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1 Digital Account Opening with E-Signatures: Become Customer-Centric & Accelerate Your Sales Cycle Derek Corcoran, Chief Experience Officer Avoka Mary Ellen Power, VP Marketing esignlive by VASCO

2 TODAY S SPEAKERS TODAY S SPEAKERS Digital Account Opening with E-Signatures - Become Customer-Centric & Accelerate Your Sales Cycle Derek Corcoran Chief Experience Officer Avoka Mary Ellen Power VP Marketing esignlive by VASCO 2

3 AGENDA Trends in Banking esignature Best Practices Case Studies and ROI Requirements for a Digital Banking Platform Demo of Avoka and esignlive Q&A 3

4 ABOUT Global leader in e-signatures and authentication NASDAQ VDSI 24+ years e-signature experience Process millions of e-signed documents worldwide Banking, insurance, government, and healthcare expertise Single platform supporting cloud and on-premises Identity management & authentication More than 10,000 customers in 100 countries More than half of world s top 100 banks 11-year 21% CAGR 17+ global offices; 500+ employees Multiple, global cloud locations E-signature behind world s most trusted & security-conscious organizations

5 Annual transactions (millions) THE THE E-SIGNATURE MARKET IS IS HOT M 754 M Forrester forecasts: 53% annual growth 2014 to Financial services lead all industries in [e-signature] transaction volume. Source: Forrester s E-Signature Transactions Topped 210 Million In 2014 report (May 19, 2015) 5

6 IMPROVING IMPROVING CUSTOMER CUSTOMER EXPERIENCE EXPERIENCE IS A TOP PRIORITY Customers are demanding better service from their banks Don t want to come into the branch to sign paperwork Want to complete transactions at their convenience, outside of core hours They want it to be secure and easy Expect institutions to be more environmentally friendly IMPACT: Customers are rewarding banks that offer better customer service 6

7 PRESSURE TO INCREASE $$$ ON AN ANNUAL BASIS Eliminate errors, missing data and signatures Reduce scanning / imaging Reduce storage costs Automating workflows to improve worker productivity Attracting new talent to bank requires modern ways to work & service customers IMPACT: Banks are able to significantly impact the bottom line through automation 7

8 VALUE OF E-SIGNATURES VALUE OF E-SIGNATURES TO BANKS & FINANCIAL SERVICES INDUSTRY 1. Better customer experience Convenient both in-branch and out 100% correct, the first time Easy to do business / higher completion rates 2. Lower risk with error-free transactions 100% compliant Strong audit trails & evidence Controlled workflows eliminate errors 3. Improve operational efficiencies Greatly reduces document handling costs Reduce customer drop-off that occurs due to process delays 4. Increase revenue, more time to service customers Capture new digital clients Return time to bank personnel Upsell new products in automated workflow at end of initial onboarding 8

9 E-SIGNATURE TRENDS E-SIGNATURE TRENDS IN BANKS & FINANCIAL SERVICES Priority is customer-facing processes Onboarding new customers and on-going signatures & approvals Lending including consumer, small business, mortgages and commercial loans Everything has to enable mobile transactions Think big, implement small Banks are starting in one line-of-business or specific business processes The trend is to build e-signatures as a shared service 9

10 IMPORTANT TERMINOLOGY Electronic Signature: A legal concept. Permanent capture of a person s intent to be legally bound to an agreement or contract. Digital Signature: Encryption technology used to protect data. 10

11 E-SIGNATURE The e-signing WORKFLOW workflow Automates and enforces business rules throughout the signing workflow Access Link from Portal Authenticate Username/password invite SMS text code Challenge-Response 3 rd Party ID Provider DIGIPASS Present On-screen On-paper Data Capture Text box Checkbox Mandatory & Optional Doc Insertion Ancillary docs (e.g. drivers license) Mandatory & Optional Sign Click-to-Sign Click-to-Initial Handwritten signature Mobile signature capture Deliver Secure download attachment Call Center Account Team Web Self-Service Data Capture Document Template Downstream Processing Retail Branch Archive Mobile 11

12 WHITE-LABELING Drives high customer adoption and completion rates by keeping the spotlight on your brand An easy and fully optimized experience for all users Interface Customers only see your brand in all web & mobile interfaces s All notifications and s sent using your own secure servers Your Brand Ensures a seamless customer experience and builds trust 12

13 AUDIT TRAILS Visual audit trails make it faster and less costly to prove your compliance & legal case 3:40 4:01 4:43 5:12 Only solution to capture a visual audit trail of the step-by-step workflow - as seen and experienced by signers 1 million legal disputes deflected All Content Appearance of all web pages and documents presented to signers All Actions Click to sign / initial / accept / agree download, save, etc. Time Stamp Log in / out, how long spent on each web page and document 13

14 MOST SCALABLE Only single platform solution with a flexible deployment architecture Common Platform Common Integration Framework Code once. Deploy anywhere. Common User Experience Scalability Easily scale across multiple lines of business both locally and abroad Performance Maximize system performance no matter what deployment type PRIVATE CLOUD PUBLIC CLOUD ON-PREMISES Enterprise E-Signature Service Bus U.S. Canada U.K. Germany Australia Singapore Japan Brazil Data Compliance Meet in-country data residency requirements with global data centers Cost No upfront hardware or infrastructure. Start developing in the cloud, then deploy anywhere. 14

15 TOP E-SIGNATURE USE CASES TOP E-SIGNATURE USE CASES IN BANKING 15

16 TOP BUSINESS CASE CASE JUSTIFICATION CRITERIA CRITERIA Paper handling costs: $1 million in scanning and imaging costs annually by top bank (26 million pages/1 LOB) Eliminated 80% of all document handling costs at branch (green bags, Q&A re-keying, admin) $10 per online transaction (courier, paper, servicing) $7.50 per loan in branch (paper, print cartridges, mailing and staff costs) Cost of errors: 90% reduction in exceptions on loan documents in branch 3-4X cost reduction with electronic account opening between fund producer and broker-dealer Average of 2 hours to redo account application paperwork when error is discovered Risk (non-compliance): 6,000 lost documents per year in wealth management Over $500 million at risk due to incomplete paperwork/nigo Average court cost $100,000 - $300,000 in legal fees Class action law suits: $5M to $450 million or higher Significant penalties including prevention of business in a specific state Total cost savings for one line of business: $8 million dollars annually (labor, paper, administration, errors) $5-10 million annually (labor, customer service, paper, risk) 16

17 RBC WEALTH MANAGEMENT RBC WEALTH MANAGEMENT PAPER VS. E-SIGNATURE WORKFLOWS Source: RBC Royal Bank

18 18 RBC WEALTH MANAGEMENT RBC WEALTH MANAGEMENT CASE STUDY PROBLEM Too much duplication of effort & administrative paperwork Lost more than 80,000 man hours each year, chasing documents and correcting errors such as missing signatures GOAL Enable 9,000 advisors in-branch and in the field to complete investment transactions with customers electronically BENEFITS 75% reduction in errors Save 2-3 hours per advisor, per week $8,000,000 in annual administrative savings Investment advisors complete the sale in one visit Standardized the signing process Compliance staff are able to avoid certain checks that are taken care of automatically by esignlive

19 Problem Storing/ retrieving paper signature cards was time consuming, expensive, poor experience Goal Account Openings Account Openings Improve customer experience and eliminate manual paper process Increase efficiency / give time back to bank personnel to better serve customers Results 92% adoption across 3,000+ branches in 2 weeks Centralized database for signature cards accessible in real-time from any branch Bankers complete the account opening in one session, without errors Streamlines workflows and removes manual steps from the process Offloads administrative tasks so bankers can generate more revenue Strengthens compliance with an audit trail for every transaction Saves costly archiving space in the branch 19

20 AVOKA INCORPORATING esignatures IN YOUR ACCOUNT OPENING Page 20

21 Agenda 2 1 Introducing Avoka Aspects of the Customer Experience that will cause Abandonment Examples of Results when Banks Focus on improving the Customer Experience Embedding esignlive in Account Opening with Avoka Transact Q&A Page 21

22 Avoka Transact is a Platform for Frictionless Sales & Service Transactions SALES: Account Opening, Loan Origination and On- Boarding in Personal Banking, Business Banking and Wealth Management SERVICE: Adding Signatories to Accounts, Enroll in Internet Banking, Transfers, etc. DESIGN INTEGRATE TRANSACT OPTIMIZE Page 22

23 FACTORS THAT INFLUENCE THE CUSTOMER EXPERIENCE Field Type (Keyboard, Radio Button, etc.) Save & Resume Field Length Field Occurrence Rate Information Familiarity Save Mobile Responsive Experience Requires a Visit / Mail / Fax Electronic / Manual Document Delivery Field Position in Overall Info. Flow Electronic Validation & Verification Requires Signature Omni-Channel Experience + X-Over Page 23

24 E-SIGNATURE WORKFLOW Access Link from Portal Authenticate Username/password invite SMS Text Challenge-Response 3 rd Party ID Provider DIGIPASS Present On-screen On-paper Data Capture Text box Checkbox Mandatory & Optional Doc Insertion Ancillary docs (e.g. drivers license) Mandatory & Optional Sign Click-to-Sign Click-to-Initial Handwritten signature Mobile signature capture Deliver Secure download attachment Call Center Account Team Web Self-Service Data Capture Document Template Downstream Processing Retail Branch Archive Mobile Page 24

25 DEMONSTRATION WE RE GOING TO SHOW YOU Catalog of integrations and selecting esignlive The Design Experience to include esignlive in an Account Opening experience The Customer Experience applying for a Checking Account with esignlive Page 25

26 RESULTS Avoka has had the opportunity to work with banks in the UK, USA and Australia delivering frictionless experiences. And the results have been significant... Global Bank Regional Bank National Bank National Bank 29% Improvement in Deposit Account application completion rates. 57% reduction in applications requiring manual review. Delivered omni-channel capabilities for Loan Applications. >200% increase in loan volume. Leveraged capability to follow-up abandoned loan applications and converted 40% to customers. Bundled 5 Small Business products in a single tablet-based application experience and increased Avg. Prod/Cust from 1.4 to 4 Page 26

27 Questions? Page 27