How Credit Unions Can Meet Member Expectations in the Amazon Age
The Amazon Effect has impacted consumer expectations in nearly every industry—from retail to transportation to banking. Convenience is everything. For credit unions, the higher bar has presented some challenges for legacy processes—demanding change and innovation.
When Austin-based University Federal Credit Union (UFCU) conducted extensive internal research, the results overwhelmingly confirmed one thing: Its members want 24/7 services.
That’s consistent with a study from the American Bankers Association, which found that 82% of consumers preferred banking digitally over visiting brick-and-mortar locations—even before the pandemic.
As more and more fintech organizations continue to enter the scene—offering easy applications and near-instant loans—UFCU set its focus on streamlining core processes and services to maintain its competitive edge.
Here are four ways Texas’ eighth largest credit union used DocuSign to transform lending processes, boost member satisfaction and deliver the always-on digital experiences they expect.
1. Slash loan turnaround time by digitizing processes
UFCU integrated DocuSign eSignature™ with its Temenos Infinity loan origination system to create a fully digitized lending process from start to finish. Members can apply for a loan online and get a decision in minutes—a big shift from the days of printing and signing forms, hunting down a fax machine and waiting on approval. Loan documents are automatically generated through Temenos and routed to the right people for e-signature.
2. Give members a more convenient way to finance new cars
To compete with the convenience of one-stop dealer financing, UFCU launched a digital version of its vehicle buyer’s check. Now, members get all of the benefits of being treated like a “cash buyer” at the dealership without the hassle of having to pick up a paper check during UFCU’s business hours. Dealers and members can go online, confirm vehicle and pricing information and electronically sign the document to quickly kick off the funds disbursement.
3. Turn complicated forms into intuitive, “wizard-style” interviews to capture borrower information
The credit union made the application experience more friction-free for everyone using DocuSign Guided Forms powered by SmartIQ. Instead of having to tab from box to box in an e-form, members are guided through an interactive process that’s fast and mobile-friendly.
4. Keep business running smoothly in the new normal
When the pandemic hit—and companies everywhere had to quickly adapt to a new work-from- home reality—UFCU didn’t skip a beat. One of the credit union’s top priorities was getting aid to struggling small businesses as fast as possible. To accomplish this, it launched a standalone loan origination system that’s specifically designed for Paycheck Protection loans. The system automatically sends gathered documents to DocuSign for e-signature, and then off to the Small Business Administration (SBA) for approval. So far, UFCU helped secure $34 million for nearly 1,200 local business owners.
To learn more, check out UFCU’s full DocuSign success story.