Industry spotlight: Fintech company elevates loan process with Docusign Elastic Signing

In this series of articles, we explore how companies solve specific problems with help from Docusign’s solution engineers. Here, Zing Zai Loo, Solution Architect, Docusign shares how an Indonesian fintech company is using our elastic signing solution to transform the loan application process.

Time is money in the fintech space, particularly when it comes to loan approvals. For major lenders who deal with millions of customers every year, every small gain in the agreement process can make a huge difference. 

This was the case for our customer, a major peer-to-peer lender in Indonesia. Spurred on by recent regulatory changes in Indonesia, which place new onus on financial services companies to capture customers’ consent on terms and conditions after loans applications are approved, they could see a great opportunity to replace a legacy consent solution with something faster and much easier for customers to use. 

To realise these goals, the lender approached Docusign with a simple request: come up with a streamlined and intuitive solution for capturing customers’ consent, and deliver it fast.   

Docusign Elastic Signing provides the ideal solution

For simple consent requirements like privacy policies, terms of service, NDAs and T&Cs, a clickwrap solution is the ideal choice. Instead of sending lots of envelopes to inboxes, clickwrap solutions offer a straightforward, easy-to-use pathway to capture consent. All a customer has to do is click ‘I agree’ or ‘Accept’ and they’re moved into the next stage of the journey.

Yet not all clickwrap solutions are created equal. Some companies attempt to build and implement their own clickwrap solutions, which end up exposing them to legal risk, not to mention damage to their reputation and bottom line. In the past, notable tech giants have been taken to court because they couldn’t prove their customers saw and agreed to their clickwrap agreements, or they couldn’t prove which version of the agreement customers had consented to.

Recognising the risks of a DIY clickwrap solution, our customer sought a trusted, secure solution that could be easily customised to meet its needs. Docusign Elastic Signing delivered, offering:

• Compatibility with existing Docusign infrastructure, to achieve a single view of customer for legal, risk and compliance reasons

• A complete audit trail, with date, time and other critical information captured in the Certificate of Completion

• Fast, simple setup and deployment, by automatically generating a code snippet to embed in their app

• A customisable clickwrap layout to improve and simplify the user experience 

As a legally-binding way to capture consent, Docusign Elastic Signing proved itself to be the perfect path forward.

Customising Docusign Elastic Signing for specific needs

Docusign’s solution engineers worked closely with the Docusign Elastic Signing Product team to ensure the solution exceeded our customer’s expectations. For example, they wanted to add around 30 custom fields to the clickwrap consent form, such as the loan application number, loan amount, and so on. With the dynamic content capabilities of Docusign Elastic Signing, this wasn’t a problem. 

Working to a super tight deadline, we got the solution up and running in less than three weeks – and, in doing so, transformed the experience of signing a consent form. All up, it was a great example of Docusign teams, including Sales, Solutions Engineering, Product and Professional Services, coming together and working closely with a customer to solve a specific use case. 

For help in solving a problem unique to your business, get in touch with our sales team today.