By Legal Futures Associate VirtualSignature
VirtualSignature, a leading UK developer of Regulatory Technology, has achieved double digit growth in the past year, winning significant new name customers as law firms switched from Adobe and DocuSign to the VirtualSignature platform.
In 2021, 61% of organisations that had digital business plans say that they were forced to begin and/or implement a digital-first strategy due to the pandemic. Although the pandemic accelerated the need for remote and digital dealing with clients, many UK firms did not just rush to adopt a point solution. They recognised that remote customer dealings were here to stay. They took a strategic approach, looking at their processes and customer journeys to automate as much as they could to gain efficiencies and to make it easier for their clients to interact more remotely. They worked in partnership with VirtualSignature as they looked to streamline their workflows and integrate them with their existing Case Management systems such as VisualFiles, Proclaim and iManage and give their clients a great experience remotely via both mobile and online. These customers, which include Harris Fowler, Bott & Co and Cheval, are now reaping in the benefits of this approach as their volume of work increases.
David Kern, CEO at VirtualSignature said, “Although the need for digital onboarding and eSignatures has never been greater, we have found that increasingly, firms are looking at having one platform to both identify the person and verify their signature. They also now want to have their own branding on mobile apps for ID verification and eSignatures so that they can build trust and give their clients confidence and security in knowing they are dealing with the firm. Most of our customers want to have our solutions integrated into their own processes and existing systems and they love how quick and easy it is with our plug-ins.”
With government agencies encouraging the use of technology to reduce fraud and go green, and clients insisting on remote, user-friendly mobile applications, the need for digital onboarding and eSignatures is expected to continue to rise. The Global Signature Verification Market is predicted to grow at a 25.3% CAGR, reaching $4,795.57 billion by 2026.2
“We have a great demand and a growing pipeline of firms looking to switch. They like what we have and as a UK developed, hosted and supported Regulatory Technology supplier, we not only have the latest technology such as AI enabled 3-D Facial Recognition, but also the necessary accreditations and a lower cost base and can compete and win against the best out there.”
Sources:
- IDG. (2021a, August 11). 2021 Digital Business Research.
- Mordor Intelligence LLP. (2021a). Signature Verification Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
