If we’ve learned anything from the recent pandemic, we’ve learned that you can do a lot of things remotely. We can use Zoom to have “face-to-face” meetings. Our kids can do lessons online. We can use apps and websites to order food. And thousands of workers have learned to work just as effectively while wearing pajamas. It’s a whole new world out there, or should I say in here.
And while some things are better done in person (kids in a classroom for example), we’ve also learned that doing some things remotely is more convenient. And businesses have learned it too.
This past month we’ve had five institutions get set up to begin using eGOLDSign, our electronic signature product. Five! And two more institutions are currently getting set up to use eGOLDSign. All within the past month. It’s pretty exciting!
With all the recent changes in the economy, eGOLDSign has become a popular product because it enables borrowers to electronically sign loan documents in a completely contactless way from anywhere and at any time. And it enables you to reach borrowers in their living room, where they are spending a lot of time these days.
Why Offer Electronic Signatures?
Ready to jump on the bandwagon? If not, here are a few reasons you should think about offering electronic signature.
1. Cost Savings
Electronic signature allows you to keep everything digital. This means that you no longer need to print out and store mountains of paperwork. Less printing equals more money for you. Plus, it saves your employees time (but we’ll cover that in a minute).
2. Flexibility & Convenience
With electronic signature, borrowers can sign documents using their phone, tablet, or a computer. They can also sign in their living room, while waiting in their car, or in their PJs. And they can sign at any time, day or night. And customers like this. They really, really like this.
3. It’s Tidy
Adding electronic signature means that you don’t have piles and piles of paper documents. All your documents can be online and kept hidden and stored within the computer. This means you can throw out the majority of your filing cabinets and clean up around those desks. Let’s face it, electronic documents are simply cleaner, and they minimize clutter. Which leads to our next reason…
Electronic signature allows you to keep all your documents digital, which is good for the planet, and who doesn’t want that? Replacing multi-page, paper loan documents with electronic ones saves trees and reduces the greenhouse gases associated with paper manufacturing. It also reduces pollution by not requiring borrowers to drive to your institution. It’s like giving good, old Mother Earth a giant hug. (Oh, how sweet.)
5. Saves Time
Allowing borrowers to sign from somewhere besides your institution saves your employees time. They no longer have to take 30 minutes to an hour out of their day to sit down across from a borrower and watch them sign papers. Instead, they can use that time much more effectively.
Electronic signature is great for your institution and even better for your customers. As times change and situations evolve, you need to make sure your business is flexible enough to keep up. And right now, doing things remotely is all the rage. Don’t get left behind.