Jan 15, 2022

Challenges DocuSign is known as the most reliable and internationally trusted service for electronic signatures and approvals. The platform is easy to use, learn, implement, and agreements are convenient for everyone. Santander is a Spanish multinational financial services company offering current accounts, mortgages, savings account, credit card, and many more services to meet the financial needs of customers. But Santander could not overcome the barriers it was facing— digitizing the inefficient and manual processes for better customer engagement and experience. Business customers faced two biggest challenges— onboarding process and time to receive cash in hand. It took a lot of time for new customers to open an account and access funds. These new customers were required to fill out one of 39 editable PDF onboarding forms before printing, signing, and returning to a local branch. This entire process took 12-25 days to complete. Thus, there are two major problems for the company like the reduction in customer engagement and time for loan contracts. Initiatives Santander decided to partner with DocuSign agreement cloud owing to its user-friendly processes as well as strong integration with Salesforce. DocuSign accepted the partnership to enhance customer engagement by accelerating the onboarding process. The company started taking initiatives to adopt the digital transformation by replacing the 39 PDFs with one online form for customers. After submitting the form, the process would start—- a succession of back-office processes to approve the application by checking financial crime or anti-fraud cases and the parallel processing would help to complete all onboarding steps. Thus, a customer can open an account efficiently in two days instead of a month. DocuSign CLM helped in a new credit system and priced in nCino before moving seamlessly into DocuSign CLM. It was helpful for effective negotiation between Santander and applicants. The paperwork would be automatically triggered from nCino for document preparation and e-signature from DocuSign after mutual agreement. Results The partnership with DocuSign helped Santander to transform those two barriers into digital processes that are time-efficient. There was a 97% reduction in the number of forms used for several services, 83% reduction in the time taken for new customers to open an account. The digital transformation with DocuSign CLM also enabled Santander to offer a seamless customer experience and enhance customer engagement. The smart process allowed multiple people to collaborate on and sign the same document simultaneously. Customers are opening their new accounts in only two days instead of 25 days. Now, employees can focus on meeting the financial needs of customers instead of mundane and rigorous paperwork.