In July, KTFCU expanded its current eSign platform from the Rahway, N.J.-based IMM by adding a remote e-signature module. Adding this remote capability was part of KTFCU's member strategy. Underwood said the credit union was looking for that last piece to provide an end-to-end loan application component 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.” Overall the member response has been very positive with 100% acceptance from those offered the solution. KTFCU now closes more than 25% of its loans remotely.

“We are just scratching the surface of what we can do with this functionality and only expect it to grow every month, which will give us richer and deeper engagement with our members,” Underwood said.

Knoxville schools reopen in August with a flurry of new member activity extending from July through September. “We have a fairly good-sized school system here and there's a fair amount of turnover every year,” Underwood stated. “When we go to those orientation meetings and pitch our credit union, we call ourselves 'One of the best fringe benefits of teaching.'”

Offering members the opportunity to sign for loans remotely allows KTFCU to capture or retain loans that might have gone somewhere else. “We have a loyal membership base and value those times when people come in. Most of our folks know the members as they come in by name and their history and probably their dog's name,” Underwood emphasized. “But not everybody is able to get out of school, especially teachers, this time of year.”

In addition, there are several other community-based credit unions and banks in the area, as well as the larger, regional financial institutions they compete with daily.

Michael Ball, VP of markets and strategy for IMM, said the eSign platform integrates with a credit union's existing business applications. For KTFCU, the e-signature platform works with its core business system, Fiserv's XP2, as well as its online loan application and loan origination systems.

With IMM eSign, the credit union also reduced traditional transaction completion and lag times by automating many of its unwieldly paper-based business processes. Ball explained eSign allows the credit union to take any document essentially coming from any system, maintain that document in an electronic format, and move it through a managed and controlled e-signature session.

The documents are all viewed and signed electronically, in person, or however best fits the member's needs. At the end of the session IMM eSign pushes the documents fully indexed into the credit unions' imaging or ECM platform for permanent archiving.

The electronic format also streamlines back-office processes, Ball noted. “They don't have to manage paper documents or try to secure the information on them. We facilitate an end-to-end, totally electronic transaction, eliminating the need to print paper anywhere along this cycle. And by doing this they start to see benefits across the credit union and efficiencies for transactions. It really provides a multifaceted value proposition,” Ball pointed out.

Ball explained it also assists in the compliance areas as KTFCU retains full audit logs generated for each session making the documents legally enforceable and to assist with regulations.

IMM eSign creates different forms of signatures. “One is based upon the integration from the business application to our platform. We know the signing parties and we automatically generate a pseudo signature,” Ball maintained. The member authorizes the document by clicking in the signature field using click-to-sign technology. “We also have the ability to use a traditional signature pad for a touch device like an iPad or a touch monitor where the member, using their finger or a stylus, creates a digital representation of their actual signature.”

Those options are available with the eSign platform and a credit union like Knoxville Teachers can choose whichever methodology they prefer for their implementation.

“It takes data that our core puts out and lets us merge it into documents,” Underwood said. Not only loan documents but promissory notes, truth-in-lending disclosures, ACH stop payments, and wire authorization forms. “Anything that you can think of if it can capture and present it to for signature.”

IMM characterizes eSign as a premise-based solution that credit unions can install inside their data or processing center where they control and manage that application. “And yes, we also have a hybrid aspect to it,” Ball emphasized. The remote service integrates with Adobe's Cloud service, which facilitates the transaction in a secure and compliant manner. Ball noted once completing the remote signing, the document travels back to their premise-based space server where IMM eSign continues the downstream processing of the session itself. “So, we're starting to call it a hybrid model, but we're doing that carefully right now by listing it as a premise-based model.”

John Levy, EVP for 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.” Levy added this contributes significantly to the credit union's digital strategy, and drives an enhanced member experience as well as operational efficiencies. We are excited to continue our nearly 15-year partnership with Knoxville Teachers FCU and support their business with modern solutions that meet competitive market demands.”

Underwood said another benefit is the credit union does not have to wait or coordinate with the member to seal the deal. “It does allow us to move more quickly. The big selling point for us is making it convenient and easy for the member.”

The credit union challenges its team to constantly ask the question, “Why should I join KTFCU?” IMM helped answer that question through the remote e-signature service. “For our members, who happen to be teachers, this is a crucial time-saving service. For us, we can expand our presence within the community, meeting market demand while reducing the need to increase physical locations. Now the branch location is wherever you are,” Underwood said.