OAKBROOK TERRACE, Ill., Oct. 19, 2017 (GLOBE NEWSWIRE) -- VASCO Data Security International, Inc., a global leader in digital solutions including identity, security and business productivity, today announced that longtime customer OneMain Financial, the largest responsible personal loan company in the U.S., has extended its use of eSignLive™ e-signatures for loan applications to more than 1,700 U.S. branches in 44 states. The lender has seen 99 percent adoption of the technology, which translates into an annual savings of approximately 500,000 administrative hours and $500,000 in toner costs alone, and enables OneMain to deliver an omni channel experience to improve the customer experience while reducing in-branch costs.
OneMain selected eSignLive in 2012 to enable virtual personal lending, including unsecured loans across online and call center channels. The success of the initial implementation was so successful that in 2015, the lender decided to take an omni channel approach to loan applications by extending the use of e-signatures to its 1,700 branches. In just two months, OneMain launched electronically signed in-branch loan applications in a number of branches and completed the expansion of its e-signature implementation across all branches this year.
Before the addition of e-signatures, OneMain customers that were applying for a loan in-branch were required to manually sign or initial up to 35 pages per application. It then took employees around 20 minutes to scan and route each of the 100,000 personal loan applications filed each month. With the addition of in-branch e-signatures, customers now have the choice to sign remotely or in-branch and e-signed loans are automatically directed to OneMain’s document management system, resulting in faster processing times, which significantly improves the customer experience.
“Speed translates into customer satisfaction,” said OneMain’s IT Vice President of Applications Systems, David Smith. “Customers want their funds as quickly as possible and eSignLive helps us fast-track the process, enabling many loans to be closed in the same day and funds distributed in as quickly as an hour. As soon as our customers saw the efficiency of going digital they were sold, and we’ve since seen 99 percent e-signature adoption among our customers.”
OneMain originally selected eSignLive for its ability to be deployed on-premises to help the lender maintain control of all transactions. eSignLive was also selected for its proven ability to scale across lines of business and to ensure reliability and stability during high-volume processing periods.
“The competitive landscape and customer expectations are big drivers for digital transformation strategies in the finance industry,” said VASCO CEO and President, Scott Clements. “Fortunately, meeting these objectives can be as simple as digitizing one process or transaction. E-signatures are the perfect tool to begin the transformation because of their cost effectiveness, ease of implementation and ability to scale enterprise wide.”
To learn more about OneMain’s implementation of e-signatures for online and in-branch loan applications visit http://www.esignlive.com/resource-center/onemain-case-study.
About VASCO:
VASCO is a global leader in delivering trust and business productivity solutions to the digital market. VASCO develops next generation technologies that enable more than 10,000 customers in 100 countries in financial, enterprise, government, health care and other segments to achieve their digital agenda, deliver an enhanced customer experience and meet regulatory requirements. More than half of the top 100 global banks rely on VASCO® solutions to protect their online, mobile and ATM channels. VASCO’s solutions combine to form a powerful trust platform that empower businesses by incorporating identity, fraud prevention, electronic signatures, mobile application protection and risk analysis. Learn more about VASCO at VASCO.com and on Twitter, LinkedIn and Facebook.
About OneMain Financial:
OneMain is the largest responsible personal loan company in the U.S. For over 100 years, the company has been providing personalized, best-in-class service at more than 1,700 branches in 44 states. The company’s iLoan internet lending division also provides customers the opportunity to complete the loan process entirely online. The company has more than 10,000 team members who proudly support the communities in which they live and work. For additional information, please visit OneMainFinancial.com.
Copyright © 2017 VASCO Data Security, Inc., VASCO Data Security International GmbH. All rights reserved. VASCO® and eSignLive™ are registered or unregistered trademarks of VASCO Data Security, Inc. and/or VASCO Data Security International GmbH, or Silanis Technology Inc. in the U.S. and other countries. All other trademarks or trade names are the property of their respective owners.
Media contact:
Sarah Hanel
Director of Global Public Relations
VASCO
+1-250-216-1762
sarah.hanel@vasco.com