The Ideation in Practice: User Authentication Models for Electronic Signature Processes
Different user authentication models (What Are Different User Authentication Options for E-Signing Ceremony?) are currently being deployed by organizations sectored across different industries. These user authentication models have helped them reinforce the reliability of their electronic signature based processes. Today, we will review some of these companies and explore how the implemented model is helping them.
Interior Savings Credit Union
Interior Savings Credit Union is a financial service provider that accommodates individual as well as businesses with different products that include loans, mortgages, investment projects and banking services. It has over 82,000 registered members with its operations spanning over twenty one branches and assets accumulating to more than $1.9 billion in valuation.
The Service under Review: Interior Savings Credit Union offers the facility of electronic signature on their mortgage renewal services. Since these services carry low risk, which centers around the acceptance of the new mortgage terms rather than the debt itself, the company management believes it is the best way to trial the use and benefits of e-signatures.
The Deployed Authentication Model: The organization has deployed a two-step authentication system based on email authentication method and login credentials method.
The Implementation of the Process: The customer is sent a copy of revised policy to their email address, embedded in a link. When the customers receive the email, they can click on the link which re-directs them to a log-in portal. A password is communicated to the customer over the phone, which can then be entered to access the document through the portal. The members can then e-sign the policy after reviewing it.
The Benefits: The deployed system has helped the members of Interior Savings Credit Union in two ways:
· Firstly, the members can conveniently sign the documents without having to visit the branch.
· Secondly, the members can review all the terms and conditions of the renewed policy thoroughly, which is not always possible especially if you are visiting the branch.
A Fortune 1000 Insurance Carrier
This insurance carrier is a Fortune 1000 company that offers financial and insurance products to more than one million business enterprises and households across United States. With such an extensive portfolio of clients, the company is always looking for innovative ways to improve their relationship with their customers and provide them with solutions that are convenient and easily accessible.
The Service under Review: Among its many offered solutions, the company decided to launch the convenience of e-signing as part of the product that covers insurance for the disabled.
The Deployed Authentication Model: This is another two-step user authentication model which is a combination of email methodology and SMS authentication method.
The Implementation of the Process: The customer is sent over the application form through an email, which is registered at the time of user identification step. It is in the form of an embedded link which takes the registered user to a login page. In the empty space, the user needs to type in the four digit code that is sent via SMS to access the form. It is important to note that it is a one-time SMS pass-code.
The Benefits: The primary benefit of the initiative has been observed in the realization of convenience to individuals who are interested in company’s insurance products but are facing difficult in paying a visit to a nearby branch.
There are many other examples that can be quoted from real life amongst which Signature Mortgage’s static KBA method and Federal’s use of smartcards are worth the mention. As always, the choice of user authentication method entirely depends on the risk factor that a paperless transaction carries, and hence, may vary from organization to organization.