TUNBRIDGE WELLS, England, October 15, 2014 /PRNewswire/ --
Shawbrook, the specialist savings and lending bank has adopted Bonafidee's electronic signature, (e-signature), technology. Shawbrook wanted a faster, safer and simpler way to sign their credit agreements in the consumer credit marketplace. They wanted to adopt a paperless, online process, allowing them to reduce the amount of administrative work whilst improving productivity and achieving cost savings. From start to implementation, the project took just twelve weeks enabling Shawbrook to have a real time, fully integrated e-signature and ID verification service.
Bonafidee were able to offer the criteria that Shawbrook needed which included:
- Secure and convenient e-signature technology with the ability to sign documents anytime and anywhere
- A unique multiple signee functionality, enabling more than one person to sign the same document at the same time
- An advanced signing authorisation, ensuring it was more than just a tick box for signing documents, demonstrating Bonafidee's unrivalled signing mechanism
- A full audit trail for instant document filing and retrieval
- The entire screen flow matched the look and feel of Shawbrook's website and branding.
- Enhanced ID verification, to include driving licences, passports, bank card checks, CIFAS fraud data, official UK electoral rolls and credit ratings history amongst others
Nick McAuliffe, Managing Director, Consumer Lending from Shawbrook commented "It was simple, we wanted a faster and safer way to sign credit agreements and Bonafidee met all of our rigorous requirements. By adopting Bonafidee's e-signature solution, we managed to streamline our operations and documents that used to take days to sign now take a matter of minutes. It is more secure, efficient and cost effective, whilst ensuring and maintaining compliance."
The results were overnight, firstly with an increase in customer conversions due to the instant verification of a customer's identity which in turn reduced fraud risk and there were also fewer errors made, as the electronic applications were simpler to complete and compliance approved, as an audit trail was now available for instant document filing and retrieval. An e-signature evidence pack and Bonafidee certificate are also created for each credit agreement and any attempts to edit, modify or disassemble are obvious, rendering it useless.