How to achieve better than 90% adoption on e-signature applications

first_imgThere are many problems you can solve with electronic signature applications. Some of the most common reasons for implementation are reducing risk, decreasing cost, and offering a better and more convenient product to members at your credit union. And we all know that the next generation of members expects to be able to electronically sign financial instruments on their devices of choice.Despite those benefits, many credit unions and banks stall on electronic signature applications. The reason is adoption. They fear that once electronic signatures are implemented, the member will still revert to paper.The fear is not baseless. Getting adoption is not easy. But you can learn from what one credit union has done to achieve more than 90 percent adoption. Though we would love to take credit for the results, success requires a collaborative effort.First, some background: This credit union had a thriving lending business, but they realized that they risked losing market share if they could not accelerate the lending process. Their newer, younger members also expected to do more of their tasks electronically.The solution they settled on was a new electronic signature process for loans. If executed correctly, the e-signature process would enable faster turn-around internally and quicker delivery for members.But this only made sense if the members embraced electronic signatures in large numbers. The industry standard adoption rate of 60 to 80 percent was okay, but they wanted more. To be worth it for this credit union, the e-signature project had to eclipse 80 percent adoption. continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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