E-Signatures Solve Many Lending Challenges
Searching for ways to improve member service, speed up the loan process and comply with multi-featured, open-ended lending regulations, many credit unions have found a solution in remote signing technology.
And, experts say the approval of the E-SIGN Act of 2000, along with improvements in mobile banking and cloud-based computing, have made e-signature solutions economically viable for credit unions of all sizes.
Productivity has also increased at the $6 million Teachers Credit Union in Ontario, Canada, since it implemented the Silanis e-SignLive solution with a pilot in the fall of 2012 and the full roll-out in January 2013.
“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 the 15,000-member credit union.