Great Lakes Success Story
BACKGROUND Great Lakes Educational Loan Services, Inc. is one of the largest U.S. providers of student loan services. Headquartered in Madison, Wisconsin, the company serves more than 1.8 million borrowers, interacting with over 2,700 schools and 1,400 lenders.
CHALLENGE Each year during the spring refinancing push, Great Lakes struggled to process a critical mass of incoming loans. Even with staff working around the clock and on weekends, signed applications stacked up while waiting to be verified, scanned, and stored for risk management and disaster recovery purposes. Great Lakes recognized the need for an electronic signature solution, but the first few products they reviewed seemed cumbersome.
SOLUTION “DocuSign stood out,” says Marc Storch, Chief E-Commerce Officer. “It’s simple to use, looks like a real signature, and offers layered authentication, verification, and auditing for FFIEC.” With DocuSign’s web service API, Great Lakes was able to fully integrate e-signing on their website, used by more than 6,000 visitors a day. Documents are now delivered for electronic signature immediately upon application, signing is verified, and completed documents are retrieved and digitally archived—all without human intervention.
RESULTS Students readily adapted to the e-sign process. In the first two months after implementing the DocuSign solution, Great Lakes received 72,000 online applications and 80 percent were e-signed. “The DocuSign solution delivers a seamless flow that ultimately results in a significant decrease in the number of applications requiring follow-up,” says Rashke. The streamlined process freed more time for call staff to handle other questions, boosting customer service levels. And as a side benefit, Great Lakes enjoyed a 75 percent drop in mail costs for loans processed online.
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