IMM, an eSignature provider that specializes in digital transaction solutions for financial institutions, announced that more than125 banks have adopted IMM eSign, the company’s eSignature platform. According to IMM, there has been a significant rise in eSignature usage since it enables banks to overcome social distancing challenges, according to a press release.
Since the pandemic, banks have used eSignatures to open new accounts, new loan origination and closing processes. Banks have leveraged eSignatures to convert traditional paper-based account and maintenance forms to electronic, fillable forms available directly from the institution’s website or mobile app.
“COVID-19 severely accelerated the need to have digital transaction management. It has never been more important to be able to move traditional, paper-based processes from a physical perspective, and provide those in a digital sense,” Drew McMonigle, director, process improvement, CrossFirst Bank said in the release. “Decline in branch visits and ATM transactions, an increased focus on ‘touchless’ interactions and payments, as well as the rapid operational migration to ‘Work-from-Home’ transitioned eSignatures from a nice-to-have, convenient solution, to a critical tool every bank must have to empower their customers to process daily transactions.”