In a sales cycle there is a courting process that begins with marketing, positioning, negotiating and sometimes waiting. For the sales person and consumer alike, closing the sale is often times the most delicate part. No matter how perfect the sales process seemingly goes, it's not final until that signature is received, and both consumer and sales person are anxious for that to happen. Coffee is only for closers, and that Keurig is not percolating until the signatures are signed. The faster you get to the close of the sale, the hotter the coffee is. For credit unions, closing a loan is similar in that you need your closing steps to be seamless, effortless and convenient to close faster... e-Signatures provide that experience.
Processing loan documents with e-signatures is faster than using paper and snail mail... and even faster than emails and attachments that have to be printed, signed and scanned or faxed back. It saves immensely on time and money, and errors can be corrected without the hassle of multiple trips to a branch. Speeding up the loan processing time is great but members also love e-signatures because they get their money faster.
The ability to sign contracts on a computer, tablet or smartphone means less hassle and less paper for all parties involved. In the article E-Signatures: At the Corner of Efficient and Convenient, it's discussed how having your lending platform operate easily on a mobile device will cut your already improved timeframe down even further, where 91% of loan documents are returned in less than 10 minutes, resulting in an 80% reduction in loan processing time!
Additionally, both you and your member will have access to the most up to date, fully executed contract, without dispute. This greatly improves your member service position, and that final step of electronically accepting signatures is critical.
Every piece of the lending puzzle is important...without all the peices the picture is incomplete. However, there is something so wonderfully satisfying about that last piece of the puzzle that it takes on an air of greater importance. In the grand schemes of things, e-signatures are just one piece of the puzzle, equally as important as the other components of your lending solution, yet to members, it is that last piece that seamlesly and conveniently brought everything together. Implementing electronic document flow will speed up the lending process, getting you to closing quicker, and e-signatures will ensure the coffee is still hot.