90%Decrease in time to prepare trust packet documents
FineMark National Bank & Trust opened its doors in 2007 with ten associates and $37 million in total bank assets. Today, the company has grown to more than 200 associates and bank assets totaling $2.5 billion, and credits much of its success to staying true to its mission: To build extraordinary relationships by going above and beyond. This means putting the client first and always seeking new and improved ways to serve their clients at the highest level.
One of the latest improvements came after the President and CEO wondered why clients were jumping through hoops to sign documents. He wanted to make it easier for them and Associate Vice President Kim Wargo was ready to take on the challenge.
Wargo had already been looking for solutions to simplify document generation, enable electronic signatures and offer a flexible way for clients to interact with the bank. Her decade of experience as a Salesforce admin, combined with FineMark’s extensive use of the platform and it’s seamless integration with DocuSign, led to a modern signing experience that has transformed client satisfaction.
Creating documents in minutes instead of hours
Once FineMark decided to implement DocuSign CLM, the ROI was immediate. “We took onboarding new clients into our systems from a 12-hour process down to the click of a button,” said Wargo. “When you’re looking at 200 to 300 accounts per month, that’s a pretty high volume.”
Due to the seamless integration between Salesforce and DocuSign CLM, Wargo was able to build 100 document templates in just three weeks, a process that would have taken 3+ months with her previous system. Now, trust packets, which can consist of up to 45 documents, require only 30 minutes to create, rather than the 4 to 5 hours it took previously. By standardizing document creation, FineMark is also able to ensure each document is compliant.
“I was recently on a call with one of my senior bankers, who is not a huge fan of technology,” Wargo said. “But by the time we hung up, she had sent out her 11th packet and was like, ‘This is amazing. What else can you show me?’”
Attending to clients’ needs, no matter where they are
FineMark predominantly works with wealthy individuals and families, including professionals in the sports and entertainment industries. DocuSign’s ease of use and flexibility allows the bank to maintain close relationships by accommodating these clients’ unique lifestyle demands.
“They’re all over the globe.” Wargo said. “If they’re at a golfing event in Scotland, and we need to get documents signed quickly, a FedEx package overnight and back is absolutely not the solution. It’s not efficient; it’s not feasible.”
Wargo also noted that some of FineMark’s clientele are older and less technically savvy. She has found that DocuSign is effective at not only easing them into the concept of remote signing, but building relationships with their children and beyond.
“Attracting a younger generation with technology is a big factor,” Wargo said.
Taking back control of the document lifecycle
With DocuSign, FineMark now has control over the entire document lifecycle with the ability to track the status of every document sent for e-signature. The bank also has the ability to make changes at any point in the process without worrying about managing multiple versions of an agreement.
“We can watch the document go out the virtual door and through its lifecycle, and then it comes back with ease, attached to the Salesforce record,” Wargo said. “That’s a big factor for us, because in some of our other core banking systems, you have no control, zero, none, nada.”
Having the time and flexibility to cater to each client’s unique needs has fueled FineMark’s continued growth. Assets under Management and Administration grew to $4.5 billion dollars in 2019, a 32% year over year increase.
FineMark understands building relationships is no longer just an in-person activity. By adopting a nimble, Salesforce-integrated CLM and eSignature solution, FineMark can cater to clients of all ages, preferences and locations, while improving compliance and staying true to its mission.
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