91% of Credit Unions* Say Digital Loan Agreements Have Boosted Acceptance Times
100% of Credit Unions* say digitalisation is changing the industry for the better.
91%* say digital loan agreements have boosted acceptance times.
*Based on survey of Signable’s credit union customers
As we reach the peak of the festive loan season, surveys show that the financial industry has invested more in digital processes like online loan agreements, this year. Signable, a UK-based electronic signature provider surveyed their credit union customers to find out about changing opinions in the industry, finding that digitalisation is being met positively.
Online loan agreements work similarly to their paper equivalent but work on the principle that they can be signed electronically, from anywhere. This eliminates the need for customers to physically walk into a bank or credit union to take out a loan.
When surveyed, 91% of credit unions using Signable, the electronic signature provider, said that the financial industry is ‘implementing more significant digital solutions’ each year, with the remaining 8% noting there’s been ‘some noticeable digitalisation’.
100% of those surveyed said digitalisation was important to their company, and 91% agreed that digital loan agreements, signed electronically ‘significantly’ boost loan processing times.
Trust is a key element for consumers considering a loan at any time of year, however more so over the Christmas period. Therefore ensuring the digital loan application is secure and simple ensures the customer feels safe taking a loan out with that vendor.
91% of those surveyed said customers have reacted positively to the usage of online loan agreements, with 58% saying the reaction has been overwhelmingly positive.
In an age where 4.66 billion people access the internet, 93% of them accessing it via a mobile device, trust stands as the last hurdle for loan providers to conquer. Digital banks like Monzo, Revolut and Starling prove that convenience, simplicity and the key ingredient, trust, encourages 1.9 billion individuals worldwide to use their services.