Banks and insurance companies grow customer connection with digital documents

Woman holding tablet and writing on it, person with device side view closup

by Chandra Sinnathamby

posted on 07-31-2020

For APAC banks and insurance companies, the economic fallout from COVID-19 has increased demand for certain services. For example, some of their customers heavily impacted by the shutdown are deferring mortgage repayments or suspending insurance policies. Meanwhile, figures released by the Australian Bureau of Statistics show that as interest rates fall, the number of Australians who are refinancing their home loans are on the rise — a trend also seen in countries like Singapore.

We’ve been talking to a number of our customers across the financial services industry. Among their key challenges, they say, is managing the collaboration, signatures, and approvals needed to process the influx of new loans and deferred payment requests when people aren’t together in the office. This is where Adobe Document Cloud and its tools and integrations can help them stay connected with each other and their customers during these unprecedented times.

Onboarding and servicing with e-signatures

Banks and insurance companies need to continue serving their clients by making signing up for programs as simple and easy as possible. This may include shifting from a brick-and-mortar strategy, setting up proactive communication and outreach, implementing new ways for customers to sign up for services themselves, and setting up new ways of working.

The need to move quickly requires commercial banks and credit unions to be able to sign people up via a process that is easy, fast, convenient, and compliant. Insurance companies are also at the forefront of helping their customers manage through this crisis, handling requests from clients to reduce/refund insurance premiums, pause payments, pause policy cancellations, or get personalised payment assistance.

Loans, insurance claims, mortgage holidays, and other customer requests usually require complex routing and signing workflows – all of which are even more challenging now because branches are closed and employees are working from home. Adobe Sign automates those workflows, enables documents to be signed on any desktop or mobile device anywhere in the world, and provides visibility into signature status to reduce legal, security, and compliance risks. In addition, Adobe Experience Manager Forms and Adobe Sign allow for the quick creation of online forms for customers to easily fill out, which provides relief to remote call centers.

Case in point: Adobe Sign helped Rabobank Singapore create efficiencies around processing time for customers wanting to open an account.

“It used to take us a few weeks to process an account-opening form with an international client. With Adobe Sign, we can now turn that around in just a few days — a huge improvement in efficiency and the overall customer experience,” says Manikandan Ganesan, Rabobank Singapore’s IT and operations business manager.

Do more with the applications you already use

If your organisation uses Microsoft tools, Sign is integrated inside Nintex Process Cloud, a workflow automation solution. The Sign and Nintex Process Cloud integration lets companies easily add the most trusted, legally binding e-signatures into any document workflow or process, including disclosures, orders, and contracts within your Microsoft environment. Sign is Microsoft’s preferred e-signature solution across the company’s portfolio, including Microsoft 365 and Dynamics 365. This includes deep integrations with Microsoft SharePoint, Dynamics, Teams, and Azure.

No matter how your bank or insurance company works with documents during these challenging times, Adobe has a number of free resources and tools to help you and your teams stay connected. For a deeper dive about how to use e-signatures at your financial institution, visit our dedicated financial services website for Document Cloud.

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Topics: Leadership, COVID-19

Products: Sign, Acrobat, Document Cloud