Many banks and credit unions are still using paper forms. After all, they’ve been relying on these forms for years. If they aren’t broken, why fix them?
In the digital age—and the age of social distancing—credit unions and banks need a better way forward. The good news? By digitizing forms, they can increase productivity, meet member expectations, and keep employees and members safe by enabling them to sign documents remotely.
This is when eSign enters the equation.
What Is eSign?
eSign is a digital solution that allows banks and credit unions to electronically sign legally binding documents. With eSign, banks and credit unions can move away from requiring members to sign things physically, whether in a branch location or through the mail. It’s an easy way to empower members and employees to sign documents quickly and simply, from any connected device.
How to Evaluate eSign Needs for Your Credit Union or Bank
If you’re thinking about investing in eSign, here are some things you need to evaluate to determine whether the investment makes sense.
1. Will eSign technology be used?
First things first: There is no sense in investing in any kind of technology if your team and members are unlikely to use it. Before deciding whether to invest in new tools, you may want to survey your employees and members and determine their level of interest in such a solution. As long as you properly explain the technology and what it enables, chances are that everyone will be on board.
2. How will eSign technology be used?
After determining the demand for eSign technology at your bank or credit union, it is time to figure out the ways the solution will be used (e.g., using eSign to facilitate mortgages and loans). Once you’ve figured out the potential uses, you then need to determine whether any training is required. After all, the last thing you want is for members or employees to run into problems when they’re getting acquainted with the new tool.
3. How much will eSign cost?
Next, you need to determine your budget for new technology and try to see which potential solutions are affordable. If you want to upgrade your operations, you’re going to need to spend some money—there’s no way around it. But remember, as you begin calculating your eSign costs, you should also be mindful of the costs associated with not using eSign—such as inefficient processes, unnecessary paper and ink, and unneeded postage costs.
4. How long will it take to implement eSign?
If you are thinking about implementing eSign, the last thing you want is to wait weeks or even months for the process to be complete. When you partner with the right technology provider, you’re able to rapidly get up and running with eSign. Implementation is easy, and employees can be onboarded in 15 short minutes.
Getting Started with eSign
When it comes to overhauling your credit union or bank’s operations, the last thing you want to do is end up in a worse place when the dust settles.
That being the case, it makes sense to partner with a vendor you can trust to see your project through, from conception to completion. In doing so, you can rest comfortably knowing that you’re trusting a seasoned and experienced partner to install your new technology—thereby ensuring you’ll get the expected ROI from your investment.If you’re thinking about deploying eSign technology at your credit union or bank, CDP can help. Contact us today to learn more about the easiest and fastest way to tap into the power of eSign technology.
