The Virtual Bank Is Now a Reality

Rahim Kaba, October 2, 2014
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The promise of the "virtual bank" has been forthcoming for years. While online banks have been around for a over a decade, customers have had to enter a physical branch to manually sign documents or e-sign on a signature pad. Think about your last interaction with a bank or credit union – how seamless was the onboarding process? For busy students, professionals and business owners, visiting a branch to simply sign paperwork is a major inconvenience.

OneSpans Enablement of Virtual Banking

The new OneSpan "Use Your Own Device" (UYOD) Mobile Signature Capture feature is the latest e-signature innovation from OneSpan that makes the virtual bank a reality. By enabling banks, credit unions and other financial institutions to transform their customers’ mobile devices into a signature capture pad, transactions that require handwritten signatures can now be completed securely at home, in the office or just about anywhere. UYOD mobile signature solves a major challenge in the financial services industry by equipping organizations with the ability to onboard new customers completely online. What’s more, it provides additional opportunities to attract and retain customers who are increasingly mobile savvy and demand more convenient online experiences from their financial service providers.

Account openings – 100% online

Consider an existing customer at a bank who wants to open a new checking account from home. When using a personal mobile device to sign, the workflow is simple. Let’s walk through the steps together (click on the images to enlarge).

step1 1. Using a PC or laptop, the customer logs in to the online banking portal and clicks to open a new account.
step2 2. The ESIGN Consent Disclosure is displayed and the customer is asked to consent to the use of electronic signatures and records.
step3 3. A New Account Agreement is then displayed. The customer enters any information that is not already pre-populated. The customer then clicks to start the signing process.
UYOD Capture 4. When the customer is ready to sign, an email is sent to their phone. The email contains instructions and a link, which opens a signature capture window on the phone.
step5 5. Using a stylus or fingertip, the customer draws their signature on the phone’s touchscreen.
step6 6. The customer then returns to their PC or laptop to complete the signing process. The customer confirms their intent to sign and the e-signed application is digitally submitted to the bank for processing.
step7 7. Once the process is completed, customers can download secure copies of the final e-signed record to their system. Or, the e-signed documents can be made available through the online banking portal.

 

Banker's Guide to Electronic Signature

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 Virtual Bank: The death of the branch?

Consumer banking data indicates that mobile and online users engage with banking services 29 times per month versus branch customers who engage only twice a month. Is this the end of the branch as we know it today? It’s too early to tell, but the bank of the future will definitely look less like today’s traditional bank. When was the last you walked into a video/DVD rental shop? Exactly. The "Use Your Own Device" Mobile Signature Capture feature is now available at OneSpan.