DocuSign Electronic Signature Service Accelerates Loan Processing at El Paso Employees Federal Credit Union
DocuSign Electronic Signature Platform Provides Foundation for Credit Union's Virtual Branch Initiative
SEATTLE – September 20, 2010 – DocuSign®, the market leader and global standard for electronic signature, today announced that El Paso Employees Federal Credit Union (EPEFCU) uses DocuSign to accelerate its new member and loan process. The Texas-based financial institution with holdings of more than $275 million and serving more than 45,000 members uses DocuSign electronic signature services to transact member loans. Since deploying DocuSign, EPEFCU has reduced the loan processing cycle to hours compared to the typical five-to-seven-day turnaround time with paper documents. EPEFCU uses the DocuSign service to streamline workflows, and has integrated DocuSign as the foundation of its strategic initiative to develop a virtual branch system.
DocuSign ensures fast and accurate submission of loan agreements as the easy-to-use service prevents members from submitting an incomplete agreement. In addition, the institution can now distribute loans to its members faster—a key benefit for international members, such as military personnel serving overseas.
Larry Moreno, vice president of lending at El Paso Employees Federal Credit Union, praises DocuSign for its ease of use and accessibility—regardless of geography. Moreno explains how shortly after implementing DocuSign, the credit union was able to fund an auto loan for a soldier. "He was stationed in Iraq and was able to sign the loan documents online," said Moreno. "It took just hours to complete the process and his wife was able to buy a car she really needed. It would have taken a month or so to complete the loan signing process if we had used traditional paper methods. With DocuSign, we were able to complete the loan transaction in hours and serve a very valuable member."
Based on the success of DocuSign within EPEFCU's online consumer loan process, the credit union is using DocuSign as the engine to fuel a change in its current business model. Among its long-term strategic initiatives, the credit union is designing and building a virtual branch where members can join and transact business online, never physically visiting a brick and mortar branch. Targeting Generation X and Y, the credit union is building and launching a new online account and loan origination process system as step one in the virtual branch initiative. The credit union hopes to open new accounts and fund consumer loans in hours with online applications, instant approvals and final online loan document signing. This technology embracing audience and the DocuSign service align perfectly to help the credit union achieve its goals in developing a paperless financial institution.
The DocuSign Advantage
After reviewing other electronic signature solutions providers, EPEFCU selected DocuSign based on the following key criteria:
Ease of Use—DocuSign makes it easy for EPEFCU to send loan contracts for electronic signature, and makes it just as simple for members to finalize loan contracts from anywhere, anytime.
Compliance—With DocuSign, EPEFCU loan documents remain on DocuSign's secure servers. DocuSigned agreements are legally binding, backed by a court admissible audit trail.
Real-time Visibility—DocuSign reveals the signing status of every loan document in real-time: when it was opened, when it was signed, the time the transaction has taken and which contracts remain to be signed. All signed documents can be stored online and are readily accessible.
Workflow Management—DocuSign automates EPEFCU's workflow processes, providing a more efficient method to transact member loans. DocuSigned documents are "returned" only when completed by the signer(s), thereby eliminating the need to resend documents for a missing signature, initial or other data.
Cost-Effective—DocuSign significantly reduces EPEFCU's processing costs. DocuSign is not only more cost-effective, it is more efficient than paper-based processing.
For more information about the business benefits DocuSign provides EPEFCU, read the detailed case study at: http://www.docusign.com/case-studies/El-Paso-Employees-Federal-Credit-Union.
For more information about DocuSign can benefit your financial institution, visit: http://www.docusign.com/credit-unions.
About El Paso Employees Federal Credit Union
El Paso Employees Federal Credit Union (EPEFCU) was formed in 1936 by ten City employees who deposited $5 each to help make credit more available to people of small means. Since then, the credit union has grown in size and strength with more than 45,000 members and over $275 million in assets, serving the community at eight locations. This community credit union is open to anyone in El Paso County and offers a wide range of financial products and services to a diverse market. EPEFCU continues to strive to offer exceptional member benefits by focusing on technological advances and communication through traditional and non-traditional channels such as social media and virtual branches. El Paso Employees Federal Credit Union is one of the strongest and most stable financial institutions in the region. For more information, visit www.epefcu.org.
DocuSign, Inc. is the global leader in electronic signature. DocuSign provides the world's largest and fastest growing electronic signature platform, empowering businesses to complete transactions online quickly and securely while improving compliance and dramatically reducing costs.
DocuSign is the only cloud computing-based electronic signature platform that entirely replaces slow, expensive paper transactions with a fast, efficient and completely digital solution. Accessible from any Internet-connected device, DocuSign supports virtually any document and form type in simple and complex workflows, and provides broad user authentication options, data collection, secure document/data storage and retrieval, as well as real-time negotiation and collaboration tools.
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