Bellco Credit Union Saves More Than 50 Percent Annually Using eSignature

How, you ask? Bellco Credit Union employs electronic signature from DocuSign to accelerate the loan modification contracting process. The Denver-based financial institution with more than $2 billion in assets and serving more than 191,000 members and 1,500 Select Employee Groups utilizes DocuSign electronic signature services as the final step in transacting member loans.

Since implementation, Bellco has:

• Reduced annual costs by 50 percent for tasks now managed through the DocuSign e-signing process.
• Reduced the time to complete loan modifications from days to hours even during a 300 percent increase in loan modifications. DocuSign achieved this effect for Bellco by significantly streamlining workflows

DocuSign expedites the loan modifications process so borrowers do not fall farther behind in payments. Loan modifications are transacted faster, avoiding member foreclosure, repossession or a credit union charge off.

So what do Bellco Credit Union members think of DocuSign? Ryan Klassen, director of lending services for Bellco Credit Union answers:

We've received rave reviews from members about DocuSign. Some members complete their loan documents before they even get off the phone with lending staff. Plus, we are able to process a greater volume of loan modifications, which would not have been possible before DocuSign.

A conservative financial organization, Bellco deployed DocuSign slowly. The first step was to create a pilot program of 20 unsecured business loan contracts. When 20 out of 20 members came back with positive reviews for the e-signing system, the lending department was given the green light to roll out DocuSign to all unsecured business loans and later, all unsecured consumer loans. With the success of all unsecured loans running through the DocuSign e-signature system, Klassen deployed the DocuSign solution within the loan modification process for existing vehicle and home loans. The liens are already perfected on these loans, and DocuSign allows loss mitigation staff to send out loan modification contracts electronically.

With DocuSign, we are more efficient, save money and can better serve our membership - Klassen

The DocuSign ESIGN Advantage

After reviewing other e-signature solutions provider, Bellco Credit Union selected DocuSign based on the following key criteria:

• Ease of Use—DocuSign makes it easy for Bellco to send loan contracts to members for e-signature, and makes it just as simple for members to electronically sign. DocuSign's intuitive service closely replicates the traditional signing experience, creating a positive member experience.
• Compliance—With DocuSign, Bellco is assured of security as contracts are an encrypted PDF. Signers are authenticated and contracts are 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 Bellco's workflow processes, providing a more efficient method to transact member loans. Bellco lending staff can telephone the member and talk the member through the loan agreement. On occasion, the document is completed and returned before the call is completed—reducing Bellco's turnaround time from days to hours.  DocuSign streamlined workflows, which made it possible for Bellco to process triple its loan modifications since 2008.
• Cost-Effective—DocuSign significantly reduces Bellco's processing costs of associated tasks by 50 percent. DocuSign is not only more cost-effective, it is more efficient than paper-based processing.

For more information about the business benefits DocuSign electronic signature provides Bellco Credit Union, read the detailed case study by clicking the link!