IMM may not be the only technology company with an eSignature solution in the market. However, we *are* the only provider focused exclusively on the needs of financial institutions. This distinction is vital for banks and credit unions looking to partner with a company that understands their business's nuances and tailors a product suited to their unique needs.
Our recent white paper compiles learnings from over two decades of experience working with more than 1,500 US banks and credit unions into a comprehensive report explaining both why these capabilities are important and identifying some less obvious opportunities where FIs have realized significant benefits. Here are the key takeaways:
The Consumer in the Driver’s Seat
One of the beauties of eSignatures is its flexibility. It puts the consumer in control, letting them decide how and when they want to engage. While some consumers prefer a fully digital experience, the branch remains an important element of the banking equation. The pandemic introduced a new wave of clients to digital banking, whether it be on their desktops, smartphones or tablets. As branches reopened, many consumers incorporated digital channels into their financial routines and migrated to a hybrid approach.
This behavior makes a seamless, omnichannel experience essential. Consumers should be able to engage with their FI digitally, whether that be off-site or in-branch. Whenever the consumer is located, it’s essential that the experience remains positive and information remains consistent, bypassing any confusion for the consumer or back-office. Other businesses, mainly online retailers, have already set this expectation. It's up to banks and credit unions to rise to the status quo and live up to this standard.
Although eSignature is commonly viewed as a remote and consumer-facing tool, it also streamlines branch and back-office processes, enhancing operational efficiency and ensuring a consistent consumer experience. eSignatures allow the digital and physical channels to align and the need to reconcile the two channels behind the scenes melts away. The process not only looks modern, seamless and efficient to the consumer but get this – it actually *is* modern, seamless and efficient.
More Than a Customer-Facing Solution
The benefits of eSignatures extend well beyond consumer satisfaction. The same solutions that reduce cycle times for loan closing and account opening simultaneously generate back-office efficiencies - reducing expenses and error rates and freeing up the bandwidth of overtaxed workers by eliminating some of the manual tasks they find most frustrating.
Financial institutions are increasingly finding opportunities to optimize processes with eSignatures in areas that don't directly touch the consumer. For instance, internal audit and compliance face growing pressure to document various confirmations depending on employees' roles and levels of data access, updating them on a regular basis (usually annually). A robust eSignature solution can automate this process, compiling completed forms and generating exception reports for follow-up.
The human resources department is also a great candidate for eSignatures. HR can get bogged down with clutter during the benefits enrollment period, change processes and onboarding new hires. Your HR department can leverage eSignatures to streamline and modernize activities while increasing departmental efficiency.
Naturally, both consumer expectations and technological capabilities have advanced dramatically since IMM entered the business in '96. So have the regulations faced by financial services firms. IMM's white paper, "The Ultimate Guide to eSignatures for Financial Institutions," offers a straightforward look at where your institution can benefit from eSignatures, and in turn, maximize profits, propel digital initiatives and elevate your consumer experience. Don’t struggle to navigate the digital landscape – let our white paper be your guide.
