5 reasons your credit union needs to adopt e-Signatures

In a world where technology ensures immediate delivery of nearly everything, paperless documents and e-Signatures are quickly becoming the new norm. e-Signatures have recently experienced significant growth in adoption rates among financial institutions. Members have a hard time waiting for Amazon’s two-day shipping, let alone having to make a special trip to the credit union to sign a document. As your members become more reliant upon technology to simplify their lives, they will be demanding more of your services and e-Signature is one way to ensure that you are meeting their needs. Here are 5 reasons why your credit union needs to offer e-signatures:

1)  Cut Document Errors – Forbes Insights stated, “Inability to confirm that forms have been signed by appropriate parties can lead to auditing or compliance issues. 55% of business leaders say they can’t tell whether documents have been viewed, reviewed or signed by the appropriate people. 46% say they aren’t sure they have copies of all signed agreements and 36% have stated that agreements are missing signatures, initials or dates, or have been signed by the wrong person”.1

2)  Speed and Efficiency – The Return on Investment (ROI) for e-Signatures biggest impact is from the speed of processing for your different products, especially in the lending space. According to the Forbes Insight study, full-time equivalent (FTE) savings (a unit that indicates the workload of an employed person) associated with the elimination of manual processes (mail sorting, document handling, scanning, etc.), resulted in a 70 to 80 percent improvement in efficiencies. Error reduction was more than 50% since so many errors in financial transactions result from missing signatures on documents. e-Signatures result in a faster turnaround and a better member experience.

continue reading »