Kofax has kicked off the New Year with the launch of a family of e-signature products that the company claims will enable organizations of all sizes to improve digital transaction management.
The new products from the Irvine, Calif.-based financial technology company include Kofax SignDoc Standard and Kofax SignDoc Enterprise, as well as integration with the Kofax TotalAgility process automation suite. What’s more, Kofax boasts it is offering the new products at prices that will make them universally accessible and disrupt the status of a very competitive market.
According to a statement from Kofax, the new releases "continue its drive to make business processes and document management entirely automated" from the point of entry of content to the signing-off of documents.
Kofax has talked much about the development of the ‘first mile’ in processes in recent years. First Mile describes the initial information-intensive interactions customers have with an organization, such as loan applications, claims submissions and new account openings, and the challenge of interacting with a business via multiple devices and methods of communication.
These interactions can be time consuming, slow and prone to error, which can adversely affect a customer’s perception of a business, particularly during the initial stages of a transaction. But what of the last mile — the point where a deal has been cut and documents have been drawn up, with only signatures missing?
This is where the new family of products comes into play. Kofax SignDoc Standard is a new product that addresses the self-service e-signature market. It is a result of last September's acquisition of Softpro, a provider of signature verification, fraud prevention and electronic signature software and services.
The strength of Softpro’s e-signature solution lies in its use of biometrics for image verification, particularly its SignAlyze product, a signature verification tool used extensively by banks. Kofax has spent the last few months tying it into the Kofax portfolio.
The standard version is a stand-alone solution that offers self-service capabilities that allow users to design, deploy and manage custom e-signing workflows. The Enterprise edition enables organizations to design, deploy and manage custom e-signing workflows and embed advanced-signature capabilities within a host of enterprise applications.
SignDoc Enterprise can also be seamlessly integrated with Kofax TotalAgility, the company's flagship process automation platform, so organizations can add secure and authenticated e-signature functionality to end-to-end business processes powered by TotalAgility.
Both products also offer users insights and an audit trail of all interactions. SignDoc allows users to verify document integrity from within a PDF, without needing IT experts or accessing an external site.
Furthermore, SignDoc’s standards-based digital signing and self-contained document approach ensures that any post-signing tampering of the electronically signed document is apparent without the need to consult Kofax. This process and the resulting audit trail provide proof that a legally binding transaction has taken place.
A final point worth noting here is that it the products provide process intelligence capabilities, which are designed to reduce risk and enhance operational efficiency, as well as the ability to use any existing enterprise content management (ECM) repository for signed document management and storage.
Kofax’s Senior Director of Product Marketing at Kofax, Russ Gould, told CMSWire that the new products are targeting one of the major weaknesses in the many e-signature solutions on the market:
Solutions today focus only on and can only handle the signing ceremony, not the overall end-to-end business process. In addition, existing solutions don’t provide the required process intelligence analytics and integration with enterprise content management repositories.
Kofax SignDoc, he said, addresses the major drivers in the market, notably:
- Customer satisfaction
- Accelerating business processes
- Reduced costs
- Secure documents
Gould also points out that e-signatures or secure digital document signing have become an integral part of the business landscape, even in heavily regulated industries such as financial services, insurance and healthcare.
Eliminating manual signature processes and replacing them with an e-signature solution not only improves operational efficiency and transforms the customer experience.