Digital signature solutions are quickly replacing paper-based signatures and have the potential to become universal. In order to assess digital signature solutions current and potential market, international management consulting firm Arthur D. Little surveyed 50 market experts within Europe. The results of this survey are presented in a report titled ‘Digital Signatures: Paving the Way to a Digital Europe’.
The financial services industry has been the pioneer in the adoption and development of digital signature solutions, and Arthur D. Little expects other industries, such as telecommunications, commerce, utilities, notaries and healthcare, to follow suit. The benefits of this new technology include increased efficiency, lower costs and increased customer satisfaction and most importantly, are not restricted to any one industry.
“To benefit from its massive advantages, digital signatures still have challenges to overcome,” states Didier Levy, a Director in Arthur D. Little’s TIME practice. “These challenges include the integration and alignment of the technology with existing processes, together with a transparent analysis of the related regulatory situation and its legal consequences when implementing digital signatures.”
“We expect the new EU regulation to be ready this year; this should increase overall appetite and acceptance of digital signatures in general and cloud-based solutions, in particular,” states Nicolai Schaettgen, a Principal in Arthur D. Little’s TIME practice.
Given its clear cost advantage, Arthur D. Little expects cloud-based digital signature solutions to dominate and further enable the ability to offer digital signatures over mobile devices. Companies that take early steps to realize the potential of these solutions will create a significant cost advantage and will improve client satisfaction while expanding their customer base due to higher convenience.