The pandemic intensified the need for online loan documentation and remote signing in the banking industry. A lot of financial institutions were caught flat-footed, unable to generate loans due to the lockdown. This problem accelerated the need for easy-to-use, secure solutions.
Now, most states are quick to allow Online Notarizations as part of the remote loan process, but the sticking point is which third-party companies are prepared to handle the need. Fortunately, a financial technology company in Loveland, CO, called Epic River, is already ahead of the competition in the Online Notary world.
Several companies are offering these services and developed them quickly during the pandemic, but Epic River has more experience, having started Online Notary prior to the pandemic. This experience allows Epic River to optimize the process while others are just starting to roll it out.
Here are a few of the benefits of Epic River’s Remote Online Notary (RON) solution:
- Financial institutions maintain control over the entire loan process
- Banks can leverage their internal notaries
- Banks can eliminate third party notaries, which slow down the loan closing process
- The amount of time to close a loan is significantly reduced
- Most importantly - financial institutions can generate more fee income by charging for every notarization.
As a result of the pandemic, customers across all industries are accustomed to remote solutions, performed online, rather than in person. If your financial institution is not making your customers’ lives easier, they are going to go somewhere that does.
Click on the video below to learn more about the premier Online Notary process offered by Epic River.
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