CBA targets DocuSign for all its commercial loans – Finance – Software
The CBA is exploring making DocuSign “the only way to deliver and sign” commercial loan documents, after surpassing a 90% adoption goal late last year.
Chief digitalization officer Tim Roberts told DocuSign’s Momentum 2022 conference that bank executives set the target adoption rate midway through last year.
“At the time [the rate] was less than 50% – so it took a good chunk of what we call industrial strength change management, but I’m happy to say we hit the 92% adoption mark just before Christmas,” did he declare.
“This means that we are currently researching and exploring ways to make DocuSign the only way to deliver and sign [commercial loan] documents. »
The bank has previously discussed its use of DocuSign to get commercial loan documents delivered, signed – and in New South Wales, electronically attested, due to pandemic restrictions.
Like other banks, it was able to switch to electronic signatures due to legislative changes in Australian state and territories that had previously blocked the use of these tools.
“In 2020, in response to the Covid pandemic, a number of Australian governments at state and federal level put in place emergency regulations allowing documents to be signed electronically, and the ABC quickly took advantage of this. these laws to meet the needs of our customers,” Roberts said. .
“Initially it was a tactical response, limited to Victoria and NSW, but it has been so successful and embraced by our customers, bankers and executives, that we have now expanded to all states.”
Roberts said 92% “of all commercial loan packages prepared by Operations are delivered by DocuSign, and we use DocuSign templates to which our document preparation team automatically applies signature fields, over 23 mortgage documents, deeds and different agreements”.
“Where documents need to be signed in wet ink on paper – for example, deeds in Western Australia still need to be signed on paper – we always use DocuSign to deliver the documents with instructions for printing, signing and returning the documents paper [to us].”
He said DocuSign is used across all business segments served by the bank, including “regional agribusiness, commercial lending and even our core customer group.”
Roberts said DocuSigned loans “fund over 20 days faster than paper loans,” and there are still speed gains to be had by further increasing adoption of the technology.
He also said the technology has “halved the time it takes for our verification and validation team to complete their checks” of loan documents.
In addition to aiming for greater adoption of DocuSign for all commercial loans, Roberts said the bank wants to “automate the upstream document preparation as well as the downstream verification steps” – in addition to delivery, signing and acceptance of documents.
“This will allow our operational teams to scale with our ambitious growth plans,” Roberts said.
“This [also] includes automatically uploading and indexing electronically signed documents…into our systems of record and triggering our workflow systems.
“Going forward, we plan to expand our use of APIs to research and validate customer and security data to reduce effort and risk.”