Increase Close Rates, Efficiencies and Member Satisfaction with Electronic Signatures November 29, 2010 Matt Willis DocuSign, Inc.
Today’s Lending Environment • Increased demand for consumer security and process control • Increased demand for fully documented loans, added restrictions (Reg Z) • Consumer pressure to be more efficient • Increased focus on greenbusiness practices • Business requirement to be more efficient
Not Automated – Documented Business Transactions • Auto/Boat/RV Loan • Mortgage Loans • Direct Deposit Payroll Change • “Quick Switch” Programs • Account Opening • Real Estate Modification “Paper Speed Bump”
The Problem with Paper • Slows transactions • Creates errors • Lack of visibility and control • Form data needs to be re-keyed • Fax degrades document quality • Consumer data can be lost • Overnight shipping fees have doubled • ... It is not very ‘green’! Just live with it?
Top Questions Concerning eSignatures • Is it legal? • How does the signature get in there? • How do you know who signed? • Will it work with MY documents? • Who ELSE is doing this?
Is It Legal? • Electronic Signature: “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.” • Enforceability: “A record cannot be denied legal effect or validity solely on the basis that it is electronic.”
How Do I Know Who Signed? Witness High value or high potential for fraud Phone Based Auth Knowledge Based Authentication (KBA) One Time Password Low value or low potential for fraud Email Validation DocuSign Provides Several Authentication levels
Will It Work with MY Documents? Yes! Print into DocuSign from any Application Upload any Document into DocuSign Convert Forms to ‘PowerForms’ • Over MS Windows 50,000 applications • Key for loan application systems
Will It Work with MY Documents? Yes! Print into DocuSign from any Application Upload any Document into DocuSign Convert Forms to ‘PowerForms’ • Upload most file formats: • PDF • MS Word, Excel, PowerPoint • Fax files, image files, etc.
Will It Work with MY Documents? Yes! Print into DocuSign from any Application Upload any Document into DocuSign Convert Forms to ‘PowerForms’ • Convert any PDF in to a PowerForm • Embed into any website • Enables user-driven ‘Fill out and sign’
Mobile Signing and Tracking We support iPhone, iPad, Android, BlackBerry and more… “Paperless transactions are the future. We chose to partner with DocuSign because they’re a leader in eSignature technology in terms of security, product quality and functionality.” —SVP, California
DocuSign is the Recognized Leader • Salesforce.com • Selected DocuSign as the best platform for cloud transactions • National Association of Realtors • Named DocuSign as the Exclusive Electronic Signature Provider to the US Residential Real Estate Market • Forrester Research • Named DocuSign as the clear leader in SaaS electronic signature services • The US Congress • Congressional Resolution 290 recognized June 30 as National ESIGN Day—coalition led by DocuSign
DocuSign Today – Clear Leader Over 7M Active Signers 120M Signing Events 30,000+ Customers SAS 70 Certified Business Most Comprehensive Solution 100+ Credit Unions processing thousands of transactions per month
The World is DocuSigning Fortune 500 Foreign Owned Customers that Selected and use DocuSign Today Other Notable Companies that Selected and use DocuSign Today
What Are They Saying? Error Reduction "Before, if you were missing a signature on a document, you had to send it back. That's the joy of DocuSign. The member signs and initials it exactly where they have to—and it's not finished until they do. You'll never get a packet back with a missing signature." Tulsa Teachers Credit Union
What Are They Saying? Increased Transaction Speed “Some members complete their loan documents before they even get off the phone with lending staff. Plus, we are able to process a greater volume of loan modifications, which would not have been possible before DocuSign." Bellco Credit Union
What Are They Saying? Increased Revenue Potential "Getting the loan on the books, based on your average loan size, just a day earlier pays for the DocuSign service. For example, a member takes out a $15,000 loan at 6% accruing interest at $2.64/day. Getting that loan on the books in one day versus 10 creates additional value to the credit union and more than pays for the DocuSign service.” Tulsa Teachers Credit Union
What Are Members Saying? • Background • Client since March 2010, and is one of the Top 10 in the US in terms of size (assets) • Moving to closed-end lending, implemented DocuSign to improve member experience and improve loan closure rate • Sent out survey to member who had recently signed their first document via DocuSign
Credit Union Member Survey Results “We chose DocuSign after vetting a number of competitors that simply didn’t measure up. DocuSign was clearly the most efficient, user-friendly way to transact the loan e-signing process,” —SVP, Illinois
Q&A • Decreases the time it takes to process a loan • Clearly authenticates the signers • Eliminates the need to re-key data • Lowers the cost of processing a loan • Secures sensitive financial data • Works with web, call center, or branch transactions • Dramatically reduces the member ‘hassle factor’