What Was Teachers Credit Union's Biggest E-Signature Implementation Challenge?
Last week’s webcast featuring guest presenter Kathy Clark from Teachers Credit Union outlined how this financial services organization implemented e-signatures (you can catch the recording of the event here). Kathy walked the audience, step-by-step, through the necessary due diligence and legal review the credit union’s team conducted – and she shared this information in the hopes that other credit unions might see how easy it is to implement e-signatures.
Audience members raised some interesting questions we’re sharing to further help credit unions realize the ease with which they can add e-signatures to their existing business processes. And Kathy shared her biggest challenge in getting e-signatures implemented at Teachers Credit Union. Here’s what the Q&A period looked like:
- What is Teachers Credit Union’s process for identifying signers?
- Kathy responded by saying that part of their authentication process takes place during the account opening, when the credit union obtains the customer’s email and asks several shared secret questions, like their mother’s maiden name, first high school or children’s names.
- Does a credit union need iPads in the branch to capture a signature for in-person signing?
- Andrea Masterton from Silanis responded by saying that there is no legal requirement for a hand-scripted signature to be captured as click-to-sign is equally legal, however it’s about the customer’s comfort and familiarity. If the credit union feels a hand-scripted e-signature is the best approach, they can use either a tablet, smartphone or dedicated signature pad.
- Are there any systems or important steps Teachers Credit Unions can recommend be in place before implementing e-signatures?
- Kathy gave a strong yes and explained it was important to ensure the business process being automated for electronic signing is sound and well-documented, in part to satisfy the credit union’s legal team but also to ensure their process for establishing security was comprehensive.
- What is Teachers Credit Union’s protocol for loans that involve multiple signers?
- Kathy responded that once the signing order is established, the document must be emailed to separate signers using separate email addresses, regardless of whether the customers shared an email address (for example, a married couple with a joint email account).
- What was Teachers Credit Unions’ biggest challenge to getting e-signatures in place?
- Kathy confided that while the e-signature implementation is easy to use and get up and running, it’s the time required to dedicate to the project that can be challenging. She advised credit unions identify an initial, smaller project and take baby steps with only a few users, taking the time to iron out bugs. She also mentioned staggering the launch, celebrating successes and tweaking any necessary aspects is also key.