Australia’s e-signature market is expected to grow five-fold in the next three years, according to an industry-first study by Adobe.
The research, which was developed in partnership with Forrester, highlights that the adoption of electronic signature technology will be necessary if companies are to meet customer demands in a digital world.
Currently, Australian law allows nearly all documents to be signed using simple electronic signatures with minimal requirements and clear enforceability based on the Electronic Transactions Act legislation.
Despite customer demands for increased convenience and efficiency, a staggering 68 per cent of Aussie businesses do not have an e-signature solution in place, the study found.
As customer experience and operational improvement drive demand for digital end-to-end customer processes, Forrester principal analyst Tim Sheedy said e-signatures are poised for “hyper-growth” as empowered customers require urgency.
He said e-signature technology implementation offered companies an opportunity to re-engineer an entire process rather than simply digitising a process.
Adding to the debate, Adobe’s document services vice president, Mark Grilli, said a cloud-based document solution saves time, transforming how businesses compete.
According to Grilli, 80 per cent of documents still rely on paper, which results in a bad experience internally.
Furthermore, he said 36 per cent of paper-based documents are missing signatures, initials and dates – consequently delaying sales cycles.
Grilli cited RBS’ newly implemented, digitally streamlined process in their lending business, which resulted in customers returning signed mortgage documents in four hours rather than 14 days.
The flow-on effect of e-signature implementation at RBS eliminated one million customer inquiry calls as the firm moved to a more automated document process, Grilli said.
The RBS experience demonstrates e-signature adoption removes friction in transactional processes that enable paper-based processes to transform into complete digital workflows.
The study largely attributes local business reluctance to adopt e-signatures to their preference for cloud-based document solutions to have Australian host storage location.
In response, Adobe announced today it has established a local data centre in a bid to accelerate e-signature and paperless document adoption by Aussie businesses.
Famed British director Ridley Scott has opened up on one of the most famous ads in history – Apple’s “1984” ad that aired during the Super Bowl that same year and turned the computer company into a household name (and, just recently, the world’s first $US3 trillion company.) The dystopian spot – named after Orwell’s […]
In this guest post, Cam Blackley, chief creative officer and Emily Taylor, chief strategy officer at M&C Saatchi Group AUNZ offer up their industry predictions for 2022. And they’re as crazy as the year we just had… Making predictions off the back of 2021 feels a little stupid. Because 2021 was crazy as 2020 was […]
Brown Brothers and Gelato Messina have partnered to celebrate the ‘it’ drink of summer, creating a limited edition Prosecco Rosé gelato as part of the brand’s ‘Let’s Go’ campaign, developed by Communicado. The end result – which Messina chefs said was inspired by Prosecco cocktails like the Peach Bellini – is a gelato combining blood […]
Australian men’s lifestyle publication Man of Many is the first Australian publisher to sign on and partner with Ipsos. The new exclusive and preferred provider to the Interactive Advertising Bureau (IAB) Australian for the independent reporting of digital audience measurement data. The move comes after Man of Many has seen a huge growth in its […]
BWS have teamed up with M&C Saatchi and Carat to bring back the popular BWS Cooler app campaign, following huge success in both 2020 and 2021. This year, $20 million dollars’ worth of prizes are available, including free drinks, electronics, gift vouchers and even hot air balloon rides, plus every swipe is an entry into […]