Bellco Credit Union Saves Time and Money with DocuSign’s Electronic Signature

What makes us smile? Reading stories about our customers using electronic signature and online contract execution to save time and money.

A recent article in the Credit Union Journal discusses how Bellco Credit Union can now complete loan modifications in five days via DocuSign electronic signature and electronic contract execution.

Bellco introduced its electronic signature program in April, and has seen:

• Over 75% of all loan modifications are signed electronically
• Nearly 90% E-sign usage rate for business loans
• Time savings: Prior, the “wet signature” process took an average of 20 days due to the back-and-forth of paper documents. Now, the electronic signature process can take as little as one day.
• Operational savings: While it’s still too early to confirm the exact savings realized with E-sign, Bellco Credit Union reports a 50% costs savings related to document execution process.

While electronic signature is available for other loan types, Bellco wanted to ensure acceptance from its members. Now, the credit union is working to formalize electronic contract execution services for other loans. Bellco uses DocuSign electronic document completion for payment protection, unsecured consumer loans, unsecured business and commercial loan and IRA documents.

“Credit unions need to get over their fear of e-signatures and the potential cost and time for IT,” suggested Ryan Klassen, director, lending services. “E-signatures are legal, and they enable efficiencies and next-generation lending.”

Still have doubts? Talk with Ken Moyle, Chief Legal Officer, DocuSign:

The Home Affordable Modification Program is set up for a 21st Century way of doing business. The program makes it clear that electronic means can be used to execute and transmit documents and paves the way for electronic signatures and contracts.

If you have an internet connection, email and browser, you can use DocuSign electronic signature and online contract execution. The credit union can give you a call, have you open your email, click a link that opens a secure browser to start the online electronic signature process. There’s no software to install and with a fast, simple, secure electronic signature solution, credit unions and their customers experience significant time savings.

Thanks to Ryan Klassen of Bellco Credit Union for sharing how electronic signature and online contract execution helps slash document turnaround time and achieves significant operational savings. You can read the article in its entirety at the online Credit Union Journal site.

You can upload a contract or agreement for e-signature and try it free at DocuSign Express for Drawloop.