With nearly 2.5 billion users accessing retail banking services digitally in 2021, it’s safe to say there’s more appetite than ever for digital financial services.
New fintech companies are continually popping up with exciting new alternative ways to access and use money. At the core of all of this innovation is a dedication to putting the user experience first—whether that’s customers or employees.
As Liz High, EVP Strategy and Marketing at Nymbus, explains:
“Who wants to write a check? Who wants 15 credit cards in their wallet? Who wants to go and stand in the queue at a branch? Fintechs are springing up and being super successful because they are modernizing finance. They’re bringing it to where customers want to operate.”
But just because today’s financial services are more accessible than ever before doesn’t mean they’re perfect. For one, what about all the related paperwork?
Fintechs can further streamline customer experiences and reduce admin for employees, becoming even more appealing and accessible to customers.
Sound good? Here are 4 ways HelloSign’s helped fintechs become even more effective than traditional institutions.
In the early version of the AdvicePay application—a cloud platform that provides billing and payment solutions designed to be used in fee-for-service financial planning—users (advisors) could only send invoices to clients and collect payment. They needed to use other software to sign documents—a time-consuming process that was prone to data errors that delayed payment or required client refunds if contract and invoice fee data didn’t match.
To solve this, AdvicePay used HelloSign to connect invoices with contracts. “When a user creates an invoice in AdvicePay, our application automatically creates a contract in HelloSign and pulls the invoice amount and other key data fields into the contract so the documents are 100% synced,” says Joe Timmer, Lead Developer at AdvicePay. “Instead of having to spend double or triple the time to create and match invoices and contracts, it’s now done automatically, which has definitely sped up the time to manage contracts for advisors by 50%.”
“HelloSign allows our platform to eliminate mismatches between invoices and contracts, which helps our enterprise customers recoup admin time that used to be spent managing and resolving those inconsistencies. It’s enabling enterprise firms to boost their bottom line by 30%,”
— Joe Timmer, Lead Developer at AdvicePay.
Before starting DealMaker, a digital transaction management platform that automates the circulation, management, and tracking of private placement documents and funds, its founders spent thousands of hours managing the manual workflow of traditional private placement transactions that required professionals to review, correct, and re-circulate documents.
Critical to solving those fragmented workflows was a digital eSignature solution that could embed into its platform to make managing and signing documents seamless, streamlined, and transparent for its users. That’s when they turned to HelloSign.
“HelloSign embedded beautifully into our platform and unlike other vendors, it didn’t require users to leave our platform, open new accounts or separately log in. HelloSign’s API helped us deliver on our mission of speed, efficiency, and ease of use.”
— Mat Goldstein, Co-Founder and Chief Revenue Officer at DealMaker.
With HelloSign eSignatures, DealMaker issuers close 70% faster than those using a pen and paper process. Compared to the traditional process, DealMaker and HelloSign have enabled users to reduce a 72-hour process to just 30 minutes by eliminating the print, sign, scan, and review loop, which has provided tremendous value to all parties involved in the capital-raising process.
Climb Credit is the first point-of-sale education finance company to partner directly with schools, offering skills-based programs and aligning financial incentives to students (borrowers).
But their initial loan application process was highly manual and required a print-sign-scan-fax workflow. In some cases, a co-signer was required for loan approval, meaning two separate parties would need to sign the same PDF.
Furthermore, the forms that Climb Credit offered to student borrowers were somewhat customizable depending on the type of loan being offered. This meant that student data was locked in PDFs, and if loan conditions changed down the road, student borrowers would have to repeat entire workflows.
“We’ve been able to reduce the processing overhead required to finalize a loan and offer more products for which we can easily customize documentation. With HelloSign we can do this without having to go through an entirely new documentation process every time.”
— Arjun Kannan, CTO, Climb Credit
Before integrating the HelloSign API into their digital transaction management process, it used to take, on average, nine days to finalize an approved loan. “Today, it takes us about two days, including all communication between our representatives and the student. HelloSign has contributed significantly to making our loan finalization process three times faster,” says Arjun.
They’ve also seen a big reduction in student churn. As Arjun describes, “A student applies to Climb Credit and their loan term is delivered via eSign as soon as they are approved. More than 90% of our students get a decision instantly, meaning those documents can be signed immediately. This is a significant factor in them choosing our experience.”
Ultimately this has helped them grow Credit Climb’s business more efficiently, increasing revenue by 70%.
The traditional peer-to-peer lending process involved manually tracking spreadsheets, setting up payment reminders, and storing the signed documents and contracts. It made the process fragmented, confusing, and not necessarily legally binding.
Seeing a unique opportunity to provide a product that would solve these issues, Pigeon Loans created the world’s first global lending platform dedicated to facilitating loans between friends, families, and people you trust.
But to make it happen, Co-founder and CTO Brian Bristol knew he needed to include electronic signatures in their loan process to ensure the loans were legally sound and the experience was seamless for its users. Searching the market and comparing eSignature API solutions, Brian was impressed by HelloSign.
For a software engineer with years of experience using APIs, the HelloSign developer documentation and framework were extremely easy to pick up and learn right out of the box. Plus, the ability to embed the signing process into Pigeon Loans was a crucial differentiator from other vendors.
Impressed with the thorough API documentation and clean embed feature, Brian began the implementation process. To his surprise, the entire purchase and build process took less than a day from start to finish. Brian decided on HelloSign API that morning, worked with the sales representative, and began digging through the API documentation and online resources. Within 2-3 hours, he was finished with the implementation.
"다른 API도 설치해봤지만, 보통 설치를 완료하기까지 일주일은 걸렸습니다. 반면, 미래지향적 기술을 사용하는 HelloSign의 경우, 쉽게 이해할 수 있는 명확한 설명서를 제공해 3시간 이내로 설치를 완료할 수 있었죠. 개인 최단 시간 기록을 경신했습니다."
— Brian Bristol, CTO and Co-Founder, Pigeon Loans
Not only was it fast to set up, the time it took to engage in the traditional lending process has been reduced from an average of 2 weeks to only 8 minutes, because Pigeon Loans and HelloSign’s eSignature API now work seamlessly together to provide all aspects of lending in one easy to use place.
Simplify your fintech’s signing today
As you can see, many fintechs already rely on HelloSign to speed up signing processes, increase completion rates, automate data reconciliation to reduce errors, and get set up fast.
Find out more about how fintech teams can make the most of eSignatures in our latest guide, The definitive guide to eSignatures in fintech.