TTCU Credits DocuSign eSignature Services with Faster Loan Processing
DocuSign Helps "The Credit Union" Streamline Loan Signing Process While Enhancing Member Satisfaction
SEATTLE – February 16, 2010 - DocuSign®, the leading provider of on-demand electronic signature solutions, today announced that TTCU "The Credit Union" employs DocuSign to accelerate its loan process. The Oklahoma-based financial institution with holdings of more than $900 million and serving more than 80,000 members across 14 counties uses DocuSign e-signature services as the final step in transacting member loans. Since deploying DocuSign, TTCU has reduced the loan processing cycle from one week to less than one day compared to the typical five-to-seven-day turnaround time with paper documents. TTCU uses the DocuSign service to streamline workflows, and has integrated DocuSign into TTCU's new loan-by-phone call center to increase employee productivity.
DocuSign ensures fast and accurate submission of loan agreements as the easy-to-use service prevents members from returning 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 and college professors.
Manually packaging loans is a labor intensive process for financial institutions. Considerable time is spent sending the loan documents to the credit union member by regular mail and waiting for the signed documents to be returned. Often the process is stalled and repeated when borrowers inadvertently miss a signature or forget an initial on a loan document.
"Before, if you were missing a signature on a document, you had to send it back. That's the joy of DocuSign. The member signs and initials it exactly where they have to—and it's not finished until they do. You'll never get a packet back with a missing signature," said Cassie Mangold, TTCU director of consumer lending. "We also wanted to please our members by offering a smoother path to quick cash and improve our cash flow. And, the sooner the loan gets on the books, the sooner interest payments can flow into the institution."
Mangold used DocuSign's free trial to distribute 15 test envelopes to company executives and branch managers. Based on this success, TTCU deployed DocuSign's electronic signature solution for its loan contract execution to better service its members. Later in 2009, TTCU opened a loan-by-phone call center, also using DocuSign as the foundation for electronically signing loans.
"DocuSign is the engine for our loan-by-phone center," Mangold continued. "DocuSign makes it possible for our loan staff to complete the loan signing process quickly without ever having to meet the borrower. We can do everything faster and more securely using DocuSign. It's really a competitive advantage and sets us apart from other financial institutions."
The DocuSign Advantage
After reviewing other e-signature solutions providers, TTCU selected DocuSign based on the following key criteria:
- Ease of Use—DocuSign makes it easy for TTCU to send loan contracts for e-signature, and makes it just as simple for members to electronically sign. This intuitive service closely replicates the traditional signing experience, creating a positive member experience.
- Compliance—With DocuSign, TTCU is assured of security as contracts are an encrypted PDF. Signers are authenticated and contracts can only be returned only if fully completed, ensuring 100 percent compliance. All 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.
- Workflow Management—DocuSign automates TTCU's workflow processes, providing a more efficient method to transact member loans. DocuSigned documents are returned only when complete, thereby reducing TTCU's turnaround time from weeks to often less than a day. DocuSign streamlined workflows, which made it possible for TTCU to use the DocuSign service as the foundation for its new loan-by-phone call center.
- Cost-Effective—DocuSign significantly reduces TTCU'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 TTCU, read the detailed case study at: http://docusign.com/customers/success_stories/TTCU_Case_Study.pdf.
About DocuSign, Inc.
DocuSign, Inc. is the leading provider of on-demand software services for electronic signature.DocuSign empowers individuals, small businesses and global enterprises to operate faster and more efficiently, with greater profitability, enhanced security and compliance. DocuSign is the only Web-based service to securely automate and control the entire electronic document signing process. DocuSign employs the SaaS eSign industry's only enterprise class SAS-70, fully redundant data center delivering 99.993% uptime for customers over the last 30 months. To date, more than 70 million signature events have been executed using DocuSign. In addition, DocuSign is the official and exclusive provider of e-signature services for the National Association of REALTORS® 1.1 million members, under the REALTOR Benefits® Program.
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