Knoxville Teachers Federal Credit Union's recent decision to add a remote electronic signature module to allow real-time loan-document signing online is already receiving a passing grade from its members.
The $206 million credit union, which serves Knox County, Tenn. and the surrounding area, finds itself in an increasingly competitive market with a limited membership pool. Because of this, the credit union's digital strategy is a top priority.
"We're a very old fashioned, closed-membership credit union. We're really an anachronism. There are very few non-community credit unions around that I'm aware of. So, what we have is a very small pond to fish in. We have our chartered field of membership – educators and school employees," David Underwood, treasurer/manager for the credit union, said.
KTFCU encourages members to stop by to fulfill their banking needs at any of its 11 offices, but also prioritizes making remote tools available for members with an emphasis on offering innovative services.
In July, KTFCU expanded its current eSign platform from Rahway, N.J.-based IMM by adding a remote e-signature module. Adding this remote capability was part of KTFCU's member strategy. Underwood held the credit union was looking for that last piece to provide an end-to-end loan application means so members did not have to leave school or wherever they happen to be working. "It is fully accessible from a remote location without having to come in."
Teachers can now close on loans from anywhere including their breaks at school using a computer in the library or from their phone in the lounge.
The remote loan capability was an immediate hit. Underwood noted, "We were successfully processing and closing loans remotely the first day of implementation, which truly elevates the member experience."
Michael Ball, VP markets and strategy for IMM, said the eSign platform integrates with a credit union's existing business applications. With IMM eSign, the credit union also reduced traditional transaction completion and lag times by automating many of its unwieldly paper-based business processes.
John Levy, executive vice president of IMM, stated, "Credit unions like Knoxville Teachers FCU have seen immediate ROI from implementing the remote e-signature module." The entire loan application process can be completed digitally."
Read the full article in the Sept. 20 edition of CUTimes.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
