E-sig­na­tures a cru­cial im­prove­ment for teach­ers

CREDIT UNION: KNOXVILLE TEACH­ERS FCU CAT­E­GORY: RE­MOTE LEND­ING NOM­I­NATED BY: IMM

Credit Union Journal - - Special Report - BY PALASH GHOSH

IN OR­DER TO COM­PETE IN AN AREA with a lim­ited mem­ber­ship pool (lo­cal ed­u­ca­tors), the $206 mil­lion Knoxville Teach­ers Fed­eral Credit Union of Knoxville, Tenn., cre­ated an end-to-end loan ap­pli­ca­tion that can be ac­cessed, com­pleted and signed by mem­bers any­where, any­time.

KTFCU ex­panded its cur­rent “es­ign” plat­form from IMM of Rah­way, N.J., by adding a re­mote e-sig­na­ture mo­d­ule. Through this mo­d­ule, mem­bers can sign im­por­tant loan doc­u­ments in real-time, from any lo­ca­tion at any time of day.

The CU said mem­bers’ re­sponse has been “very pos­i­tive ,” with 100 per­cent ac­cep­tance from mem­bers to whom the tool has been of­fered.

Also, the IMM es­ign plat­form in­te­grates di­rectly with KTFCU’S ex­ist­ing busi­ness ap­pli­ca­tions, in­clud­ing its core busi­ness sys­tem, Fiserv’s XP2, as well as its on­line loan ap­pli­ca­tion and orig­i­na­tion sys­tems, re­duc­ing tra­di­tional trans­ac­tion com­ple­tion and lag times by au­tomat­ing many of its un­wieldly pa­per-based busi­ness pro­cesses.

Once signed, the doc­u­ments are fully in­dexed into the credit unions’ imag­ing or ECM plat­form for per­ma­nent ar­chiv­ing. KTFCU has also been able to stream­line its back-of­fice op­er­a­tions, elim­i­nat­ing the need to print and store pa­per doc­u­ments.

Within the first 30 days of launch, the CU was re­port­edly able to close more than 25 per­cent of its loans on­line, in real-time.

“By pro­vid­ing a dig­i­tal loan ex­pe­ri­ence for our mem­bers, trans­ac­tions can be com­pleted faster, and in a more se­cure man­ner from any­where, any­time,” said David Un­der­wood, KTFCU trea­surer. “For our mem­bers, who hap­pen to be teach­ers, this is a cru­cial time-sav­ing ser­vice. Teach­ers were able to elec­tron­i­cally sign loan doc­u­ments dur­ing their breaks at school, which are typ­i­cally 20 min­utes or less.”

IMM of­fers the re­mote e-sig­na­ture ca­pa­bil­ity as an add-on mo­d­ule to all of its base­line eSig­na­ture plat­form clients, said IMM Vice Pres­i­dent of Mar­kets and Strat­egy Michael Ball. “The mo­d­ule is be­ing used with a wide-va­ri­ety of busi­ness ap­pli­ca­tions in­clud­ing de­posit, lend­ing, mort­gage and hu­man re­sources to sup­port each credit union’s unique strate­gic and mem­ber ser­vice goals,” he added.

“We’re prob­a­bly less data-driven than some credit unions, so we did not set a min­i­mum num­ber or dol­lar amount of re­motely signed loans as a goal­post,” said Un­der­wood. “The re­ac­tion to the new tech­nol­ogy from our mem­bers has been uni­ver­sally pos­i­tive... When a prod­uct cre­ates de­light and/or loy­alty in our mem­ber­ship, it’s suc­cess­ful.”

With all that said, Un­der­wood added that they have been com­plet­ing ap­prox­i­mately 15 per­cent of its loans re­motely since the pro­gram’s in­tro­duc­tion.

Un­der­wood con­tin­ued: “My ad­vice to credit unions that are look­ing to im­ple­ment re­mote sig­na­ture ca­pa­bil­i­ties is sim­ple: do it. Mem­bers want it, even if they don’t know it yet. Of course, there’s more to it than that. They should vet the po­ten­tial ven­dors care­fully to ver­ify that they meet all pri­vacy and se­cu­rity re­quire­ments, and that they can pro­vide not just a se­cure, easy to use method of de­liv­ery and sign­ing for the mem­ber, but also a ver­i­fi­able au­dit trail that in­cludes IP ad­dresses of any de­vices used in the trans­ac­tion.”

A branch of Knoxville Teach­ers FCU.

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