The “Customer Spotlight” series shines a light on DocuSign customers who are benefiting from digitising their business processes with electronic signatures.

We met up with the Platforms Assistant Manager of a leading financial services company to discuss how it invests in people, R&D, and technologies like DocuSign to provide world-class finance and accounting services.

When it comes to your company’s digital transformation, where would you say your company is right now in terms of that process of going digital?

We are probably about 60% there. The DocuSign implementation is something that we started at the beginning of 2016. The biggest challenge that we have is the volume of legal documents we produce. We manage 16 countries in Europe, so that means that we have at least 30 documents to produce and get the workflow completed for.

DocuSign represents a mechanism for us to improve our business processes, not only as far as the signature of legal documents is concerned, but also in terms of the completion of the transaction. It represents an addendum to our existing process, as well as embedding into our engagement with the customer.

What was the process like before the introduction of electronic signatures?

Customers signed documents manually, which took time. We had to find them [the customer]. We had to be with the customer or we had to post documents. So, we lost control of the process. We had to then verify those documents and verify the signature that had been received. It was a manually intensive process. It was a manually inaccurate process.

In addition to that, we had the qualification of the data that was provided. A lot of that was handwritten so it meant we had data errors, missing data, and that all meant we had rework to do. That was the challenge that we wanted to resolve: to stop having to deal with things manually; stop the rework and therefore improve our business efficiency.

How are you using DocuSign within legal?

We built a custom solution to an industry-standard application, which is our portfolio processor at the front end. It’s an internationally-recognised system within the financial services industry, but we have embedded the web services into that system so that it achieves much of what has been done with the likes of Salesforce.

The DocuSign workflow can then take place and the next part, which is the important part for us, is that we can bring documents back into the system. But we can also bring data back into the system. As a result, we have reduced the amount of time that we spend in keying that data into our system and we have improved the accuracy of that data.

How important is security to your organisation? Working with financial services, that must be a huge part of how you choose which provider to work with?

Correct. We’re in the B2B organisation rather than B2C, so in some respects the challenge of knowing your customer is helped by the fact that we’re dealing with legally-recognised enterprises. Those enterprises have officers that are authorised to sign. We can therefore recognise the managing director’s name, the financial director’s name, or the company secretary’s name, which is, in the main, the signatory that we receive.

We can validate the name of that customer according to the email address that has been used for the transaction. We can validate and cross-match that to the legal documentation that we have on the customer’s records. So, from that point of view, the signatory is secured for us as a result of the corroborative evidence that we can obtain from the information that we have already corralled together.

Can you give some examples of the results you’ve experienced so far?

The most important thing we have seen is the improvement in our efficiencies, as far as data processing is concerned, both in terms of getting the documentation signed quicker and the reduction of rework through inaccurate data.

In Europe, the company produces something of the order of 30,000 contracts per year for our customers to sign. Each of those documents probably costs us around about $2.5 to produce. So there’s a hard saving as far as the production of documents is concerned.

We have reduced the time taken to obtain a customer’s signature from potentially weeks to days or even hours, so we can process business quicker. The quicker you get that document in front of the customer, the more likely they are to sign your document rather than a competitor’s

When you were searching for a solution, what made DocuSign stand out?

We looked at different providers and a PDF signature mechanism, but they didn’t deliver some of the workflow features that DocuSign helps us with and didn’t deliver the auditory control that we need to prove that a document has been signed by the person whom we wanted to sign.

Ensuring it was easy to use for our customers to use was important, but confirming we still had an audit trail gave us the comfort that we can prove the validity if we need to do so in court.

Have you had any feedback from your stakeholders about the new process?

Many of the partners that we speak with see this as a means by which they can get signatures to their prospects quicker, meaning they will close more business, which will mean more business for us.

DocuSign is a unique selling point for us as it means we are pushing ourselves to the forefront of the digital production of systems. We are now leading our competitive landscape and matching or exceeding our expectations as far as our partners are concerned

Thanks for your time!

If you’re looking for a way to differentiate your business from the rest, contact us.