Now that the Federal Council of Switzerland revised the Ordinance on the Electronic Signature, contracts signed digitally in Switzerland will have equal status as those with handwritten signatures starting in 2017. The new law takes into account increasing digitalization in the financial services industry and banks are taking advantage of these digital-friendly regulations to improve customer experience.
A digital signature is a way to certify the documents and identity of the sender without them physically being present to provide handwritten signatures. This means that opening accounts, changing addresses, or getting a loan through your bank can be done completely online.
For banks, this allows them to interact faster and more efficiently with their clients by relieving them from time-consuming administrative tasks. Clients will have more flexibility to complete processes whenever and wherever they want, resulting in faster, paperless banking services.