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It’s no secret that credit unions are going through a time of immense change. Credit unions across the country are struggling to meet the needs of their ever-connected members while maintaining the outstanding service they’re known for.

esignature credit unionIt’s easy to feel like mobile services are only for the latest generation of members. But younger members aren’t the only ones that want easy online access to financial products and services. Baby Boomers are also looking for a convenient way to manage their finances as they near retirement.

In fact, as of January 2014:

      • 90% of American adults have a cell phone
      • 79% of American adults use the Internet
      • 58% of American adults have a smartphone
      • 42% of American adults have a tablet computer

So what’s a credit union to do? Most credit unions have some form of online banking, but the process can stall if a member wants to open a new account or apply for a loan—transactions that require a signature.

At the moment a signature is needed, it’s easy for the digital process to break down. Members are often asked to leave the digital environment and either mail signed documents to the credit union or come in to sign in person.

Increasing Lending by Closing the Digital Loop

Like many lending managers, Lindsay Edwards was all too familiar with this problem. Access Community Credit Union started sending loan documents to members by email in 2007, but that was still inconvenient for members who still had to print documents to sign and send back to Lindsay’s team.

Lindsay was delighted with the results of using SIGNiX's digital signature service. With digital signatures, Lindsay’s team sends documents to be signed online. It has streamlined the loan application process internally, and it has given members a better experience.

“The consistent response is that it’s simple and easy. We think most folks are creatures of habit, and so if that last loan was easy, then there’s a good likelihood we’ll score the next one,” Lindsay says.

Since adopting SIGNiX’s digital signature service a year ago, Lindsay’s team has increased their number of loans closed online by 97 percent.

Going the Extra Mile With Concierge Service

Alicia Alvarez, had a similar experience of being frustrated with paper processes. As the loan manager of Alamo Federal Credit Union, Alicia saw the credit union lose deals because members were too busy to come into the branch to sign loan documents.

credit union esignature“We tried faxing paperwork over to them and having them fax signed documents back to us, but the process was still exasperating,” Alicia recalls.

That’s why Alicia was so excited when she started researching digital signature services in 2012. With digital signatures, members are able to sign documents on any computer. It wasn’t long before members started raving about the service.

“Members love it because it’s convenient and very simple to use,” Alicia said. “It allows them to sign virtually anywhere.”

After using SIGNiX’s digital signature service for six months, Alicia and her team saw a chance to take the technology a step further. Alamo FCU combined digital signatures with face-to-face customer service through something they call Concierge Banking.  

With this service, members can schedule a time for a Concierge Banker to meet them at their home, office or any convenient location in the San Antonio area to talk about the credit union’s products. 

“We take a specialized iPad with us, and members can use SIGNiX’s finger signing technology to sign loan documents on the spot,” Alvarez said. 

The word has started spreading about Concierge Banking. Alicia’s team has closed loans at a hair salon, a post office, a car wash and many local restaurants.

“This is something our members have been wanting for a long time—a way to close loans without spending hours in a bank waiting on someone,” Alicia said. “With Alamo FCU, you don’t wait on us, we wait on you.” 

These are just a few ways credit unions are using digital signature technology to meet members’ needs. It’s not about replacing human interaction. But with the help of technology, your credit union can meet members’ needs in a way that was never possible before.

Free PowerPoint template to convince your boss to use e-signatures
 

 

Sources:

http://www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet/

http://www.pewinternet.org/2010/09/10/updated-change-in-internet-access-by-age-group-2000-2010/

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