ISPFCU Success Story

“The speed of the electronic signature and loan process really impresses our members. Everyone would rather sign electronically.” Rebecca Delich Chief Loan Officer Illinois State Police Federal Credit Union

BACKGROUND

Illinois State Police Federal Credit Union (ISPFCU) is a not-for-profit financial cooperative in Springfield, Illinois. The credit union serves the financial needs of more than 8,000 law enforcement officers across the state.

CHALLENGE

With only a few branch offices, ISPFCU expanded to serve not just police but all law enforcement in the state of Illinois. They needed a way to provide excellent customer service to a wide geographic area. In particular, they wanted to eliminate expensive and time consuming paper processes for loans.

Paper signing processes were inconvenient for members. Many were unable to make it into a branch office during the workday. They didn’t want to receive faxed private financial information at work, and they didn’t appreciate waiting on slow and unpredictable mail service. “Getting a signature could take up to ten days,” says Delich.

SOLUTION

With DocuSign’s electronic signature service, ISPFCU can easily and securely use the web to obtain legally binding e-signatures on loan documents. Using the DocuSign Pro desktop application, ISPFCU employees quickly prepare and upload documents for signing as soon as they receive a loan application over the Internet.

The member is notified via email that documents are ready to be signed and clicks through to DocuSign’s secure website, entering a PIN to authenticate identity. Then the member creates an electronic signature and clicks to sign and initial the document. The system makes sure everything is signed correctly before the file can be closed. The whole process is simple and intuitive and takes only a few minutes.

RESULTS

99% of ISPFCU’s loans are now signed electronically with DocuSign, including mortgages, home equity, home equity lines of credit, overdraft protection, share, Visa, and auto loans.

The credit union can process auto loans for members across the state in less than an hour. Other types of loans are almost as fast. “There’s no reason why a member would have to come into our branch anymore,” says Delich.

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