DocuSign Presentation CUNA Lending Council · DocuSign Presentation CUNA Lending Council Greg E. Cook Georgia’s Own Credit Union Atlanta, GA November 2013 . Mission: Member’s

DocuSign Presentation CUNA Lending Council

Greg E. Cook

Georgia’s Own Credit Union Atlanta, GA

November 2013

Mission: Member’s Prosperity

Vision: Member’s First Choice

• 173,786 Members

• 400 + Employees

• $1.78 Billion in Assets

• 23 Branch Offices

• HQ: Midtown - Atlanta, GA

Brand Awareness

Lending Snapshot Mortgage Loan Products:

1st Mortgages

2nd Mortgages

Home Equity Lines of Credit

Consumer Loans Products: Personal: Credit Builder, Lines of Credit, Credit Cards

Vehicle: Auto, Georgia’s Own Auto VIP Express Check

Other Vehicles: Motorcycle, Boat direct and indirect and RV.

2012 Volumes: 52,567 in total Loans for $436 Million

40,581 in Consumer Loans for $178 Million (77% of the volume)

The Opportunity

Access

Remote Service

In Branch Experience

Challenge: Forms

Determine Lending Forms Platform

• Assess Impacts

• Select Partner

• Project Scope

Challenge: E-Signatures

Potential Partners

Considerations

• Systems

• Financial Strength

• Compliance

• Bond Coverage

Key Factors

Challenge: Products

Sunset Open End Products

Equivalent Closed End Products

Create new products

Training – Product Knowledge

Challenge: Project Approach

Comprehensive Project Plan

Platforms:

• Forms

• DocuSign

• Systems

Implementation

• Testing

• Training

60 Day Project Timeline

Intuitive Member Process

Results

0

500

1000

1500

2000

Funded Loans Via DocuSign

Call Center Loans

Q1 2013 Q2 2013 Q3 2013

50%

52%

54%

56%

58%

60%

62%

64%

Q1 2013 Q2 2013 Q3 2013

% by DocuSign

% by DocuSign

Success with DocuSign

5 days

1 day

0

1

2

3

4

5

6

Without DocuSign With DocuSign

Days to Close Loans Remotely

# of Days

Member Comments

“Thank you for making it so convenient!”

“I love that I can close my loan via my iPhone.”

“You mean I don’t have to fight traffic to go to a Branch?”

Questions?

Contact Information:

Greg E. Cook

Product Manager – Lending & Insurance

Georgia’s Own Credit Union

1155 Peachtree Street Suite 100

Atlanta, GA 30309

Email: [email protected]

Office: 404-874-1166 Ext. 7191

mailto:gecook@georgia’sown.org

DocuSign Confidential

Miles Kelly, Sr. Director Industry Marketing

Agenda

Legality of eSignature

Credit Union trends and best practices

Case studies

DOCUSIGN CONFIDENTIAL 2

Evolution of a Signature

DOCUSIGN CONFIDENTIAL

Uniform Electronic Transactions Act - 1999

Response to states adopting inconsistent laws to govern

electronic records and agreements

Drafted by Uniform Law Commission (responsible for UCC)

Overlay statute that amends state laws or rules that require

“writing” or “signature”

Adopted in 47 states + DC

NC UETA enacted 2000

Electronic Signatures in Global and National Commerce Act - 2000

Federal version of UETA

Instant 50-state baseline

Consumer protections

Preemption of nonconforming state laws

What is an Electronic Signature?

An electronic signature is an “electronic sound, symbol or process,

attached to or logically associated with a contract or other record and

executed or adopted by a person with the intent to sign the record.”

(ESIGN, NCUETA)

1. Sound, symbol, process

2. Associated with record

3. Executed or Adopted

4. By a person

5. With intent to “sign”

The Keys to Enforceability


Identity

Security

How DocuSign Enables Identity


DocuSign Authentication Levels

Witness

Strong Digital Certificates

Phone Authentication

ID Check

DocuSign Credentials

Access Code

Email Validation

Authentication Options Certificate of Completion

Identity: The eSignature Difference


Paper Record

11/1/2013 8:41:12 PM EST

[email protected]

IP: 192.156.22.122

ID Proofing Options:

One Time Password

Phone Authentication

Knowledge Based Authentication

Witnessed Signing

Digital Certificate Validation

11/1/2013

Ta

mper-

pro

of conta

iner

mailto:[email protected]

Authentication options ensure the identify of the signer

Enforceability: The eSignature Difference


Image of a Signature

With Unique Digital Attributes

Signed document electronically secure and tamper-proof

Audit trail and certificate of completion

Enforces consumer consent provision of ESIGN Act

Automates document retention requirements

Supports Digital Certificates for Non-US transactions

Meets specialized rules from FDIC, FDA, HIPPA, and many others

Shows intent with support for initials, chop, data collection and

signing on the dotted line

Managed by

an ISO27001

Company

99.99% Up-time

DocuSign Confidential

Credit Union Best Practices

Industry – Consumer Experience is Driving E-Signature Adoption

Self-service is the expectation

Creates a “wow” factor when doing business

Generation X is driving technology adoption

Consumers will shop for relationships that fit their lifestyle

Time is more important to people than money

Sign electronically anywhere, at any time, on any internet-connected device

Lending organizations that don’t address these trends may end up limiting their market success

Geographic reach should not limit ability to do business

The Paper Speed-bump in your Digital Workflow

DATA

STARTS

HERE: Paper Data

DATA

ENDS

HERE: SIGN Via Paper

DIGITAL ANALOG DIGITAL

Slow transactions Too many errors Lack of visibility Re-keying of data

Lost documents or pages Poor fax readability Overnight shipping fees Lost productivity

Straight-Through Digital Processing

DATA

STARTS

HERE:

ELECTRONICALLY

SIGN

DATA

ENDS

HERE:

DIGITAL

Faster transactions No errors Complete visibility No re-keying of data

Secure documents No faxing No overnight shipping fees Higher productivity

The Opportunity


LendingHuman

Resources

Finance &

Procurement

Line of

Business

SuppliersEmployees/

CandidatesMembers Partners

The Value Journey Objective: Fully Digital


Lending Human

Resources

Finance &

Procurement

Line of

Business

SuppliersEmployees/

CandidatesMembers Partners

eSignature Transaction

Management Platform

The Efficiency Problem and Opportunity in Lending

The Problem

Printing, faxing

Shipping(multiple signers)

Compliance

Missing

signatures

Slow execution

Costly operations

Error prone

& unsecure

Poor

experience

Increase speed

to results

Delighted

members,

customers &

employees

Reduced

operating costs

Accurate & secure

transactions

DocuSign Proven in Financial Services


Banking & Credit Unions Fin Services & Leasing Insurance Escrow & Mortgage

Alliant Credit Union


• 91% of borrowers complete loan docs in under 10 minutes “DocuSign has paid for itself multiple

times over. DocuSign makes it easy

to accelerate our business and

delight our customers.”

TTCU


• Reduced turnaround time from one week to less than one day

“Getting the loan on the books earlier pays for the

DocuSign service.”

Evolve Credit Union


• Reduced turn-around time from over a week to less than a day

“DocuSign has been a great success to our Generation X and Y members as they hate paper, love the internet

and are always on the go.”

Opportunity For Credit Unions

Make Borrowing Easier “…use of the DocuSign secured service has saved me an afternoon

of driving and about $15 in gas… I would rate this new service as comparable to the innovation of the ATM for convenience and ease of use.”

Improve Operational Efficiencies Accelerated document completion, with 85% completing in the

same day

Increase Market Share Younger consumers do not share the loyalties of their parents, and

will shop for the relationships that fit their lifestyle

Go Paperless, Go Green

DocuSign Presentation CUNA Lending Council · DocuSign Presentation CUNA Lending Council Greg E. Cook Georgia’s Own Credit Union Atlanta, GA November 2013 . Mission: Member’s

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