eSignatures Pay Off

PROGRESS in Lending has learned that Southern California-based First Financial Credit Union, successfully upgraded its eSignature system to IMM’s eSign plus. The business rules-based eSignature platform automates eSignature transaction processes including document signing and downstream tasks such as reviews and approvals. This enables the credit union to securely and efficiently conduct business transactions in a paperless environment while realizing significant savings across all departments.

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According to the credit union, digital banking is one of the top priorities in its yearly strategic plan. The credit union cited its long-term partnership with IMM as a critical component to meeting this goal. “Enabling electronic transactions and automating associated workflows is a key focus of our Operations area,” said Wendi Sheehy, Manager of Operations at First Financial Credit Union. “IMM was the only provider that seamlessly integrated with our Symitar Episys core platform, which was an essential requirement to ensure success. Now we are able to streamline our processes and complete them more efficiently, and by eliminating the chance for human error, we have also increased accuracy.  This gives us the freedom to focus on enhanced services that better serve our members. Our entire frontline and support staff has benefited since we implemented IMM’s eSignature platform.”

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Since implementing IMM’s eSign plus, First Financial Credit Union is able to quickly complete document transactions with fewer errors, eliminating tedious management and oversight associated with traditional paper-based processes. Credit union employees spend less time tracking down paper documents. Instead, employees concentrate on providing exceptional service to its growing membership base. This smart technology allows staff to focus more of their time on relationship development and meeting member’s needs.

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“From a member service standpoint, eSignatures are an invaluable tool,” Sheehy added. “We’ve enhanced our processes and improved the overall member experience in nearly every area of the credit union, including new account openings, stop payments, ACH disputes as well as the way we process and fund loans. Prior to implementing eSignatures, it could take up to 10 days to settle an ACH dispute. Now, it begins within minutes and the member can receive a provisional credit much faster.”

First Financial Credit Union serves the educational community with strict schedules; accessibility and convenience are a must for its members.

Sheehy continued, “IMM’s eSignature platform enables us to engage teachers and school administration at a time and place that is convenient to their schedules. This could be in between classes or after school from home. One of the greatest savings we’ve experienced is related to loan documents. Prior to eSignatures our loan documents were generated by our call center, and then were delivered via FedEx to member(s) for signatures with a return, postage paid, FedEx envelope.  This costs $32 per loan, not to mention the time delays. With remote signatures we can literally send/receive documents and fund a loan within 15 minutes as opposed to 3-5 days.”

About The Author

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.