Credit unions are quickly realizing the benefits of e-signature as a way to boost efficiency, along with membership and loan applications. E-signatures take you from application to closing without the delays of waiting for members to come into your branch and reduce manual processing errors that result in more time and man hours. When you empower your members with the ability to electronically sign documents from their smartphones, you are providing convenience; and in a mobile world, convenience is king.
Credit unions know that signing and returning documents can be a burden and slow down the application process. Overcoming the hurdle of proximity to your members and their individual schedules can be cumbersome when trying to get them into your branch. In many cases, the first signatures may need to be re-done due to mistakes or incorrect entry. These delays in closing a loan with paper are not acceptable when there is a better option with added convenience that your competition is capitalizing on.
Having your lending platform operate easily on a mobile device will cut your already improved timeframe down even further, where members don't have to wait to be in front of a PC to approve the documents. In fact, according to data from DocuSign, 91% of loan documents are returned in less than 10 minutes, resulting in an 80% reduction in loan processing time! If you had 80% of your loan processing time back, what would you be able to accomplish? Added free time could be spent working on ways to improve your member experience or possibly brainstorming ways to increase cross-selling of other products you offer.
The cost of adding e-signature to your internal processes is quickly recovered. With paper, the cost of an overnight express envelope may seem may seem nominal, but in actuality these costs can really add up for a credit union. However, the true cost isn't only in dollars. The cost in lost time can be real, including manual processing errors, re-keying of data, printing, signing, scanning of agreements, travel time to branches, etc.
When e-signatures leverage the power of mobile devices, the road to efficiency and convenience converge. These tools can enhance your current member experience, simplify and optimize your staff operations, and entice new members with your smart use of new technology.