The COVID-19 pandemic created a new need for remote online notarization services (RON). RON is a process that allows a Notary and signer to meet remotely using a live video-conferencing platform.
The RON process is simple and efficient, saving time and money for everyone involved. Law firms and individuals are seeing the benefits of this technology.
Saves Time
The signer and notary meet via communication technology during a remote online notarization. This means that the notary can verify the signer’s identity, ensure they understand the document and are willing to sign and affix their seal. This process eliminates travel, reduces the need for paper-and-ink documents, eliminates errors, and improves turnaround time.
Many legal transactions involve power of attorney, affidavits, and other necessary documentation that requires notarization. However, many law firms need the capability to notarize these documents on demand. Adding a RON solution to the firm can dramatically increase efficiency by eliminating paperwork, meetings, and wait times.
Lenders also benefit from RON because it lets them quickly complete mortgage loan closings. Rather than forcing people to visit the office to sign and notarize a document in person, borrowers can sign and get their loan closed remotely with a RON service. This saves lenders time and money while also improving the client experience.
Saves Money
Many legal documents must be notarized before they can become legally binding. These documents include testaments, trusts, estates, power of attorneys, and most loan documents. Getting these documents notarized traditionally requires scheduling, meeting, and verifying each signer’s identity. This process is often time-consuming and expensive for both the notary and the clients.
With RON, all of these steps can be done in one session via an audio-visual web conference platform, eliminating the need for each signer and notary to meet face-to-face. As such, RON is becoming more attractive for law firms and clients alike.
Increases Customer Satisfaction
With more and more transactions moving online, consumers are demanding a seamless digital experience. That includes getting documents notarized. When they are forced to meet with a notary in person, they have to leave work and schedule time away from home, which results in an unsatisfactory customer experience.
Remote online notary services allow signers to get their documents notarized quickly and easily in the convenience of their own homes or office. They also use a combination of ID document verification, knowledge-based authentication (KBA), and database scanning to make sure signers are who they claim to be.
Many law firms need to have documents notarized regularly, including powers of attorney and affidavits, which can be very sensitive. For these firms, offering RON is a great way to increase efficiency and provide the best possible service for their clients. Besides, RON can also grow business for notaries by removing geographic barriers to attract new clients.
Reduces Errors
Over a billion documents need notarization each year. These documents can include everything from deeds to wills, affidavits, and more. Many of these documents are serviced by law firms that must ensure their clients have an efficient signing process.
In addition to reducing costs and increasing productivity, remote online notary services can help reduce errors in the legal industry. With a remote online notary, the signer and the notary communicate through a video conference. This allows the notary to verify the signer’s identity and confirm that the document meets notary requirements.
In addition, the notary can also make a digital signature that acts as a seal on the document. This makes the paper more secure and helps reduce fraud. In the future, more and more businesses will move towards fully-digital processes. This will improve conversion rates, save time and money, reduce errors, and increase customer satisfaction. RON is one of the tools that will drive this change in efficiency and productivity.