By Roy W. Urrico
“Improving the consumer experience” may be the most used mantra in today’s financial services lexicon but cost savings, efficiencies, and regulatory compliance need to be closely aligned with it in order for any new process to work. Teachers Credit Union ($ 630-million in assets), based in Hamilton, Ontario, Canada, achieved all of the above when it implemented Silanis’ service e-SignLive™ in order to provide online members the capability to electronically sign for short-term loans.
Teachers Credit Union has seven locations, predominately covering the Hamilton-Niagara area in Southern Ontario, a call center and a virtual branch. With online banking extending the financial institution’s reach, the credit union needed to provide members with a more expedient process to secure loans. “Our virtual channel is predominantly lending products,” says Kathy Clark, vice president of sales, service and operations with Teachers Credit Union. “It did not make it convenient for our members to deal with us. We had to look for a way to bridge that gap and make the member experience better.”