[Event] eSign as Fintech: Leegality at the Global Fintech Festival 2020
Update: Last day of event is TODAY, 23 July 2020
Event Link Below
Not many people associate eSign with being a ‘fintech’ product.
The conventional impression of ‘fintech’ generally envisions companies providing financial services digitally – like digital lending, digital banking, digital payments, robo-advisory, personal wealth management mobile apps, credit card rewards platforms etc.
The conventional/colloquially used definition of ‘Fintech’ usually envisions concepts such as “leveraging transaction data for customer insights”, “pivots to lending”, “slick, superlative customer experiences” and, inevitably, “becoming a bank”
We at Leegality agree that the above conventional wisdom has merit. Fintech, however does not stop at mere digital provisions of financial products. It also extends to the very plumbing and cement that enable financial businesses to operate. Fintech, essentially means the enhancement through technology of ANY aspect that goes into running a financial service.
eSign as Fintech
A critical business activity that powers financial services is ‘the act of signing’. Loan agreements, Account Opening Forms, Attestation of Officially Valid Documents, Issuance of Foreclosure Notices, Sanction letters – all require signatures in order to attain legal force.
Without these signed documents, financial activity would stop.
Unfortunately, paper is a pain. Some of the key problems financial companies face with paper:
- Printer jams
- Manual errors in filling up templates and schedules
- Cost of printing
- Delayed turn around times for onboarding customers/closing loan transactions that can run into days, if not weeks
- Risk of loss/damage of critical documents
- Storage burdens for volumes of executed documents
- Traceability of agreements when they are needed for enforcement
- Manpower expended in just managing piles of paper
- Hard to enforce in Court due to disputes regarding signatures, errors in the Schedule and general allegations of tampering by defaulting parties
- Crude customer experience
When one considers the scale at which most companies in the financial sector operate – with thousands of documents needing to be executed a week – it is clear that paper is a big logjam.
This causes friction even in the slickest tech processes.
It does not have to be this way – eSign as Fintech
eSign eliminates this friction.
Through IT Act compliant eSign and eStamp solutions, financial institutions digitize document execution. When eSign and eStamp layers are combined with state-of-the-art document automation and workflow capability – financial institutions can eliminate paper completely from their business processes.
Through API integrations, eSign and eStamp can be deeply integrated into internal software systems of financial institutions like LOS/LMS/ERP systems – giving them the ability to merge the act of originating financial transactions like loans with the execution of documents needed to make these transactions a reality.
Sending a document for signing becomes, quite literally, a simple act of ‘clicking a button’.
Through such integrations, financial institutions can:
- Reduce Costs
- Reduce T.A.T
- Enhance legal enforceability of agreements
- Deliver slicker completely digital experiences to customers
Therefore, for a true Fintech experience – digital document execution is a vital solution.
eSign without integration
However, Fintech is not just about the large enterprises with digital transformation teams. For fintech to have a more tangible impact – small to medium financial institutions also need easy access to technology in their processes.
Leegality believes it has the answer to this.
We have just launched Leegality Workflows – a reinvention the paradigm through which eSign platforms have been operating till now. Through Workflow – business can completely automate the sending and signing of documents straight through the Dashboard, without API integration or any installation.
This will allow ALL players in the financial space – big or small – to take benefit of the tech and automation advantages of eSign without necessarily undergoing wholesale digital transformations.
Showcasing Workflows at the Global Fintech Festival
In this backdrop, Leegality is extremely excited to be showcasing Leegality Workflows at the Global Fintech Festival, 2020.
Organized by IAMAI – with the backing of NPCI, the Ministry of Finance, PCI and FCC – the theme of the Festival is “Fintech With and Beyond COVID”.
The need for universal fintech has accelerated due to the COVID-19 pandemic – which has thrown normal business practices awry. With the increasing global push towards social distancing even in the financial space – contactless contracts and onboarding become a critical necessity for ensuring safe access to financial services for individuals from all walks of life.
The Festival promises to be an exciting confluence of global ideas on the evolving role of fintech and its role in helping the world ‘live with the virus’.
The Festival, hosted completely virtually, features a power packed list of speakers such as:
- Dilip Asbe, Chairman, NPCI
- Amitabh Kant, CEO, Niti Aayog
- Uday Kotak, MD and CEO, Kotak Mahindra Bank
- Rajnish Kumar, Chairman, SBI
- Rajan Anand, Managing Director, Sequoia Capital
- V Vaidyanathan, MD, IDFC First Bank
- Harshil Mathur, CEO, Razorpay
- Sopendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore
Among many other experts in the fintech space.
Leegality’s Booth at GFF
Leegality is proud to be an Exhibitor at GFF. We will be hosting a ‘Virtual Booth’ containing relevant information about our products and the operational benefits that our Client see after adopting them.
We will have two of our experts present at the virtual booth – available for a conversation.
Are you interested in learning how your business can go paperless with Leegality? Just consult our experts for a:
- 7 Minute Product Demo – showcasing the functionality of Leegality and how it can fit into your business processes
- A short conversation and consultation about how your business can go paperless in less than a week
How do I attend?
Register for the entirely virtual conference for FREE right now.
Our booth will be available in the Exhibitor Section of the Conference.
The entire line-up and program agenda for the conference can be found here
Are you ready for the future of fintech? See you at GFF 2020!