ZorroSign top 25 Fintech Solution providers in 2017 APAC CIO Outlook
In 2018 and beyond organizations in financial sector will increase their focus on streamlining their business operations, enhance their user experience, and completely digitize financial transactions. That’s where ZorroSign’s real electronic signature and Document 4n6 (Forensics) Token technology will play a major role.
In an interview with Shamsh Hadi, a Co-founder and CEO of ZorroSign, he talks about the firm’s suite of offerings particularly focusing on real electronic signature technology. He also gives an insight on the difference that ZorroSign is creating in the current industry with its eSignature and digital transaction management platform, the platform that ‘stands out’ amidst the rest.
1. From a FinTech perspective, how would you position Zorrosign in the financial services industry? What are the unique differentiating factors of the company that help it stand out of the chaotic disruption in the FinTech market?
• ZorroSign is the most secure eSignature and digital transaction management solution.
One of the ZorroSign’s co-founders is the original inventor of the real electronic signature technology therefore unlike all our competitors, ZorroSign does not super-impose an image of a signature on a document. Our signature is real, baked into the document paper and can not be altered.
Perhaps our biggest differentiator is that we are the only solution that offers post-execution fraud protection for both digital and paper versions of electronically signed documents. We do this using our proprietary Document DNA based ZorroSign 4n6 (Forensics) Token technology.
Another differentiator is that ZorroSign has been securing documents and digital transactions using biometrics since 2012. We recently tested mobile biometrics on Android devices and soon will be testing iOS devices. This is great news for mobile banking.
ZorroSign also offers ZorroFill, which is bringing Machine Learning and Artificial Intelligence to forms. Using ZorroFill, users can auto e-fill forms with a click of a button ensuring that all the information provided is accurate and complete. All related parties will get the final version of the ZorroFill’ed form which incorporates all the other USP’s of ZorroSign DTM like the 4n6 (Forensics) Token, automated workflow engine and audit trail.
• How does ZorroSign 4n6 (Forensics) Token work? It’s the last step in every digital transaction and results in having a unique token applied to the document. The Token can be scanned by using ZorroSign 4n6 (Forensics) Token reader mobile app available for free on the Apple iOS Store and Google Play Store. Once the token is scanned, the user will be able to see the full audit trail, any attachments, and whether the document has been tampered with, updated,
revised, replaced or cancelled. The Token also includes information about biometrics (where applicable).
• Adoption of Digital (and elimination of paper) has been slow with the recent security breaches where valuable user data was stolen (Experian, DocuSign, etc.) and support for varied and complex document signing ceremonies (workflows) Furthermore, authentication and validity of digitally signed documents has been challenged in courts. ZorroSign addresses both of these concerns.
2. We have already discussed how the automated form filling technology benefits banking institutions in terms of expedited client onboarding, simplifying complex processes, and creating a unique consumer experience. Could you help us understand how this technology can impact other areas such as insurance?
• Insurance is a $2T Industry in USA alone. There are over 760K forms and 400K agents processing forms that customers fill out. From insurance purchase to claims processing. With ZorroSign’s AI/ML technology, we can not only learn new forms and convert them to intelligent forms, we can pre-eFill those forms as well.
• The amount of time that will be saved by ensuring that the forms are auto e-filled from the originator is massive.
• Use of AI and ML in this way virtually eliminates user errors and significantly improves the user experience.
• Having a detailed audit trail of every action and step taken ensures compliance and transparency of your financial transactions.
3. In light of the ever-evolving regulatory environment of FinTech, what are the measures taken by ZorroSign’s product team to ensure full compliance and quick adherence to new regulations?
• We feel our R&D team has and is ahead of its time. Just look at the 4n6 (Forensics) Token technology and you will see there is no other solution in the market that provides this.
• ZorroSign continues to meet the standards and to remain compliant with all major Laws & Regulations in Countries that have E-Signature laws in place.
• Senior Management also works strategically with universities, governments, etc. around the world to discuss areas of improvements related to security, regulations, human-computer interaction in the world of digital transformation.
4. On a more specific note, we see that you also cater to relatively independent players like financial advisors, lenders, and credit unions. How does your solution help them gain a competitive as well advantage in the crowded market?
These players run lean organizations
• Our automated workflows, templating technology, built-in document management system, digital certificate that never expires and doesn’t cost extra, and low cost saves these (cost cautious) individuals and SMB organizations time, money, and avoid errors, and, in the right cases realize revenue quickly.
• With our real electronic signature and Document 4n6 (Forensics) Token technology, these small businesses have peace of mind that they are protected should their documents are ever called into court or otherwise challenged.
5. Are there any other interesting insights you would like to share with us?
• 87 percent of POS systems use our electronic signature technology
• It’s the same electronic signature that our Co-founder invented that was instrumental in getting the DMA or eSign act passed in year 2000 by President Bill Clinton.
• ZorroSign is currently the fastest growing DTM solution in the market today.
• Have won two awards in 2017 till date.
• We are gaining tremendous traction in the area of mobile biometrics.