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Secured Signing Accelerates Car Loans for CFS Finance

Secured Signing Digital Signature Platform Accelerates Car Loans for CFS Finance

Online digital signing with signatory identity authentication delivers rapid turnaround with improved compliance to give CFS Finance a lead on the industry.

Online Signing of loan documents has been embraced by customers and brokers for its convenience while giving CFS Finance signed loan agreements in minutes rather than days or weeks, with stronger compliance outcomes, identity verification and validation of customer contact details.

Less than ten minutes turnaround on signing loan origination documents places CFS Finance well ahead of its competitors. This is made possible with an online signing solution from Secured Signing that also delivers improved confidence in borrower identity and the quality of customer data. "The speed to market Secured Signing gives us is a huge win and places us at the forefront of our industry", said Paul Collins, Group Operations Manager for CFS Finance.

Lending is a fiercely competitive industry, so making things too complex will mean losing the customer to a competitor. Continuing to rely on face to face signing or sending documents by courier was a barrier to growing the business. Simply sending the documents by email was identified as a compliance risk in not being able to clearly demonstrate who in fact signed the document. CFS Finance turned to Secured Signing for a compliant and legally binding way to sign loan origination documents online, without increasing risk.

"The benefits of online signing are clear but the market has been nervous about security. Wherever the bar was in terms of security and identity, we knew we wanted to be well above it" observed Mr Collins. "Working with Mike Eyal and his team at Secured Signing has given us an online signing process with robust checks to verify who is signing the document." The solution provided combines two factor authentication, drivers licence checks and validation of date of birth. To sign the document requires the borrower to respond to email messages and text messages providing an unexpected advantage in validating the contact data for the customer.

The convenience and simplicity of signing online has been well received by both customers and the broker network leading to a high uptake of the option to sign loan documents online. This does not surprise Mike Eyal, Managing Director of Secured Signing. "Completion rates for invitations to sign documents is something we monitor closely. Our is always well above 95% which we see as validation of how easy it is to sign online with Secured Signing."


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