Webinar: Driving Mobile Banking Engagement With        E-Signatures Information System

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In this webinar on the information system revolving around mobile banking engagement with e-signatures, the hosts or presenters of the webinar, Zhi Ying Ng, a professional analyst that works in channel strategy and e-business professional services at Forrester Research, and Rahim Kaba, the director of product marketing at eSignLive at VASCO, discussed the importance of e-signatures in today’s economy, and why this information system is incredibly important when it comes to defining a molding a consistent relationship with your client base.

When it comes too banking of this decade, the key is truly in two things: safety and convenience. Customers are looking for institutions that can provide them the best safety for their finances and personal details while demanding the least amount of attention and the most convenience (Ng 2017). The recent outburst of cybercrime has made the general public wary of financial institutions that have been hit, and being known as a security threat can cost you thousands of customers for years to come. Also, most banks these days have operations online, and in this ever-virtual world and environment, customers are always looking for institutions that can provide them the most amount of communication and service remotely from their living room, rather than forcing them to drive to the bank.

E-signatures are a great product of information systems because they accomplish both things at once, as discussed in this webinar. They provide utmost security: by using the right applications, you never have to be worried that someone may be forging your signature, because there are always some levels of personal identification. If someone else tries to access your e-signature platform, there are doors preventing them that only you can open. E-signatures are just as secure as real signatures, and in some ways they are more secures because the files cannot be copied or stolen with your signature on them. Secondly, e-signatures are also amazing for convenience (Ng 2017). There are certain bank practices and services that simply cannot be dished out without some sort of signature from the customer, and this is something that cannot be changed due to security concerns. With an e-signature, a customer can perform almost all (if not all) of their bank needs from the comfort of their home, by simply signing their signature on their phone or tablet with their finger.

With information systems like the e-signature, there is a constant analysis of what are the effects of these convenience factors that technology brings us; we must understand the causes and effects, and the potential long-term outcomes of certain newly-implemented systems (Ng 2017). But with e-signatures, this concern is nearly muted: there is little to no security threat involved, and as this information system is quite simple—just a signature transmitted through the internet—there is little risk of any criminals being creative in what they can do with these signatures. This a simple factor of convenience that makes the banking industry and whichever financial institutions that adopt and implement e-signatures immediately much more attractive to current and potential customers.

Remarks: The webinar discussed above is a very interesting and positive take on adapting e-signatures in the banking industry, although it seems to be biased in the way that there is a promotional intention behind promoting their e-signature application. With this in mind, it would be interesting to consider the possible negative effects of resorting solely to e-signatures. For example, many financial institutions have proven to have safety system that have been broken into, even the largest financial institutions around the world. If a bank that has focused solely no e-signatures gets hacked into, what would cyber criminals be able to do with all of the hacked signatures that are now in their hands?

Secondly, cyber criminals could also pretend to be certain customers of banks, if banks no longer require a physical presence to make use of the larger services the bank offers. An experienced hacker may be able to access the stored e-signatures in the bank’s database, and then mimic or copy whatever e-signature they want. While e-signatures are a great step towards the future, they need to be handled perfectly or banking institutions face disastrous consequences.

Ng, Zhi Ying. (2017). Webinar: Driving Mobile Banking Engagement With E-Signatures. Banking Tech, 5.

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Shafi A. Yusuf shafi@shaafi.com

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