DocuSign Presentation CUNA Lending Council · DocuSign Presentation CUNA Lending Council Greg E....
Transcript of DocuSign Presentation CUNA Lending Council · DocuSign Presentation CUNA Lending Council Greg E....
DocuSign Presentation CUNA Lending Council
Greg E. Cook
Georgia’s Own Credit Union Atlanta, GA
November 2013
Mission: Member’s Prosperity
Vision: Member’s First Choice
• 173,786 Members
• 400 + Employees
• $1.78 Billion in Assets
• 23 Branch Offices
• HQ: Midtown - Atlanta, GA
Brand Awareness
Lending Snapshot Mortgage Loan Products:
1st Mortgages
2nd Mortgages
Home Equity Lines of Credit
Consumer Loans Products: Personal: Credit Builder, Lines of Credit, Credit Cards
Vehicle: Auto, Georgia’s Own Auto VIP Express Check
Other Vehicles: Motorcycle, Boat direct and indirect and RV.
2012 Volumes: 52,567 in total Loans for $436 Million
40,581 in Consumer Loans for $178 Million (77% of the volume)
The Opportunity
Access
Remote Service
In Branch Experience
Challenge: Forms
Determine Lending Forms Platform
• Assess Impacts
• Select Partner
• Project Scope
Challenge: E-Signatures
Potential Partners
Considerations
• Systems
• Financial Strength
• Compliance
• Bond Coverage
Key Factors
Challenge: Products
Sunset Open End Products
Equivalent Closed End Products
Create new products
Training – Product Knowledge
Challenge: Project Approach
Comprehensive Project Plan
Platforms:
• Forms
• DocuSign
• Systems
Implementation
• Testing
• Training
60 Day Project Timeline
Intuitive Member Process
Results
0
500
1000
1500
2000
Funded Loans Via DocuSign
Call Center Loans
Q1 2013 Q2 2013 Q3 2013
50%
52%
54%
56%
58%
60%
62%
64%
Q1 2013 Q2 2013 Q3 2013
% by DocuSign
% by DocuSign
Success with DocuSign
5 days
1 day
0
1
2
3
4
5
6
Without DocuSign With DocuSign
Days to Close Loans Remotely
# of Days
Member Comments
“Thank you for making it so convenient!”
“I love that I can close my loan via my iPhone.”
“You mean I don’t have to fight traffic to go to a Branch?”
Questions?
Contact Information:
Greg E. Cook
Product Manager – Lending & Insurance
Georgia’s Own Credit Union
1155 Peachtree Street Suite 100
Atlanta, GA 30309
Email: [email protected]
Office: 404-874-1166 Ext. 7191
DocuSign Confidential
Miles Kelly, Sr. Director Industry Marketing
Agenda
Legality of eSignature
Credit Union trends and best practices
Case studies
DOCUSIGN CONFIDENTIAL 2
Evolution of a Signature
DOCUSIGN CONFIDENTIAL
Uniform Electronic Transactions Act - 1999
Response to states adopting inconsistent laws to govern
electronic records and agreements
Drafted by Uniform Law Commission (responsible for UCC)
Overlay statute that amends state laws or rules that require
“writing” or “signature”
Adopted in 47 states + DC
NC UETA enacted 2000
Electronic Signatures in Global and National Commerce Act - 2000
Federal version of UETA
Instant 50-state baseline
Consumer protections
Preemption of nonconforming state laws
What is an Electronic Signature?
An electronic signature is an “electronic sound, symbol or process,
attached to or logically associated with a contract or other record and
executed or adopted by a person with the intent to sign the record.”
(ESIGN, NCUETA)
1. Sound, symbol, process
2. Associated with record
3. Executed or Adopted
4. By a person
5. With intent to “sign”
The Keys to Enforceability
DOCUSIGN CONFIDENTIAL
Identity
Security
How DocuSign Enables Identity
DOCUSIGN CONFIDENTIAL
DocuSign Authentication Levels
Witness
Strong Digital Certificates
Phone Authentication
ID Check
DocuSign Credentials
Access Code
Email Validation
Authentication Options Certificate of Completion
Identity: The eSignature Difference
DOCUSIGN CONFIDENTIAL
Paper Record
11/1/2013 8:41:12 PM EST
IP: 192.156.22.122
ID Proofing Options:
One Time Password
Phone Authentication
Knowledge Based Authentication
Witnessed Signing
Digital Certificate Validation
11/1/2013
Ta
mper-
pro
of conta
iner
Authentication options ensure the identify of the signer
Enforceability: The eSignature Difference
DOCUSIGN CONFIDENTIAL
Image of a Signature
With Unique Digital Attributes
Signed document electronically secure and tamper-proof
Audit trail and certificate of completion
Enforces consumer consent provision of ESIGN Act
Automates document retention requirements
Supports Digital Certificates for Non-US transactions
Meets specialized rules from FDIC, FDA, HIPPA, and many others
Shows intent with support for initials, chop, data collection and
signing on the dotted line
Managed by
an ISO27001
Company
99.99% Up-time
DocuSign Confidential
Credit Union Best Practices
Industry – Consumer Experience is Driving E-Signature Adoption
Self-service is the expectation
Creates a “wow” factor when doing business
Generation X is driving technology adoption
Consumers will shop for relationships that fit their lifestyle
Time is more important to people than money
Sign electronically anywhere, at any time, on any internet-connected device
Lending organizations that don’t address these trends may end up limiting their market success
Geographic reach should not limit ability to do business
The Paper Speed-bump in your Digital Workflow
DATA
STARTS
HERE: Paper Data
DATA
ENDS
HERE: SIGN Via Paper
DIGITAL ANALOG DIGITAL
Slow transactions Too many errors Lack of visibility Re-keying of data
Lost documents or pages Poor fax readability Overnight shipping fees Lost productivity
Straight-Through Digital Processing
DATA
STARTS
HERE:
ELECTRONICALLY
SIGN
DATA
ENDS
HERE:
DIGITAL
Faster transactions No errors Complete visibility No re-keying of data
Secure documents No faxing No overnight shipping fees Higher productivity
The Opportunity
DOCUSIGN CONFIDENTIAL 15
LendingHuman
Resources
Finance &
Procurement
Line of
Business
SuppliersEmployees/
CandidatesMembers Partners
The Value Journey Objective: Fully Digital
DOCUSIGN CONFIDENTIAL 16
Lending Human
Resources
Finance &
Procurement
Line of
Business
SuppliersEmployees/
CandidatesMembers Partners
eSignature Transaction
Management Platform
The Efficiency Problem and Opportunity in Lending
The Problem
Printing, faxing
Shipping(multiple signers)
Compliance
Missing
signatures
Slow execution
Costly operations
Error prone
& unsecure
Poor
experience
Increase speed
to results
Delighted
members,
customers &
employees
Reduced
operating costs
Accurate & secure
transactions
DocuSign Proven in Financial Services
DOCUSIGN CONFIDENTIAL 18
Banking & Credit Unions Fin Services & Leasing Insurance Escrow & Mortgage
Alliant Credit Union
DOCUSIGN CONFIDENTIAL 19
• 91% of borrowers complete loan docs in under 10 minutes “DocuSign has paid for itself multiple
times over. DocuSign makes it easy
to accelerate our business and
delight our customers.”
TTCU
DOCUSIGN CONFIDENTIAL 20
• Reduced turnaround time from one week to less than one day
“Getting the loan on the books earlier pays for the
DocuSign service.”
Evolve Credit Union
DOCUSIGN CONFIDENTIAL 21
• Reduced turn-around time from over a week to less than a day
“DocuSign has been a great success to our Generation X and Y members as they hate paper, love the internet
and are always on the go.”
Opportunity For Credit Unions
Make Borrowing Easier “…use of the DocuSign secured service has saved me an afternoon
of driving and about $15 in gas… I would rate this new service as comparable to the innovation of the ATM for convenience and ease of use.”
Improve Operational Efficiencies Accelerated document completion, with 85% completing in the
same day
Increase Market Share Younger consumers do not share the loyalties of their parents, and
will shop for the relationships that fit their lifestyle
Go Paperless, Go Green