I made a promise last time on these pages, of talking a bit more about digital signature:
We had to provide the missing link for a complete digital hybrid advisory experience: a digital signature process that is secure, easy, and compliant, and frees either the client and the advisor from the need of being physically in the same place and time. Digital signature is not the simple digital translation of an analog procedure, but an entirely different process, with nuances that are not obvious and reverberate on the whole process chain from frontoffice to backoffice. We’re going to tell something about that in a next post.
Time has come.
Mastering Several Languages to Have Digital Signature
A digital signature project is a very complex one and, as Objectway, we had to learn and understand several different languages: legal, operation, compliance, customers’, investors’, and advisors’. We had to face the needs of different departments, from marketing to legal to compliance, to IT, and find out how to reach a complete collaboration among them, because otherwise there’s no way to make such a project succeed.
Our true strength was to be able to speak all the needed languages and, in doing so, centralize needs and issues in one single entity, in order to effectively solve them.
Tech Is Only the Beginning
Solving the technology part of the puzzle was relatively easy: we made a selection among five/six of the best software providers on the market, with the best long-term perspectives. Then we worked out the details, i.e., we chose a partner with a graphometric-only technology and we went through time get the token-based digital signature also, the one that allows for remote signing.
The right legal partner allowed us to understand the legal language and implement this knowledge in the solution. This happened for all the languages we had to understand. We are particularly proud of this process because is neither automatic nor common for a wealth management software company.
In the banking sector such a process is a bit more common, due to the financial and market power that a banking institution has. Because of this, a bank can allow to spend several years on a digital signature project; for smaller companies, time-to-market becomes a critical factor and they must leverage external partnerships to make it happen faster, or otherwise get out of the market. Really, not all companies comparable with Objectway got such an expertise.
In a next installment, I’ll say a couple of important things about the difference between dematerialization and digitalization, that is critical to understand the whole matter. We love our digital signature solution. Stay tuned!