Knoxville Teachers Federal Credit Union elevates member experience with IMM eSign
Credit union adds remote signing for faster transactions & member convenience
RAHWAY, NJ (August 22, 2017) — IMM, the leading source of eSignature and eTransaction Management for financial institutions, announced that Knoxville Teachers Federal Credit Union (KTFCU) recently added their remote eSignatures module. This addition expands the existing functionality of its eSignature platform, IMM eSign. With IMM eSign, the credit union has been able to reduce traditional transaction completion and lag times by automating many of its cumbersome paper-based business processes. Moreover, KTFCU has streamlined operations and enhanced the overall member experience. Within the first 30 days of launching remote eSignatures, the credit union was able to close more than 25 percent of its loans online, in real-time.
With a small field of membership, (KTFCU serves only educators in and around Knox County, Tenn.) the $206 million-asset credit union is aware of its need to compete with every major banking institution, regardless of size or location. As a result of this increasingly competitive market, the credit union’s digital strategy is a top priority with an emphasis placed on offering members modern and innovative services. Part of Knoxville FCU’s member relationship strategy is to answer the question: “Why should I join?”
“IMM helps us answer that question through the remote eSignature service,” said David Underwood, Treasurer, of Knoxville Teachers Federal Credit Union. “By providing a digital loan experience for our members, transactions can be completed faster, and in a more secure manner from anywhere, anytime. For our members, who happen to be teachers, this is a crucial time-saving service. For us, we can expand our presence within the community, meeting market demand while reducing the need to increase physical locations. Now the branch location is actually wherever you are.”
The credit union launched the new eSignature module in July of this year and within the first few hours closed multiple loans remotely. The credit union members’ response has been very positive; 100 percent acceptance from members to whom the solution has been offered. According to Underwood, the intuitive user interface made it easy for members to immediately begin using the new capability with little to no explanation required.
Underwood continued, “We were successfully processing and closing loans remotely the first day of implementation which truly elevates the member experience. Teachers were able to electronically sign loan documents during their breaks at school, which are typically 20 minutes or less. In just a couple of minutes, teachers were able to close loan requests sitting at their desks, using a computer in the library or even from their phones in the teacher’s lounge. Currently, we are just scratching the surface of what we can do with this functionality and only expect it to grow with every month, which will give us richer and deeper engagement with our members.”
IMM’s eSign platform easily integrates with a credit union’s existing business applications. For KTFCU, the eSignature platform works seamlessly with its core business system, Fiserv’s XP2, as well as its online loan application and loan origination systems. Remote eSignatures allow new account forms, loan applications or loan closing documents to be signed in a matter of minutes or hours, from anywhere that is convenient for the user.
John Levy, Executive Vice President for IMM, added, “Credit unions like Knoxville Teachers FCU have seen immediate ROI from implementing the remote eSignature module. Now, the entire loan application process can be completed digitally, in an on-demand environment for the user. This contributes significantly to the credit union’s digital strategy, and drives an enhanced member experience as well as operational efficiencies. We are excited to continue our nearly 15-year partnership with Knoxville Teachers FCU and support their business with modern solutions that meet competitive market demands.”
For 25 years, IMM has been the premier provider of eSignature and Digital Transaction solutions designed exclusively for financial institutions. Today, more than 1,400 banks and credit unions use IMM’s eSignature and Digital Transaction Management solutions across the Institution to elevate consumer experiences while streamlining back-office processes in a comprehensive, end-to-end digital processing environment.
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