20 years ago, the United States Congress passed the Electronic Signatures in Global and National (ESIGN) Commerce Act to regulate the use of electronic signatures in the modern business environment. Now known as “National ESIGN Day,” eDOC Innovations used the day to reflect on just how much the ESIGN Act has empowered credit unions to provide a better overall experience for their members. Since the law was enacted, eSign has become an increasingly common digital solution in the credit union industry. It is now becoming part of the new normal as credit unions adapt to changes brought on by the global pandemic.
The convenience of eSign for both credit unions and their members helps explain why such solutions are becoming more prevalent. For credit unions, the cost savings that result from using fewer supplies and improving workflow efficiencies are evident. Research among eSignature technology users shows an 80% reduction in document turnaround time and average savings of $20 per document. For members, the ability to sign documents from anywhere is crucial and only becoming more valuable in a post-pandemic society as many employees take up remote work. eDOC’s eSign solution, eDOCSignature®, has enabled over 500 credit unions and their members to realize the benefits of eSign.
“We are very proud of the great strides we have made in electronic signature technology over the past several years,” said eDOC CEO Mark Fierro. “We have seen first-hand how an eSign product can help credit unions smoothly transition into the digital age. National ESIGN Day serves as a reminder of how far eSign technology has come and an indicator that this technology is quickly becoming standard. Leave the pen and paper behind and join us in celebrating National ESIGN Day!”