CPM Federal Credit Union doubles funding ratio with eSignatures from IMM
eSignatures credited with reducing loan turn times, increasing loan volume
RAHWAY, NJ (July 20, 2016) — Since implementing IMM’s eSignature platform, CPM Federal Credit Union has experienced significant loan volume growth, doubling its funding ratio from 15 percent to 32 percent.
“Our document preparation time has dropped from 30 minutes to five minutes,” said Jessica Flanders, project manager at CPM Federal Credit Union. “With the level of automation we now receive from IMM, employees are more productive and no longer responsible for manual tasks such as adding fields that need a member signature. We can quickly prepare and send documents electronically to members and receive their signed documents back as soon as they are complete. No snail mail, and no need for busy members to find time to come into the branch to drop off their signed documents.”
CPM Federal Credit Union, a $297 million-asset credit union based in North Charleston, S.C., initially implemented IMM’s eSignature solution to simplify the loan application process. However, the credit union quickly expanded its use to encompass any document that requires a member signature, from loan applications to membership forms to skip-a-pay requests. By integrating IMM’s flexible, remote eSignature options into its loan operating system, CPM Federal Credit Union can prepare, send and receive completed loan documents in a single day, dramatically shortening overall turn times.
“Our eSignature solutions focus on making the document signing experience easy for financial institutions and easy for consumers. This dual advantage increases ease and productivity for all parties involved,” said Howard Klein, vice president of Operations for IMM. “CPM Federal Credit Union demonstrates the powerful impact eSignatures have on an institution’s ability to remain competitive—particularly in lending—by fulfilling members’ expectations for speed and allowing them the convenience to sign documents from virtually any location.”
Flanders added, “IMM is always willing to accept a challenge and is incredibly responsive to our unique needs. It’s refreshing to work with a partner that understands our business and designs products accordingly, while delivering a simple, seamless implementation.”
CPM Federal Credit Union plans to further apply IMM’s eSignature technology across the organization, most likely next for its internal human resources documents.
CFM, IMM and NXTsoft have joined forces to provide the most open and connected integration platform for scaling innovation and accelerating transformation efforts. Today more than 2,500 banks and credit unions use this expanded suite of API connectivity, document workflow, teller workflow, analytics, and data connectivity solutions. By delivering access to innovation across 80+ fintechs and 40+ banking cores, we help financial institutions break down barriers, unlock new services, and enhance their competitive edge.
For more information visit whycfm.com, immonline.com, or nxtsoft.com.