Many organizations in the financial industry are quickly starting to see the benefits of using electronic forms and online processes to help make operations more efficient. The Credit Union Times contributor Michael Laurie said customers often cite service as one of the top reasons to use a credit union instead of a large bank, so many are starting to use electronic signatures instead of sending of paper forms back and forth.
With this solution in place, credit card applications, banking and any other actions that requires a signature can be done in a snap and easily routed back to the credit union instead of traveling to the facility or shipping paperwork. Complaints of a process that takes too long will be no more with the use of these systems.
“Providing the ability for our members, who are disbursed across a wide geographic area, to sign documents from anywhere creates an edge that allows us to compete with larger financial institutions,” said Kathy Clark, vice president of sales, service and operations with Teachers Credit Union regarding her credit union’s adoption of e-signatures. “We are offering a higher level of service, which today is important to retaining existing and attracting new members.”
John Bergquist, an executive with paper automation company Binary Office, said the use of online forms, also know as eForms, can be a great way for organizations of all sizes across multiple industries to replace their paper forms and become more efficient. Instead of having to ship documents from remote offices, items can easily be scanned and transmitted electronically to help fortify productivity.
Some of the benefits of using electronic forms instead of paper for signatures, according to Laurie, can include:
- Better user authentication to help rid the company of fraud and ID theft
- Reduction of the odds of litigation with better and more efficient logs and evidence of what has been signed and sent
- Documentation to ensure regulation and compliance is being met
Choosing the right company to work with is imperative
BankTech said more organizations have started using these signatures across the banking industry, but organizations will need to get past some key challenges first. The main thing companies must consider is who they are working with when adopting a solution. Many companies offer electronic forms and signature systems, but not as many do it well. However, once the provider is found, organizations can figure out what their internal drivers are, be more appealing to customers and get a better return on investment than ever from this solution.
“Clearly, the overall benefits are significant,” the news source said.” Some institutions that have recently implemented e-Sig capabilities have experienced cycle times reduced from weeks to days or from days to hours, shipping cost savings by up to 80 percent, error rates reduced to less than 5 percent, and investments that paid off in less than two years.”