Digital onboarding: How leading banks are winning customers faster

A low rate is just one piece of the home loan puzzle. The loan application experience can leave a lasting impression on customers, impacting loyalty and brand reputation. How can banks and other lenders improve the process so customers walk away raving, instead of ranting? And why bother? 

Consider this. Almost half (46%) of consumers would remain with a financial services institution that provides an excellent customer experience – even if it raised its rates or fees. Clearly, differentiating your service and delivering a great experience pays off. 

The question is, what does this ‘great experience’ look like? 

Today, customer experience and digitisation go hand-in-hand. Customers expect seamless, personalised and intuitive interactions with institutions like banks. They don’t want to go into a branch to complete a routine financial errand or prove their identity. They don’t want to print out long application forms or keep re-filling their personal information on different forms. And they don’t want to wait days for an answer.

In fact, 70% of banking customers expect the home loan application process to be either partially or fully automated.

The big banks are responding. The Commonwealth Bank of Australia (CBA), for example, now uses Docusign for over 95% of loans. Before, CBA customers had to endure lengthy, manual processes for dealing with loan application paperwork. Now, loans are completed, on average, 20 days faster.

With Docusign Intelligent Agreement Management (IAM) for Financial Services, banks and lenders can transform the customer experience – from the very start of the home loan application journey, right through to settlement. Docusign features designed to optimise the customer experience include:

• Web Forms: Effortlessly collect data and dynamically populate loan applications; and give customers a seamless and convenient experience.

• Workspaces: Customers can securely log into a central hub, which houses all the documentation relating to their home loan and requiring their attention.

• Responsive signing: Home loan applications need a lot of signatures. As the market leader for e-signature for over a decade, Docusign delivers a friendly experience regardless of what device a customer is using.

• Smart sections: As part of responsive signing, you can add smart section controls to further improve the signing experience. Signers can choose to expand sections when reviewing the documents, and can avoid pouring over multiple pages looking for a specific section of an agreement.

• Multichannel delivery: You can send agreements for signature through the communication channels your customers prefer: email, text, or even WhatsApp.

• ID verification: Customers can easily snap a picture of their ID and get verified online, instead of having to visit a branch. 

Across it all, security comes first. Banking customers expect their personal data to be protected – and 84% would switch financial institutions if they felt their information was mishandled. At Docusign, security is an integral part of business operations, and we have robust protocols in place to safeguard and protect highly sensitive information. 

Time to say goodbye to tedious documentation and form-filling? To see how Docusign IAM can help you transform major processes like home loan applications, get in touch.