A new year always sparks a commitment to resolutions and putting your best foot forward. For financial institutions (FIs), this is a great opportunity to reexamine current processes and partnerships to ensure they are aligned for future growth strategies.
A fresh perspective is invigorating. With competition from other digitally-focused banking service providers on the rise, banks and credit unions must harness this early-year energy to further extend digital offerings to consumers.
As the past three years have taught us, consumers want convenience and immediacy in everything they do, whether ordering from Amazon or opening a new account at the bank. It needs to be quick and easy – not requiring any labor-intensive processes. Everything must be accessible at your fingertips from paying with your credit card to signing necessary forms online.
Providing consumers with a true digital experience across all areas of the FI is no longer a differentiator; it is critical to an institution’s future growth. FIs must provide a frictionless, streamlined user experience that not only meets, but exceeds the expectations of today’s online-savvy consumer.
eSignatures are an essential component of delivering frictionless digital experiences. The solution expedites transactions, while reducing internal processes for the financial institution. eSignatures can hasten activities like account opening, stop payment orders or adding a name to an existing account. Integrating eSign enables consumers to effortlessly manage their finances when and where it’s convenient, and FIs can redirect resources to other areas in the bank or credit union.
Incorporating eSignature technology to establish a paperless process for applications and other signature-based forms provides many operational benefits for FIs, including:
- Stronger audit controls by automating the process;
- Shorter cycle times by eliminating the wait for paper handoffs;
- Smaller carbon footprint; and
- Improved employee bandwidth for more valuable tasks.
Leveraging proven digital solutions throughout your institution will streamline these processes and revamp back-office activities for optimal success.
As we enter the new year, financial executives should take a closer look at modernizing strategies through technology to promote growth on an institutional and consumer level. Effective strategies should include selecting the right tech partner to power true end-to-end digital experiences. To learn more about starting your year off right, reach out to an IMM eSign representative.
