How Did TTCU Achieve Faster Loan Processing with DocuSign eSignature Services?

Did you know that TTCU “The Credit Union” employs electronic signature from DocuSign to accelerate its loan process?

The Oklahoma-based financial institution with holdings of more than $900 million and serving more than 80,000 members across 14 counties uses DocuSign e-signature services as the final step in transacting member loans. Since deploying DocuSign:

TTCU has reduced the loan processing cycle from one week to less than one day compared to the typical five-to-seven-day turnaround time with paper documents.

TTCU uses the DocuSign service to streamline workflows.

TTCU has integrated DocuSign into its new loan-by-phone call center to increase employee productivity.

DocuSign ensures fast and accurate submission of loan agreements as the easy-to-use service prevents credit union members from returning an incomplete agreement. Additionally, the institution can now distribute loans to its members faster with DocuSign Electronic Signature Services - a key benefit for international members, such as military personnel and college professors.

Manually packaging loans is a labor-intensive process for financial institutions. Considerable time is spent sending the loan documents to the credit union member by regular mail and waiting for the signed documents to be returned. Often the process is stalled and repeated when borrowers inadvertently miss a signature or forget an initial on a loan document. Cassie Mangold, TTCU director of consumer lending shared how DocuSign has streamlined the process:

Before, if you were missing a signature on a document, you had to send it back. That's the joy of DocuSign. The member signs and initials it exactly where they have to—and it's not finished until they do. You'll never get a packet back with a missing signature. We also wanted to please our members by offering a smoother path to quick cash and improve our cash flow. And, the sooner the loan gets on the books, the sooner interest payments can flow into the institution.

Mangold used DocuSign's free trial to distribute 15 test envelopes to company executives and branch managers. Based on this success, TTCU deployed DocuSign's electronic signature solution for its loan contract execution to better service its members. Later in 2009, TTCU opened a loan-by-phone call center, also using DocuSign as the foundation for electronically signing loans:

DocuSign is the engine for our loan-by-phone center. DocuSign makes it possible for our loan staff to complete the loan signing process quickly without ever having to meet the borrower. We can do everything faster and more securely using DocuSign. It's really a competitive advantage and sets us apart from other financial institutions. - Mangold

The DocuSign Advantage

After reviewing other e-signature solutions providers, TTCU selected DocuSign based on the following key criteria:

Ease of Use—DocuSign makes it easy for TTCU to send loan contracts for e-signature, and makes it just as simple for members to electronically sign. This intuitive service closely replicates the traditional signing experience, creating a positive member experience.

Compliance—With DocuSign, TTCU is assured of security as contracts are an encrypted PDF. Signers are authenticated and contracts can only be returned only if fully completed, ensuring 100 percent compliance. All DocuSign Electronic Signature agreements are legally binding, backed by a court admissible audit trail.

Real-time Visibility—DocuSign reveals the signing status of every loan document in real-time: when it was opened, when it was signed, the time the transaction has taken and which contracts remain to be signed.

Workflow Management—DocuSign automates TTCU's workflow processes, providing a more efficient method to transact member loans. DocuSign Electronic Signature documents are returned only when complete, thereby reducing TTCU's turnaround time from weeks to often less than a day.  DocuSign streamlined workflows, which made it possible for TTCU to use the DocuSign service as the foundation for its new loan-by-phone call center.

Cost-Effective—DocuSign significantly reduces TTCU's processing costs. DocuSign is not only more cost-effective, it is more efficient than paper-based processing.

Want more information about the business benefits eSignature from DocuSign has provided to TTCU? Take a look at the detailed case study.