Imagine the life of Annamae Johnson–a single, working mother who is raising two young boys and is an active member in her community. She wants to purchase a larger car to accommodate her children as they grow older, but she needs some help gathering enough funds. One night, after putting the boys to sleep, she uses her local financial institution’s (FI) online application to submit a request for a personal loan. She’s quickly notified of her approval, but what’s next? In order to finalize the process, she must come in-branch to sign her loan agreements or print the documents and mail them in.

Annamae’s now worried how she’ll complete the process. She works all day while her kids are at school, and by the time she picks them up from daycare, the branch’s office is already closed. She doesn’t own a printer or fax machine, so mailing her paperwork is out of the question. From work to baseball practice to community events and more, she’s always on the go. She needs something that fits her lifestyle. She needs a digital signature process.

Pains of paper processing

Annamae Johnson, although fictional, shares a similar struggle to many other potential customers who need access to credit, but want convenient, online processes. For both lenders and borrowers, paper processing is an enormous strain. In the back office, managing sensitive customer data can be overwhelming. Files must be recorded, organized, tracked down, and most importantly, secured. Handling physical documents puts data at risk, is time-intensive, and the shipping costs add up fast. For borrowers, printing and mailing files is a hassle as it requires their own supplies and/or a nearby postal service.

To solve these inefficiencies, some local FIs partner with a third-party vendor to host an electronic signature solution, but it’s branded to the vendor. This diminishes the overall customer experience because borrowers become wary of completing the loan process when they’re redirected from your trusted website.

On the other hand, most community FIs continue with traditional, wet signatures in-branch or need the corresponding documents printed by the customer, signed, and mailed in. While paper signatures are still sufficient for some community members, the process has become a large inconvenience for others that could prevent them from closing their personal loan request, credit card application, or other financial products they need. Signing can be the most stressful part of the process. As customers near closing, potential buyer's remorse can come up. Having barriers during this crucial part of the process is an extra roadblock. A roadblock that not every customer is able to overcome. By empowering your customers to self-serve, you’ll support your digitally native borrowers throughout your community.

Enhance your lending services

Enter MK Decision’s SecureSign–a post-application, digital signature capture that eliminates the need for in-person closing appointments and mailing wet signatures. By giving your customers the freedom to sign at their leisure, you open up a new door to customer acquisition and loyalty. With our smooth, e-sign process, you can embed signatures in your application workflows or follow up over email with a link to sign. Gather signatures for retail installment contracts, credit card terms and conditions, different loan types, and more. It’s convenient. It’s secure. It’s white label.

Safe and secure

Built with security in mind, SecureSign sends customers an email link which requires two-factor authentication before presenting their individualized terms. Once authenticated, customers scroll through the disclosures and click to sign at the bottom. It’s simple, intuitive, and works on 400+ devices. This maximizes data protection while letting your customers sign at ease.

Convenient and streamlined

With embedded electronic signatures, customers are able to sign your terms at the end of their application and complete their loan request in one fell swoop. Providing fast, user-friendly processes increases customer satisfaction and ultimately, customer acquisition, because borrowers can get their applications done immediately. Embedding signatures removes the back-and-forth between you and your customers, allowing applications to be processed much quicker. This speed saves a tremendous amount of time and money for all parties involved. Together, eliminating shipping fees and customers signing from the comfort of their own home is priceless.

Branded to you

Ensure a branded customer experience from application to closing. Unlike most third-party e-signature vendors, our solution is configured to your logo, color schemes, and more. In fact, our entire product suite is white label. Your financial institution can deploy a consistent web presence and save money in doing so because you no longer need a third-party vendor for each step of the loan origination process.

Sharpen your customer onboarding experience with mobile responsive e-signatures. Lower the barrier between your customers and finalizing the loan agreement. Go green with paperless signatures and open up your market to community members like Annamae Johnson. Want to explore how financial institutions like you are using this product? Check out our new SecureSign page, or read our news releases with ICBA Bancard and Bankers’ Bank.