No More Abandonment!
Since 2000, banks and credit unions have successfully launched and refined their online loan application experience. These refinements focused on digitizing paper-based processes. But despite all of these refinements, loan disbursements still took up to 48 hours to deposit funds into customer accounts. This is because customers still had to find a branch to sign those documents as well as present identification for compliance verification purposes. This resulted in a finance abandonment rate of 79.3% in 2016.
The next refinement for lenders will be to further improve the time required for approvals and loan disbursements. This can be done by reducing the of amount information requested on online forms, improving the speed of credit checks and identity verifications required for compliance purposes.
A 2016 Federal Reserve survey of traditional banks showed that 45% of respondents complained of long waits for a credit decision, and 42% felt the application process was difficult. However, when it came to online lenders, only 17% complained about long waits for credit decisions and only 26% thought the process was difficult.
VideoSign provides a secure online meeting environment where the entire sales process can be conducted including real-time document signing. This significantly reduces the rate of abandonment as customers can get a decision and finish the process quickly. Online business deals can now be presented, reviewed, and signed all within the same virtual meeting. VideoSign also creates an audit trail of the entire meeting interaction, parties present in the meeting and automatically creates documentation of those events and appends that documentation to the meeting recording. VideoSign effectively reduces your abandonment and compliance issues.
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