Case Study-Arizona Federal Credit Union - DocuSign - arizona federal credit union jobs

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CASE STUDY
DocuSign helps Arizona Federal Credit Union accelerate
loan processing
DocuSign reduces AFCU loan processing time by 90%
Summary
Arizona Federal Credit Union is a federally insured $1.5 billion,
125,000 member, credit union headquartered in Phoenix, Arizona.
It strives to exceed the financial needs of its members by providing
a variety of financial services in a secure, timely and competitive
business culture. "Our vision is to empower members to take hold of
their financial future; our goal is to empower them and make sure
that they have financial expertise in order to create mutual benefit for
them and ourselves," says Digital Banking Manager Jesus Islas.
The Challenge
A few years ago, Arizona Federal Credit Union recognized the need
for an eSignature solution that was also mobile friendly. They could
see what customers wanted and what it would take to stay relevant
in an increasingly digital world. "You have to have a way for members
to sign in their home. They're going to go to the business that offers
that. They're not going to take the time to go to your branch to sign a
loan when a competitor is offering eSignature," says Islas
The traditional paper-based loan process had become outdated.
Not only was there a lot of paper to manage, but signatures were
missed, forms were improperly filled out, and the time and effort
it took customers to go through the paper process had become
burdensome. "Our members would have to come into a branch, and
that meant scheduling an appointment just to sign a piece of paper.
Then we would have to scan it and send it to our secure file service,"
Islas describes.
Customer satisfaction was another key component in the need for a
mobile eSignature solution. It was simply too time consuming and too
difficult for customers to travel to a branch office to begin the loan
Results Achieved
Able to provide a mobile banking solution to its members
Loan disbursal (disclosures) times reduced by 95% from up to one hour to as few as five minutes
Improved security for sensitive personal and financial information
process. "We noticed that people are working at the same time
we are open. In order to schedule them to come in, they either
have to take off work, come in early, or come in late. It wasn't "Previously, a loan signing would take up to
delivering the level of service we wanted to provide for our an hour. Now, we're down to 5 minutes with
members," concludes Islas. DocuSign."
Solution - Jesus Islas,
Convenience, relevance in the business world, and security were
key challenges that had to be met, and Arizona Federal Credit Digital Banking Manager, Arizona Federal Credit Union
Union knew right where to go. "We chose DocuSign because they
were the best fit for our needs. They still are," Islas says. but it is none-the-less essential. Arizona Federal Credit Union
Obviously, financial transactions involve sensitive personal thinks DocuSign helps provide the kind of excellence in customer
information. While Arizona Federal Credit Union wanted to service that they aspire to provide. "We are heavily focused on
provide top quality service and convenience, security of sensitive mutual benefit. We are thrilled that we made the investment in
documents was essential, and that was another reason for DocuSign's eSignature platform, and now provide our members the
DocuSign. "We chose DocuSign because their solution was the solution to sign at home," says Islas. "Our members love it. We love
easiest to roll out, and the easiest to scale in a secure manner for
our members and for ourselves," says Islas. it. It makes it easy for both of us," he says.
A typical loan took a long time to complete in a paper-based From Arizona Federal Credit Union's perspective, everybody wins
process. Once inside a branch office, the application and disbursal when a loan is successfully completed. The member gets their
process could easily take several hours. DocuSign was the perfect funds faster. And the Credit Union succeeds. That process is
solution. "A member can sign on their phone. The email pops up dramatically improved thanks to DocuSign's eSignature solution.
right then and there, whether they're at work, at the park, or on "Previously, a loan signing would take up to an hour. Now, we're
vacation," says Islas. "They open it up and they just sign, send, down to 5 minutes with DocuSign," boasts Islas. That's up to a 90%
and we're good. And it's easy to view for them, and it's easy to
view for us. We love DocuSign's mobile solution. We think mobile reduction in cycle time.
is the future and the present, and we're just so happy to have a Security was another consideration, and Islas says DocuSign
platform that does that for us," he concludes. provides superior results. "DocuSign provides the best security
Security and management of loan documents were two other platform, in my opinion, since everything has audit logs. Everything
aspects of the process where Arizona Federal Credit Union saw an is very secure. And you get to set the amount of security that you
opportunity for improvement. And the digital solution needed to wish to set for the member for verification purposes," he adds.
be easy to adopt. "DocuSign is very easily integrated into our loan
system now. We simply send the documents with an access code. DocuSign is also helping Arizona Federal Credit Union run a more
We ask the customer knowledge-based authentication questions efficient business as well. "With roughly 15,000 loans closed every
for security. The documents are then signed. Once signed, the year through the DocuSign platform - we feel that just through the
system recognizes that and we get a notification. We fund the man hours required, we have saved at least three to four full-time
loan, give them the money, and then all the documents are
securely transported to our document portal," describes Islas. positions in just that direct return on investment, explains Islas.
Results
There are additional use cases in the works for Arizona Federal
Customer satisfaction is recognized by most businesses as a critical Credit Union, but Islas sums it up like this: "DocuSign helps us
part of success. It can be difficult to quantify in tangible numbers, come to agreement faster by providing an in-home mobile signing
solution."
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