Helping Banks and Insurance Companies Adapt in Challenging Times with Adobe Document Cloud

Computer with digital signature showing on it.

by Raphael Hitzke

posted on 04-30-2020

Over the past few weeks, banks and insurance companies have started putting business continuity plans in place, which include alternate workplace arrangements like working from home. They have also seen an increase in demand for certain services. For example, mortgage refinance applications rose 79% for the first week of March and were 479% higher than a year ago. Recent research commissioned by Future Branches East indicated that over 80% of US banks and credit unions allowed customers to defer mortgages and other loan payments. Insurance companies are getting requests to pause payments or to pause policy cancellations. These are unprecedented times.

We’ve been talking to a number of our customers across banks and insurance companies, and one of the key challenges they’re tackling is that the collaboration, signatures, and approvals needed to process the influx of new loans and deferred payment requests simply don’t work when people aren’t in the office. Here are the important ways Adobe Document Cloud can help your bank or insurance company stay connected with each other and your customers.

Onboarding and servicing with e-Signatures

Your teams 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.

For example, with the newly launched SBA Paycheck Protection Program in the US, commercial banks and credit unions need to be able to provide new loans to small businesses with an enrollment process that is easy, fast, convenient, and compliant. Insurance companies are also at the forefront of helping their customers manage through this crisis. Your teams are likely getting requests from clients to reduce/refund insurance premiums, pause payments, pause policy cancellations, or to get personalized payment assistance.

Loans, insurance claims and other customer requests like mortgage holidays, as well as credit card payment holidays usually require complex routing and signing workflows. It’s even more challenging right now with branches closed and employees working from home. Adobe Sign can help you automate those workflows, quickly sign documents from on any desktop or mobile device anywhere in the world, and gain visibility into signature status to reduce legal, security and compliance risks. You can also use Adobe Experience Manager Forms and Adobe Sign to quickly create online forms for your customers to easily fill out, which provides more relief to your remote call centers.

Do more with the applications you already use

If your organization uses Microsoft tools, Sign is integrated inside Nintex Process Cloud. The Sign and Nintex Process Cloud integration can help you 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 work with documents during these challenging times, Adobe has a number of free resources and tools to help you and your teams stay connected. We’ve recently introduced a special, extended trial offer for Adobe Sign. For a deeper dive about how to use e-signatures at your financial institution, check out our new Banking and Insurance Resource Hub, which includes an on-demand webinar about Sign in financial services and an on-demand webinar focused on using Sign in insurance.

Please contact your Adobe representative to activate these offers and to talk about the specific ways we can work with you to solve your unique challenges right now. We’re here to help.

Topics: Financial Services, COVID-19

Products: Acrobat, Document Cloud