OneMain Increases eSignLive E-Signatures Roll-Out to 1,700 Branches to Deliver an Omni Channel Experience
October 19 2017 - 8:00AM
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 HanelDirector of Global
Public RelationsVASCO+1-250-216-1762sarah.hanel@vasco.com
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