~5minutes loan application process
↑Increased auto loans
↓lower operational costs
University Federal Credit Union (UFCU) was founded nearly a century ago by a group of University of Texas professors with a shared vision and a collective deposit of $873. Today it’s the eighth largest financial co-op in the state, with assets exceeding $6.9 billion. But for UFCU, its greatest asset is the 320,000+ members that invest in its success.
UFCU’s dedication to providing an amazing member experience has not gone unnoticed. It frequently appears in “best of” lists—including Forbes’ annual best-in-state list, which recognizes the top credit unions across the nation.
“We’re really trying to understand our members’ needs and connect with them in meaningful ways that add value,” said Mike Irwin, Director of Member Experience. Extensive research revealed members want 24/7 services. That includes ensuring agreement processes that are fast, easy and secure. Using DocuSign eSignature and Guided Forms, UFCU not only grew stronger relationships with members; its lending volume grew, too.
Meeting members where they are
Over the course of his nearly 18 years at UFCU, Mike Irwin has led the credit union through several transformation initiatives, including making the move to paperless loan processes. UFCU’s decade-long relationship with DocuSign began with a few dodged calls while the credit union was in the middle of implementing a new loan origination system.
“I eventually picked up the phone, and it was really a pivotal moment for our lending operations,” said Irwin. Before, members had to print out the loan documents, sign them, find a fax machine and send them to the credit union. “It sounds so silly when you think about it now—it was complex, inefficient and set us up for failures.” Auto loans suffered because it was easier for members to go with dealer financing versus faxing in forms, waiting for approval and picking up a paper check during UFCU’s business hours.
Today, DocuSign is fully integrated with Temenos Infinity to streamline the consumer lending experience from start to finish. Now that the process is digitized, members can apply for a loan and get a decision in minutes. Loan documents are automatically generated through Temenos and routed to the right people for e-signature.
After revamping its loan processes, operational costs went down and auto loans went up. Once financing is approved, UFCU members are emailed a link to an electronic vehicle buyer’s check (eVBC) that’s as good as cash from the dealer’s perspective. Dealers and members can go online, confirm vehicle and pricing information and electronically sign the document to kick off the funds disbursement via ACH. The credit union made the experience more user-friendly for everyone using DocuSign Guided Forms. Instead of having to tab from box to box in an e-form, they’re guided through an interactive process.
DocuSign is intertwined throughout UFCU
What started out as a way to streamline consumer lending processes progressed to account opening, membership cards, HR, Small Business Administration (SBA) lending and more. “We have confidence in the solution and continue to find additional use cases,” said Irwin. When the pandemic struck, the credit union didn’t skip a beat. “We lucked out having DocuSign already in place—so, when employees started working from home, it was almost a non-event.”
As small companies took a big hit during the COVID-19 crisis, UFCU helped nearly 1,200 local business owners provide financial security for over 4,000 employees—with Paycheck Protection Program (PPP) loans totalling close to $34 million. The credit union launched a new standalone loan origination system that’s specifically designed for PPP—and has a direct integration with DocuSign—to get funds to members as quickly as possible.
“COVID has had a direct impact on the way we operate,” added Kaylyn Leese, Manager of Lending Systems. UFCU is continuously looking at new ways to use DocuSign to better serve its member community digitally. “It’s been a great partnership—one that we’re continuing to expand as we move forward.”
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