Where Can Electronic Signatures Be Used?
December 11, 2023
Where Can Electronic Signatures Be Used?
An eSignature can be used to sign legal documents, invoices, financial documents, contractual agreements and so much more. Here are the following industries in which you can use an electronic signature:
- Banking & Financial Services: Electronic signatures can be used in online banking and online transfers, where your private key is necessary to sign a bank transaction. It is also great for account openings, loan applications, mortgage transactions, credit card applications and so on. An electronic signature is necessary to fulfill the requirements and protect the personal information of the signer.
- E-Commerce: Electronic signatures are necessary to streamline B2B transactions. This is especially important for companies where geographical locations may vary.
- Insurance Sector: Individuals must be able to sign electronically to apply for different types of insurance or to report a claim.
- Retail: Whether it is online purchases or payments for suppliers or vendors, an electronic signature is necessary to secure card payments.
- Legal: Electronic signatures must be enforced in the legal industry to fulfill contracts and agreements. Legal documents are constantly drafted, revised, and even breached – so signatures are needed to authenticate the revision made by a legal professional.
- Government: As an individual, you may use an electronic signature when applying for electronic passports or sign internal agreements and third-party contractual agreements. Electronic signatures can also be used to submit declarations to the government (which usually need to be signed by an authorized person).
- Property and Real Estate: Lease agreements, rental applications, property listings, registration, and so on, documents can be signed electronically with a Qualified Electronic Signature (since an equivalent of a wet signature is needed).
- Accounting and Tax: Electronic signatures can be used to complete tax returns where the taxpayer typically signs the declaration.