Why Aren’t More Banks Using E-Signatures?
John Fraser from U.S. Bank (far right) recently spoke at Silanis' E-Signature Summit in NYC.[/caption] There is an obvious interest in e-signatures from banks, credit unions and other lending institutions – the proof point is in the hundreds of registrants that attended this past week’s webcast with John Fraser, Vice President of Technology and Operations Services at U.S. Bank. John stated, "Sharing our experiences helps move our industry and e-signature forward while benefiting our customers." It was truly an "ah-HA" moment for the crowd that one of their own could offer details into their experience with e-signatures in the hopes of empowering other organizations to succeed.
John offered some advice based on U.S. Bank’s e-signature implementation:
- Start small to go big. While U.S. Bank’s rollout covered more than 3000 branches, John’s advice was regardless of your size, don’t be afraid to start small and scale over time.
- Know your workflow. John advised that when you start, make sure you know the workflow of the business process to avoid oversizing your infrastructure and to future-proof your investment.
- Consider the entire technology infrastructure. As one of the first banks to implement e-signatures within a large branch network, John quickly realized e-signatures were only part of the technology infrastructure needed to create 100 percent electronic processes. Consider that U.S. Bank created a number of document templates, upped storage needs into the terabytes and increased its number of dual core application servers.
- Your business informs your deployment. When deciding which deployment method is best, John advised to consider whether the bank is interfacing with customers outside or inside the bank, the systems with which the e-signature solution will interface, and ultimately the volume of transactions. Also, consider whether these systems are already SaaS or on-premise.
With customers like John Fraser of U.S. Bank sharing their experiences and helping other organizations take clear steps towards improving aspects of their business like customer experience, I am optimistic banks and credit unions of all sizes will start to adopt e-signatures. To learn more about the benefits U.S. Bank achieved with e-signatures, download a case study written by analyst firm OMBUD.
To learn more about e-signatures for banking, download our Electronic Signatures for Banking Beginner’s Guide.