CU*Answers Imaging Solutions has partnered with eDOC Innovations and Virtual Strongbox to hold contests to create a friendly competition between credit unions utilizing their products to encourage them to adopt a culture Internet Retailing with members. This involves eSigning documents with members, closing loans remotely and exchanging documents in member’s virtual strongboxes available in online banking. There is $23,000 in prize money available in 5 separate contests.
The contest period began October 1, 2017 and runs a full year ending on September 30, 2018. With the contests well underway over 100,000 documents have been electronically signed by members remotely. John Beauchamp, CU*Answers VP of Imaging Solutions said: “When the contest originally started I was really surprised to see some credit unions are doing most if not all of their loans electronically.” As for the contests results thus far, he said it’s apparent that culture wins. “The credit unions in the lead are the ones that have adopted these tactics as a part of what they do every day and not an exception to what they do. We have one credit union that has completed 100% of their loans for the entire contest thus far via eSignature. That’s an internet retailer!”