Digitize Wealth Management with Notarize

Enjoy complimentary access to top ideas and insights — selected by our editors.

The financial services industry has long been exposed to digitization and disruptive technology that has changed the way companies serve their customers. From online banking to payment apps, consumers are increasingly using technology to complete financial transactions, and companies have had to rise to the occasion to provide these capabilities.

However, there are still some aspects of wealth management that aren’t executed seamlessly online. For example, retirement plan withdrawals, wills and power of attorney forms may need to be notarized. If your customers are able to do everything else online up until they need to notarize a form, they should be given a digital option to do so. By implementing an online notarization platform, you can help ensure that your customers are having the best online experience possible.

What is an online notarization platform?

With a tool like Notarize^SM , you can provide your customers with a quick and easy way to get their documents legally notarized completely online, 24/7. Clients can upload documents electronically and be connected with a certified, live notary via videoconferencing technology. Within minutes, they can have their documents notarized from anywhere, anytime.

Beyond convenience, an online notarization platform can be safer and more secure than a traditional in-person notary. In a survey conducted by the National Notary Association, more than 32% of the 2,900 participants failed to catch imposters in an ID-matching quiz. A follow-up survey found that a pool of 1,150 notaries could only identify imposters 72% of the time. Again, these surveys polled trained notaries — which speaks to how “real” fake IDs can look at first glance, and how prevalent human error can be in the notarization process.

Paper-based notarizations, by definition, lack digital tools for detecting fraud. Secure technologies can help to mitigate human error in notarization.

How to choose the best platform

Not all online notarization software is created equal. Here are three considerations to take into account when choosing an online notarization platform.

1. Identify a compliant vendor

As financial services professionals, any vendor you onboard will need to comply and meet any internal standards your company has established. Suppose you are looking at a vendor to assist with document processing or other workplace efficiencies. In that case, you should make yourself aware of any applicable laws and regulations and ensure your vendor of choice is meeting them. Vendors should come equipped with the tools needed to comply with applicable laws and regulations, from data security and consumer privacy to the many state and federal regulations that could apply in your situation. A solution like Notarize^SM will be prepared to help you navigate these complexities with built-in safeguards that help ensure you’re conducting business in a compliant manner.

2. Ensure encryption and audit trails

Many documents that require notarizations contain highly-sensitive and personal information. You’ll want to ensure that your online notarization platform uses data encryption to mitigate the risk of stolen information.

Additionally, a notarization platform like Notarize^SM can provide financial institutions with an audit trail of all notarizations. Rather than a single piece of paper and the testament of a notary, notarized documents are electronically accessible and all video calls are recorded so that any legally authorized party may view and verify the notarization.

3. Confirm notary vetting processes

When choosing an online notarization partner, you’ll want to ensure that your vendor rigorously vets the notaries on their platform.

At Notarize^SM, just as we vet every signer, we do the same with notaries. Before a notary can perform notarizations on our platform, their commission information is reviewed by our dedicated team of specialists for accuracy and confirmed against state databases. The notary must also maintain errors and omissions (E&O) insurance with sufficient coverage whenever they perform notarizations on the platform.

Additionally, on-demand notaries must complete a background check and the Notary Signing Agent training course offered by the National Notary Association.

Once approved, subsequent changes to a notary’s information trigger a follow-up review before the notary can be let back onto the platform. The Notarize platform intelligently monitors the notary’s information and notifies them 30 days prior to any expiration date. If a notary allows their information to expire, the platform will prevent them from completing notarizations.

The combination of human and automated touch points helps ensure transactions on our platform are only handled by notaries authorized to perform online notarizations.

If you’re interested in learning more about online notarization and the Notarize^SM platform, contact us to speak with an expert.