudgingly fill out the form and wait while your information is often manually entered into the system.
Already feeling like a waste of time, it becomes more frustrating when you come back for a follow-up and you're asked to complete the same process all over again.
For high-stakes digital transactions, like those within financial services or insurance, the disconnect between the expectations of a modern digital experience and the actual experience has a direct business impact.
There are six primary challenges associated with digital data capture capabilities that can lead to an unproductive business outcome when you rely heavily on static PDFs and forms:
Each of these challenges highlights the need for today's organizations to offer a fast, secure, and modern digital experience while also having the right level of security in place to establish trust.
According to McKinsey, organizations that digitize the customer experience see a 15-20% increase in customer satisfaction and 20% higher conversion rates.
The easier an organization makes the customer-facing (i.e. front-end) experience-and the more they can leverage the information they already have to do that-the more positive that experience is. This then translates directly into loyalty and trust. Worth noting is that if the digital experience isn't effectively managed, organizations can lose customers; 47% of consumers have stopped doing business with a company after losing trust in their digital security.
The backend of the digital agreement contains all the information necessary to ensure correct execution. This means ensuring the transaction is secure and meets regulatory standards to protect both the consumer and the organization.
There are three things we recommend organizations consider specific to security when rethinking their digital agreement forms to inspire trust and greater completion rates:
Today's modern customer expects more than a static digital form; they want a dynamic digital experience that makes the entire process fast, secure, and easy.
With Smart Forms, you can enhance your data capture capabilities to improve the customer experience and securely pass along the data to the eSignature service to complete the digital agreement transaction.
Smart Forms allows organizations to minimize known friction points that cause dissatisfaction and abandonment. By using known information about the customer, and a dynamic interactive communication method that leverages an intelligent, interview-style digital form, the customer experience is easy and personalized.
Smart Forms leverages technology that helps organizations optimize agreement signing processes and workflows, especially for organizations in regulated industries with significant compliance requirements, such as insurance, financial services, and healthcare.
Consider these benefits for organizations that leverage Smart Forms in highly regulated industries:
Organizations that simplify the data capture and signing experience establish trust, ensuring the customer knows you're protecting them while also providing a better overall experience. In addition, organizations that leverage a modern approach to data capture also see faster time-to-revenue for account openings, loan origination, insurance policy applications, and many other use cases.
Learn more about the value of digitizing your customer experience to drive toward greater transaction completion rates.
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