The bank has maintained a sophisticated HSA program on the consumer side for years, and with IMM's Document Exchange can now also support business customers in their healthcare planning.

The bank-to-business HSA enrollment process requires the simultaneous processing of large groups of employees. Since many organizations change health plans seasonally at yearend, quickly opening HSA accounts for high deductible plans is critical for employers to put in their contributions for January. IMM's Document Exchange allows Avidia Bank to eliminate latency in a traditionally paper-intensive process and expedite the rate at which accounts are opened, fulfilling expectations of both employers and health benefit administrators.

Bob Conery, COO and EVP, Avidia Bank, explained, "HSA enrollment is typically cumbersome and has been a resource drain on employees, employers and health benefit administrators. IMM has given us a method for executing (eSigning) and delivering completed forms more efficiently, and opened an entirely new market via a scalable solution and without incurring huge overhead."

Document Exchange is a device- and browser-agnostic solution for remote document signing, and helped Avidia Bank identify and provide a solution for common pain points in healthcare enrollment related activities. Business customers have unique constraints and do not want to fill out forms in person; neither do employer groups or health benefit administrators want all of that paper. IMM's eSignature solution gives Avidia Bank a beginning-to-end electronic process to accommodate large volume employers during HSA enrollment, a feat the bank previously deemed unsustainable and very costly. The bank is saving seven to 10 full-time employee equivalents by deploying Document Exchange. Conery added that the bank will eventually emulate the automation of HSA enrollment in other retail and commercial channels.

"It has been emphasized under the Affordable Care Act that insurance carriers, healthcare providers and the like find ways to reduce overhead and avoid passing costs onto consumers," said John Levy, IMM EVP and ESRA (Electronic Signature & Records Association) board member. "The electronic processing of document workflows responds to that call by automating back office functions to create new efficiencies. More institutions should look to Avidia Bank for how significantly eSignatures can transform a single process, and influence new market opportunities for growth."

Powered by Adobe® EchoSign®, the electronic signatures and associated completed business documents generated within Document Exchange are fully compliant and legally enforceable. IMM is integrated with the major financial services core and lending/deposit systems as well as ECM/imaging systems to provide the financial industry with a comprehensive electronic document solution.