97%of recipients complete the envelope
3 daysfewer to implement new services for customers
>50%agreements signed the same day
The business of banking is money, and the heart of banking is people. At least, it is for Trustmark. For over 130 years, the bank has been known for associates who go above and beyond to serve customers in more than 180 locations across five Southern states. This people-centric approach means one-on-one, look-them-in-the-eye interactions with customers.
For that reason, bank leaders wanted to deploy remote banking services that provided the intimacy of in-person assistance.
“Banks have historically been built on relationships.” said Josh Laird, Vice President of Retail Banking Administration at Trustmark. “We knew we could deliver a better experience for our customers—many of whom were asking for a more digital experience—and for our associates, if we deployed remote services.”
The corporate treasury services unit was the obvious place to start. Its associates relied on complex and difficult manual processes for helping business customers move and manage their money. This caused inefficiencies for associates and customers. One customer, for instance, has 60 accounts that it often updates; on those occasions, someone from the company had to collect signatures within the organization and then send the signed documents back to get the services set up.
So, in late 2019, Trustmark began implementing DocuSign CLM in treasury services to redesign the entire agreement management workflow and facilitate remote services that still felt personal. The bank rolled out the new digital options just in time; within months, the COVID-19 pandemic struck, and safely providing in-person banking and financial services was close to impossible.
“These remote services were one thing that kept us going strong during the pandemic,” Laird said.
Meeting customer expectations requires a robust agreement management solution
Trustmark has been using DocuSign eSignature to facilitate quick, easy signing in its mortgage division since 2016. The corporate treasury services unit didn’t use eSignature, however; it still relied on a paper-based, person-to-person process. When customers wanted to set up direct deposit for employees, move, invest or otherwise manage their money, they would walk into or call the local branch and talk to their relationship manager, who would identify the right services to offer.
The relationship manager would then mail, fax or courier a stack of forms and documents back and forth with the customer. Once the customer signed the papers, the physical copies went to each service team to approve, start the services and manage the documents. Relationship managers and sales and support representatives had no visibility into where an agreement was in that process, or if implementation was progressing.
“It was unnecessarily complex and time-consuming,” Laird said. “We’re always looking for ways to deliver a better experience for customers and associates, and this was a big opportunity to improve.”
Trustmark’s leadership could easily have just added eSignature to the treasury services forms to facilitate remote signing for new services. Yet to really make an impact, they needed to address the broader agreement process. So, with the help of Spaulding Ridge, an advisory and technology implementation firm, Trustmark deployed DocuSign CLM.
“DocuSign is a brand we were already using in other areas of the business, which was only part of the reason we chose them,” Laird said.
Trustmark and Spaulding Ridge mapped out the process and defined what was needed, how to leverage efficiencies and what the new system could automate. Then, they consolidated more than 20 different workflows into one that handles everything from agreement creation to service.
DocuSign CLM simplifies document workflows to save time and money
The treasury services workflow still starts with the relationship manager, who gathers the appropriate data and enters it for document generation—which takes just a couple of minutes. DocuSign CLM builds the documents and sends them electronically to the customer for signature. Once they’re signed, CLM looks at which products were selected and creates post-signature tasks. All those processes are managed in parallel.
CLM only exposes the portions of the document relevant to the customer. That way, signers know exactly what they are agreeing to rather than wading through an overwhelming, multi-page document. Meanwhile, Trustmark support staff and others can quickly refer back to information contained in the documents or metadata when necessary.
Beyond that convenience, CLM also provides sales and support reps with visibility to identify issues with the agreement and how they can improve the process. “That helps us stay on track with having these services set up and implemented as quickly as possible,” Laird said.
As a signed contract is routed through the workflow, the system spins off tasks for each product. If the customer has contracted for more than one product, CLM creates simultaneous workflow streams, which allows the bank to begin work on one product while another product is awaiting approval.
Before CLM deployment, it usually took more than a week to get signed agreements returned to the bank; now, most are signed and ready for implementation within one day.
“Those few days saved may not sound like a lot, but when you’re talking about moving money, that can be a material change in cash flow for a customer,” Laird said. “So that’s huge.”
And, for the first time, the system is collecting information throughout the process to assist the bank in setting up billing and making sure customers are charged appropriately. The collection of metadata and robust reporting support this and other valuable management insight for Trustmark.
Customers are embracing digital signatures
About 97% of recipients who are sent agreements through DocuSign CLM are completing the envelope. More than half of them are completing them the same day. The customer with the 60-plus accounts certainly appreciates how much easier it is to update accounts, Laird said. “They no longer have to collect signatures manually.”
“We continuously receive raving feedback about the option to electronically sign agreements and receive and execute them through the DocuSign channel,” he said.
Ready to face the future—whatever it brings
With DocuSign CLM in place, the bank’s relationship managers can more easily and quickly serve their customers—even when a crisis closes the physical bank building. This is truly the experience customers expect today, and by providing it, Trustmark has better positioned itself for the future.
“A transformation of this magnitude can have a far reaching, positive impact,” Laird said. “Our partnership with DocuSign and Spaulding Ridge really made it a successful endeavor and created an excellent experience for our customers and associates. DocuSign and Spaulding Ridge had the knowledge and experience needed for a smooth transition. In addition to the technology, their people and partners have been instrumental to our success.”
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