Customers of the Business Development Bank of Canada (BDC) are now able to sign loans without having to visit the bank thanks to a mobile app feature that allows users to e-sign loans.
The bank, which touts itself as the only bank exclusively devoted to entrepreneurs, created the app to reduce the time it takes for account representatives to close secured and unsecured loans, according to a press release from OneSpan, the American company that BDC used to help implement the e-signature technology.
Since the app feature was launched nine months ago, BDC has processed more than 1,500 transactions and according to the release almost all of the bank’s sales team has adopted the tool. It also states that BDC reps were able to reduce the need for in-person visits by 75 to 100 per cent.
“Banks face a highly regulated environment with demanding business-to-consumer processes that require the ability to transact quickly and compliantly,” said OneSpan chief executive officer, Scott Clements in the release. He claims that this type of e-signature technology helps banks like BDC to more easily implement everyday business practices.
The banking app is only available for iOS devices currently and uses OneSpan’s Sign technology to make the e-signatures possible.
Based in Chicago, OneSpan is a software company that offers security solutions such as fraud and transaction management as well as e-signature technology. It works with hundreds of banks around the world including Bank of America, and Deutsche Bank.
According to the release BDC plans to grow its mobile app into its other lines of business as well as add the feature to its online portal.