IMM, a pioneer of integrated eSignature, workflow and document solutions for the modern business enterprise, announced today that $3.4 billion Lake City Bank will implement a complete eSignature environment to support both in-person and remote signing events.
The Indiana-based institution deployed branch capture more than 10 years ago, eliminating paper checks moving from branches to central operations. However, the process did not automate the passage of signature cards and documents associated with new accounts or loan relationships. With IMM’s eSignature technology, the bank can offer both in-branch and remote signing options for customers to complete forms at a time and location convenient for them. The ability to capture additional signatures remotely will ease and expedite on boarding new customers, eliminating the use of paper enterprise-wide as well as reducing the need for courier services.
Angie Ritchey, senior vice president and operations/technology manager, said, “Providing customers with services that help them fit banking into their already busy lives is a key measure to satisfy and ultimately retain them. We understand that it is not generally convenient for all parties to come into a branch for simple signatures and, that at other times, the individual would prefer to be with us on site. IMM is helping us provide channel options, making each transaction all about the customer’s specific needs.”
Lake City Bank will apply remote eSignatures to consumer and mortgage loan origination documents, as well as utilize them for treasury management to more easily capture signatures on contracts for new commercial customers, which can have up to six amendments requiring different signatures. The bank will also use eSignatures internally to on board new employees more quickly, sending documents electronically through various approval channels prior to adding the individual into its network and granting user access.
IMM’s comprehensive eSignature platform, TotaleAtlas, enables financial institution consumers the option to sign documents where and when they choose, not being restricted by a branch footprint or traditional operating hours. Comprehensive audit logs capture and record all relevant aspects of the electronic transactions, such as the date and time, for eSignature legality and enforceability. TotaleAtlas is integrated with other business applications on both the front and back end of the electronic transaction, making eSignature adoption seamless across the enterprise.
“It is exciting to see an institution like Lake City Bank deploying an enterprise eSignature solution that touches all areas of the bank,” said John Levy, IMM executive vice president and ESRA (Electronic Signature & Records Association) board member. “Providing channel options for eSignature allows customers to virtually do business anywhere, anytime while reducing the bank’s operating costs by eliminating costly paper centric processes.”