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Every day, credit unions across the country are ditching paper and signing important business documents online. Whether you’re signing a vendor contract, an account opening or anything in between, digital signature software can offer significant benefits.
No matter the size of your credit union, everyone is looking to save money and increase revenue. Digital signature software offers an easy and powerful way to make your goals a reality.
This software can bring your credit union many benefits, which make a pretty clear case for adopting this new technology.
Do Business Faster
It’s simple to sign documents online, so you're sure to see documents returned faster. It’s also easy to execute contracts that have multiple signers. After the first person signs, the digital signature service automatically routes documents to the next signer in the workflow.
Track Your Progress
It's so frustrating to wonder, “Has she signed yet?” or “Did my fax go through?” With digital signatures, you can say goodbye to the days of chasing paperwork. Digital signature software makes it easy to track your documents in your online dashboard. Some software even sends signers reminder emails if they forget to sign.
Reduce Costs
There are a lot of direct savings from switching to a paperless process, including the cost of paper, ink, printer maintenance and shipping costs (download this ROI spreadsheet to see how much your credit union spends on these fixed costs).
You'll also notice a lot of indirect savings, including the time saved that would’ve been spent filing documents, searching for lost documents, rekeying data or tracking down a contract that’s been lost in the mail. In fact, a report by AIIM found that 81% of digital signature users saw a payback within 12 months, and 25% saw ROI in three months or less.
Enhance Member Relationships
Your members are used to doing business online, and they’ve come to expect financial institutions to give them online services. As of May 2013, 91% of American adults owned a cell phone, 56% had a smartphone and 34% had a tablet computer, according to the Pew Research Center. With so many members doing business online, it’s essential to modernize the last step in your credit union's operations—the signature.
With digital signature services, your members can sign contracts online with nothing to download or install. As long as they have an Internet connection, they can sign documents across the country or around the world. This service adds value for your members by making it fast and easy to do business with your credit union.
Upgrade Document Security
In the paper world, you can secure your documents by putting them in a locked file cabinet. You may even put the file cabinet in a locked room. But even with those precautions, someone could break in and tamper with documents. The only evidence you’d have would be a broken lock (if you even had that). You wouldn't have any way of knowing which file was altered.
This type of document security is a liability for your credit union, and it’s unnecessary. With digital signature software, you can safeguard your documents with a high level of document security and evidence. Each signature is protected with a tamper-evident seal, which alerts you if any part of the document is changed after signing. Signed documents also come with a highly detailed log of events from the document’s lifecycle. Using this evidence, you can see when each person signed the document, how their identities were proven and much more.
Learn more about the benefits of digital signature software by downloading our free ROI worksheet. It's an Excel spreadsheet that uses your answers to simple questions to calculate the ROI of adopting digital signature technology.
