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If you could close business 50% faster than your competitors, how would that change your world?

By Robert Al-Jaar on April 16th, 2010

That’s what Signature Mortgage expects to do by using LotusLive with new integrated e-signing capabilities. Earlier this week Silanis announced how this small regional lender based in Cantin, Ohio plans to use our e-SignLive online e-signature services for LotusLive to improve customer service and compete with large national players. By eliminating manual, paper-based processing, Signature Mortgage will be able to complete customer applications within 24 hours compared to its current 7-day track record. What’s more, the lender expects to close mortgages in two weeks versus the typical 30 to 45 days their customers have experienced with some of the larger players. A real competitive advantage indeed!

Why you soon won’t be able to do business without e-signatures.

Now I realize that I’m very biased with regards to the value provided by e-SignLive. I truly believe that integrating electronic signing capabilities within LotusLive will bring Collaborative e-Commerce to the masses by making this highly sophisticated, online platform affordable to both small and large players. And having assisted some of the world’s largest organizations including the US Army to implement Silanis’ on-premise e-signature solutions, I know what impact e-signatures have on the bottom line. So I cannot overstate their value enough.

The real-world, return-on-investment is mind-boggling.

The competitive advantage that Silanis’ electronic signatures have provided to our enterprise clients across insurance, financial services, government, and other industries have surpassed their original expectations (and frankly, why most of them won’t go on the record). But I can share these real-world figures with you:

• The US Army’s enterprise deployment of e-forms and e-signatures is expected to generate $1.3 billion in yearly hard-cost savings once fully deployed

• A top 10 P&C insurer now completes new customer applications in 10 days vs. 52 days

• Another Top 10 P&C carrier has avoided over 20 costly court cases thanks to stronger contract evidence

• A Top 10 US Bank expects to decrease lending risks by 50% when e-signatures are added to its loan applications

• Another insurer expects to reduce not-in-good order (NIGO) applications by 75% when e-signatures are added to its e-application

• Stewart Title, a top 5 U.S. title company, has reduced the time to close mortgages from 90 minutes to 15 minutes

You can’t imagine doing business without e-mail. E-signatures will have the same impact.

Just like you can’t imagine having to run around to photocopy and hand-deliver memos to your co-workers, or courier simple business documents to your customers, partners or suppliers, one day soon you won’t be able to do business without electronic signatures. In the weeks to come, I will share my insights with regards to why eliminating manual, paper-based signing touches so many ancillary processes and areas of an organization, and the tremendous impact this has on the bottom line.

In the meantime, I’d like to hear from you.

Where do your business processes break down and fall to paper? How would staying electronic benefit your organizations? What problems would be eliminated?

Categories: Business Tips, Customer Stories, Industry Insights

Tags: Collaborative e-Commerce, e-SignLive, Electronic Signatures, Signature Mortgage, Silanis, Stewart Title, US Army

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