The growing momentum for e-signatures in the banking and lending sectors is largely due to customer-facing business transformation initiatives and tightening regulatory and legislative requirements.
Montreal, QC (PRWEB) January 25, 2012
Silanis, the leader in enterprise electronic signature solutions with the largest e-signature deployments, announces that several strategic wins throughout 2011 confirm the company is the number one e-signature choice for banks and lenders.
Four of North America’s top 10 banks, as measured by assets, have now standardized on Silanis e-Sign Enterprise™ across multiple lines of business, with three becoming customers in the last nine months of the year. They join many other top lenders and captive financers for auto, heavy equipment and student lending, including BMW Group Financial Services, who use Silanis for their enterprise e-signing needs.
These leading institutions have entrusted e-signing of their core customer transactions to Silanis. As a single platform for multi-channel enterprise needs, Silanis’ e-signature solution now processes hundreds of millions of transactions annually through various channels, including in-branch, call center, field representative and online.
“The growing momentum for e-signatures in the banking and lending sectors is largely due to customer-facing business transformation initiatives and tightening regulatory and legislative requirements,” said Tommy Petrogiannis, Silanis CEO and co-founder. “Consumers expect banks to transact in any channel with speed and efficiency, and e-signatures are the key to transforming customer experience. The challenge is creating a better experience without introducing risk.”
E-signatures – and more specifically, enterprise-class e-signatures – help mitigate risk by providing substantially more evidence than paper, recording the web screens presented during a transaction and capturing a record of all actions taken by a signer.
Banks are therefore certifying and evaluating e-signatures based on enterprise requirements – primarily the ability to scale across different lines of business and adopt a consistent approach across all transactions. The Silanis e-signature platform is a true enterprise solution for financial services in that it offers a flexible e-signature framework to support the unique requirements of individual lines of business and processes. The solution manages e-signature transactions from end to end, scales to massive volumes, integrates with existing systems, and provides strong legal evidence in the event of a customer dispute.
Silanis is the only enterprise e-signature choice for financial services organizations, as evidenced by the following:
- Deepest experience with top-tier banks and lenders: Four of North America’s 10 largest banks have standardized enterprise-wide on Silanis, whose total financial services customer base has combined assets of more than US$4.5 trillion.
- Highest volume of transactions processed: Silanis customers are using e-Sign Enterprise to process hundreds of millions of documents annually. One customer alone uses Silanis to electronically process over 10 million documents for new account openings per year and an average 40,000 retail transactions per day.
- Largest deployments of e-signatures: The single largest implementation of e-signatures for consumer and small business loans in North America is powered by Silanis.
- Most financial products signed: Silanis’ solutions are being used to automate the broadest range of customer transactions, including disclosures; consumer, small business, auto and student loans; account openings; consumer and merchant credit retail contracts; wealth management products; and more.
- Strongest electronic evidence: The electronic evidence captured by Silanis’ patented Process Reviewer™ has saved customers millions of dollars in litigation costs, and helped them avoid costly penalties and settlements. Document and process-level evidence help reliably re-create the details of a transaction and how a document was e-signed.
- Proven ROI: Organizations with an enterprise strategy for e-signatures, e-documents and e-transactions are gaining real results, rapid ROI and competitive advantage, while lowering total cost of ownership. Some highlights:
1) Consumer Loans: For consumer and small business loan applications, one leading bank used Silanis e-signatures to automate the processing of 2,000+ loans per day, reducing loan exceptions by 90% and redeploying more than 95,000 hours of bankers’ time for sales activities rather than chasing paper.
2) Mortgage Applications: For mortgage applications, one lender used Silanis’ online signatures to reduce the loan application process from a week to 24 hours; now over 90% of their loans are completed electronically and they have increased loan volume by 34%.
3) Student Loans: A leading student loan authority reduced loan approvals from an average 10 days to mere hours. They experienced a 99% adoption rate online, fixed abandonment rates and became more competitive – while remaining paperless from the initial application to the e-vaulting of promissory notes.
4) Retail Contracting: A leading global payments provider chose Silanis to shorten the time to process merchant contracts from four weeks down to hours, thereby getting new merchants set up and transacting faster. In the competitive credit services industry, closing new merchants quickly is a priority.
5) Disclosures: For many bank processes, the secure delivery of e-disclosures has become an underpinning e-signature application area because of regulations such as the RESPA72-hour requirement. Silanis equips financial institutions to meet regulatory requirements for secure e-disclosure delivery.
Silanis is the most widely used e-signature solution in the world, processing over 600 million documents annually. Since the company was founded in 1992, our solutions have strengthened the business processes of thousands of organizations, including four of the top 10 North American banks, eight of the top 10 insurance companies and the entire US Army, among others. Companies and government organizations around the globe depend on Silanis to accelerate business transactions, improve customer experience and reduce costs while improving compliance with legal and regulatory requirements. Silanis’ on-premise, cloud and SaaS e-signature solutions eliminate manual, paper-based processing and enable e-commerce and e-government transactions to be electronically executed from start to finish.