￼E- SIGNATURES : BY JOHN HARRIS, SENIOR VICE PRESIDENT OF PRODUCT MANAGEMENT AT SIGNIX
3 E-Signature Takeaways for Credit Unions
Has your credit union’s growth prompted you to consider incorporating e-signatures to deal with the mounting paperwork? If so, you’re not alone, but there are three key things to keep in mind before your CU implements an electronic signature strategy as part of its business model.
According to recent figures released by the National Credit Union Administration, in 2014, loan growth at federal credit unions increased at its highest rate since 2005, with $712.3 billion in loans generated last year. These federally insured credit unions also added an impressive three million new members in 2014.
This positive trend is encouraging news for the credit union industry, which has long been forced to compete with the mammoth marketing presence of big banks. Yet with growth comes growing pains, especially when it comes to all the resources credit unions must devote to processing the ever-increasing number of member applications and loan agreements.