Learn how to get the most out of this essential digital tool to improve the member experience, reduce inefficiencies, and bolster your overall branch digitization strategy
As credit unions and the financial industry overall (as well as most industries across the United States, for that matter) continue moving away from face-to-face customer experiences and toward virtual or hybrid business interactions, electronic signature (eSignature) technology has taken off as an essential digital tool for serving customers and getting tasks done.
But eSignature platforms do far more than the name suggests: They can help your credit union improve productivity by moving away from antiquated processes like the manual entry, storage, and logistics of paper documentation. They can also increase the safety and convenience factors for your employees and members by eliminating the need for unnecessary in-person meetings and exchanges of information.
According to Ombud’s 2013 report, Open Research: Signature Solutions, the “adoption of eSignature solutions has empowered visionary enterprises to lead their industries by streamlining entire business workflows into end-to-end digital processes.” The report goes on to state that eSignature platforms “provide a deeper level of functionality … easily integrating into a variety of business workflows, effectively streamlining processes with robust solution capability and providing the transactional glue to connect all levels of an organization for the greatest value and ROI.”
Specific benefits include:
While eSignature companies are rapidly gaining traction in the market, many credit union teams still don’t understand the full array of ways to utilize eSignatures in order to get the most out of them. Here, we provide a look at some of the unexpected ways to use eSignature platforms, and we also outline some of the key advantages CDP’s eSign offers in comparison to some other platforms readily available on the market.
So, what is eSign? Credit unions have traditionally used eSign as a novelty or single-use tool for obtaining the final signature in the loan process — but the platform offers far more complexity than this “one-trick pony” use case. In fact, it’s a robust solution that is available at a lower price point and with more flexibility than options from other eSignature companies, like Docusign or Adobe Sign. Therefore, leveraging the full range of benefits offered by eSignatures can have a true positive impact on member/employee experiences and process/interaction consistency, as well as your bottom line. Here are some ways to use eSignatures that may surprise you:
While the credit union culture is deeply entrenched in a long history of working with traditional paper-based processes, the time to commit to using digital eSignatures to the fullest extent has arrived.
CDP’s experienced team of digital transformation consultants can help you learn how to safely and securely digitize and eSign documents, automate manual processes, and leverage custom-fit technologies to make virtual information management easy, both for your employees and your members. Best of all, we’ll do it in a way that builds trust with your team and takes the stress out of implementation. Contact us today for information on how we can help you stay aligned with the future of the financial industry.