DocuSign Presentation CUNA Lending Council. Greg E. Cook Georgia s Own Credit Union Atlanta, GA November 2013

Transcription

1 DocuSign Presentation CUNA Lending Council Greg E. Cook Georgia s Own Credit Union Atlanta, GA November 2013

2 Mission: Member s Prosperity Vision: Member s First Choice 173,786 Members Employees $1.78 Billion in Assets 23 Branch Offices HQ: Midtown - Atlanta, GA

3 Brand Awareness

4 Mortgage Loan Products: 1 st Mortgages 2 nd Mortgages Home Equity Lines of Credit Consumer Loans Products: Personal: Vehicle: Other Vehicles: Lending Snapshot Credit Builder, Lines of Credit, Credit Cards Auto, Georgia s Own Auto VIP Express Check Motorcycle, Boat direct and indirect and RV Volumes: 52,567 in total Loans for $436 Million 40,581 in Consumer Loans for $178 Million (77% of the volume)

5 The Opportunity Access Remote Service In Branch Experience

6 Challenge: Forms Determine Lending Forms Platform Assess Impacts Select Partner Project Scope

7 Challenge: E-Signatures Potential Partners Considerations Systems Financial Strength Compliance Bond Coverage Key Factors

8 Challenge: Products Sunset Open End Products Equivalent Closed End Products Create new products Training Product Knowledge

9 Challenge: Project Approach Comprehensive Project Plan Platforms: Forms DocuSign Systems Implementation Testing Training 60 Day Project Timeline

10 Intuitive Member Process

11 Results Call Center Loans % by DocuSign % % 60% % 56% % 52% 0 Funded Loans Via DocuSign 50% Q Q Q Q Q Q % by DocuSign

12 Success with DocuSign days Days to Close Loans Remotely day 0 Without DocuSign With DocuSign # of Days

13 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?

14 Questions? Contact Information: Greg E. Cook Product Manager Lending & Insurance Georgia s Own Credit Union 1155 Peachtree Street Suite 100 Atlanta, GA gecook@georgiasown.org Office: Ext. 7191

15 Miles Kelly, Sr. Director Industry Marketing DocuSign Confidential

16 Agenda Legality of esignature Credit Union trends and best practices Case studies DOCUSIGN CONFIDENTIAL 2

17 Evolution of a Signature DOCUSIGN CONFIDENTIAL

18 Uniform Electronic Transactions Act 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

19 Electronic Signatures in Global and National Commerce Act Federal version of UETA Instant 50-state baseline Consumer protections Preemption of nonconforming state laws

20 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

21 The Keys to Enforceability Identity Security DOCUSIGN CONFIDENTIAL

22 How DocuSign Enables Identity Authentication Options Certificate of Completion Witness Strong Digital Certificates Phone Authentication ID Check DocuSign Credentials Access Code Validation DocuSign Authentication Levels DOCUSIGN CONFIDENTIAL

23 Tamper-proof container Identity: The esignature Difference Paper Record 11/1/ /1/2013 8:41:12 PM EST IP: ID Proofing Options: One Time Password Phone Authentication Knowledge Based Authentication Witnessed Signing Digital Certificate Validation DOCUSIGN CONFIDENTIAL

24 Enforceability: The esignature Difference Image of a Signature With Unique Digital Attributes Managed by an ISO27001 Company 99.99% Up-time Authentication options ensure the identify of the signer 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 DOCUSIGN CONFIDENTIAL

25 Credit Union Best Practices DocuSign Confidential

26 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 internetconnected 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

27 The Paper Speed-bump in your Digital Workflow DATA STARTS HERE: SIGN Paper ViaData Paper DIGITAL Slow transactions Too many errors Lack of visibility Re-keying of data DATA ENDS HERE: ANALOG DIGITAL Lost documents or pages Poor fax readability Overnight shipping fees Lost productivity

28 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

29 The Opportunity Members Employees/ Candidates Suppliers Partners Lending Human Resources Finance & Procurement Line of Business DOCUSIGN CONFIDENTIAL 15

30 The Value Journey Objective: Fully Digital Members Employees/ Candidates Suppliers Partners esignature Transaction Management Platform Lending Human Resources Finance & Procurement Line of Business DOCUSIGN CONFIDENTIAL 16

31 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 Reduced operating costs Accurate & secure transactions Delighted members, customers & employees

32 DocuSign Proven in Financial Services Banking & Credit Unions Fin Services & Leasing Insurance Escrow & Mortgage DOCUSIGN CONFIDENTIAL 18

33 Alliant Credit Union 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. DOCUSIGN CONFIDENTIAL 19

34 TTCU Reduced turnaround time from one week to less than one day Getting the loan on the books earlier pays for the DocuSign service. DOCUSIGN CONFIDENTIAL 20

35 Evolve Credit Union 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. DOCUSIGN CONFIDENTIAL 21

36 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