Canadian digital only bank, Tangerine Bank has announcedthat it will allow customers to use using digital signature capture technologyfrom Silanis to authorize customer transactions on mobile phones that willenable greater convenience for banking activities like account opening and enforceablecontracts.
According to the announcement, Tangerine is set to use thetechnology first with customers seeking to transfer their TFSA, RSP or RIF fromanother financial institution but fully expects to expand the technology to implemente-signatures across a number of other business processes in the near futureallowing customers to conduct virtually every traditional branch based functionvia their mobile device.
Commenting on the announcement, Charaka Kithulegoda, chiefinformation officer at Tangerine said, “Customers are looking to their banks toprovide simple and useful mobile banking experiences. E-SignLive’s MobileSignature Capture is another example of how Tangerine makes the mobile bankingexperience better with remote e-signing capability that is secure, compliantand seamless.”
With consumers increasingly comfortable to conduct a greaterrange of banking and payment activities via their mobile device, the digitalsignature capture technology should help Tangerine Bank remove a significanthurdle in adoption of digital only bank services. That being said, MercatorAdvisory Group’s CustomerMonitor Survey Series (CMSS) that monitors banking andpayment preferences among 3,000 US adults shows that bank branches still play asignificant role across a number of banking activities.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments, for Mercator Advisory Group
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