[Data Snacks] Covid-19 accelerates e-signature use
- The pandemic has accelerated uptake of e-signatures throughout financial services.
- Adobe, which offers Sign, has seen particularly strong growth.
Like contactless pay, contactless signatures saw a significant increase in use last year.
Regarding the use of e-signatures in 2020, Adobe surveyed 4,000 consumers worldwide on their attitudes towards e-signatures during the pandemic, and found a significant uptick in use.
For context, Adobe to date reports having processed over 8 billion e-signatures. During its Q1 earnings call this year, the company reported that its revenue for Adobe Sign increased by 50% year over year.
27% of the respondents Adobe surveyed used e-signature for the first time in 2020. In addition, 60% of consumers signed more digital documents in the last six months of 2020 compared to the first six months.
From June to September, Adobe Sign had triple-digit growth in users -- including 114% in the month of June and 117% in the month of July.
Towards the end of the year, the increase in new users started slowing down, with October showing an 80% increase and November showing a 72% increase.
This is still a pretty significant increase though, and with almost half of Gen Z- and Millennial-owned businesses proving themselves to be Team E-Signature, digital forms of signing could be on their way to mainstream use.
This includes the financial sector, which increased its use of Adobe Sign by 200%.