Visions Federal Credit Union Boosts Security and Trust in Digital Banking

Thomas P. Novak got his start in the financial services industry 15 years ago. After spending the first half of his career in the traditional banking world, he took a job as branch manager at Visions Federal Credit Union in New York—a role that soon led to an exciting opportunity when he was approached to steer the credit union’s digital transformation. “The conversation went something like: ‘Tom, we like how you work—and we think you can take on something abstract like this. Help us figure out what we can do with all this digital stuff,’” described Novak, whose official title is now vice president and chief digital officer.

The strong technology partnerships fostered by Visions led to a 500% increase in new memberships via digital channels and better member experiences. And the digital transformation department Novak helped create has grown fivefold while the credit union’s assets have nearly doubled. 

DocuSign is one of those partners helping Visions FCU bring its digital-first initiatives to life. “There’s a strong values alignment,” Novak said. “When we talk about innovation, member experience and best-in-class security, DocuSign is quite literally in lockstep with where we want to take things.”

Creating a friction-free consumer lending experience

Visions FCU’s DocuSign journey began nearly a decade ago but accelerated under Novak’s leadership. Since then, the credit union has seen its signature-collection speed cut by more than 50%—with turnaround times now averaging 8-12 hours as opposed to days. That means members get their funds sooner, no matter where they are, and Visions gets loans on the books faster than ever before.

What started as a handful of internal use cases quickly expanded into the consumer lending space when Visions turned hundreds of member-facing forms into DocuSign templates and PowerForms. But the marquee victory for the credit union was bringing DocuSign into its loan origination system. That is the point when even the most change-averse employees were swayed by DocuSign’s potential to transform business and the way they work.

Signature-collection speed more than doubled—with turnaround times now averaging 8-12 hours as opposed to days. That means members get their funds sooner, no matter where they are, and Visions gets loans on the books faster than ever before. “It’s so important that we consummate deals in a digital world that’s fast, secure and efficient,” said Novak. “Just a few short years ago, it was a novelty for members residing out of state to be able to complete an auto loan in just minutes. Now, it’s expected.”

Balancing convenience and security

For Novak, the beauty of digital transformation is being able to quickly pivot to meet members’ evolving needs on the fly. “It’s all about people,” he said. “Technology is just the tool that helps us meet the ends they’re looking to achieve—whether that’s an easier way to move money or increased security as they do more sophisticated financial transactions.”

Security and compliance are the bedrock of the trusting relationship Visions has built with members for nearly six decades. Member experience is important, too. Solutions like DocuSign ID Verification help the credit union balance convenience and security, providing a friction-free way to authenticate identity by scanning government-issued IDs. 

Behind the scenes, Visions gleans insights from DocuSign Monitor to get ahead of any anomalous or potentially malicious activity—an international IP address, for example. Monitor provides an extra layer of protection as Visions brings eSignature into more heavily regulated parts of its business, including first mortgages and high-dollar business lending. 

By integrating Monitor with its Security Information and Event Management (SIEM) tool, Visions is able to respond to threats faster while automating and scaling its security posture as it grows. “Eighty-six percent of our member interactions are through digital means,” said Novak. “Having a tool like DocuSign Monitor helps to protect that front-end experience while empowering our staff to make data-driven decisions.” 

Growing sustainably with DocuSign

Visions is focused on the next stage of digital transformation: integrating DocuSign with other key systems—including Jack Henry Symitar® and ServiceNow®—to maximize the positive impact of the platform. 

As Visions expands its eSignature footprint across the organization, DocuSign Admin Tools simplify management—bringing visibility under one roof while giving different teams the flexibility to tailor security and privacy settings. That comes in handy for departments like HR, which deals with a lot of sensitive information.

“Being able to do that at speed and scale in a relatively short amount of time enables the business to grow, and it gives us the confidence to double down on all the great services that DocuSign is bringing to us,” said Novak.