Press
Sharetec’s eSignature Capability: A Critical and Strategic Technology for Credit Unions
A New Meaning to “Mobility”
LINO LAKES, MN (June 28, 2013) The successful adoption and deployment of eSignatures among the masses in mainstream consumer and sales environments have encouraged credit unions to embrace mobile options. Whether performed in-branch or remotely, electronic signatures add value to any once paper-intensive process. Combining eSignatures with an increasing number of mobile devices has created a powerful force for greater convenience, flexibility, and cost savings for both members and the credit union.
Following the economic hardship in 2008, credit unions and banks were forced to become more efficient and cost effective through the use of electronic signatures. It became apparent that the delivery of online and mobile services would appeal to a broader scope of generations. Members can open accounts and apply for loans in minutes virtually anywhere, anytime, on any device without a trip to the credit union. Document acceptance and signature can now be completed electronically with full security, reliability, and compliance with legal requirements. The tangible benefits are reduced time to complete a signing or closing, and reduced direct costs through the avoidance of paper handling.
According to Patti Columbe, CEO, Keystone United Methodist Federal Credit Union (FCU), “Keystone United Methodist FCU’s membership base is spread across Western Pennsylvania as well as several other states. Because we have only one office in Cranberry Township, making E-signatures available to our members is a great alternative for them to receive their loan proceeds in the quickest way possible and at a very low cost compared to the overnight fees that we were paying previously. It’s quick and easy and our members are thrilled.”
Sharetec’s eSignature capabilities support new member initiatives including innovation, growth, and retention, as well as offer operational cost savings by keeping the process paperless throughout. Specific to the lending process, this technology enables the delivery of consumer loans via e-documents to enhance the member experience with near-instant signing and subsequent loan funding. The funding process now takes minutes rather than days, thus providing exceptional member convenience without sacrificing compliance.
The cost savings, speed, and convenience of the Sharetec eSignature solution have made a significant, positive impact on credit unions. They are no longer limited by branch hours and geographic reach. Allowing the member to sign their loan documents at a time and place of their convenience will give the credit union a competitive advantage and improve member satisfaction.
About Sharetec Systems, Inc. (www.sharetec.com): Headquartered in Minnesota, and sold through 4 owner companies, Sharetec is a leading provider of core data processing systems to credit unions. Sharetec, a provider of both in-house and service bureau solutions, has roughly 300 core credit unions and has grown 67% since the year 2000.