Clearly, a percentage of lessors are paving the way in making E-Chattel an important driver of their business success as evidenced by the strong adoption cycle seen from 2015 to 2016. The business benefits of E-Chattel are numerous, including greater simplification and efficiency in the contracting process, time reduction in the sales cycle, increased customer service by offering the customer digital methods to execute leases and loans, and enhanced security with the availability of secure exchange, authentication and authoritative copy management between multiple parties.
- There has been a 700% increase in companies adopting digital transaction management technology from 2015 to 2016 in the equipment leasing sector.
- 71% of Captive Lessors use electronic records and signatures to document at least some of their equipment leasing transactions, although that figure falls to 19% for Bank-Owned Lessors.
- Electronic signature solutions rank 3rd among the top IT-related initiatives planned in the next 18 months by companies responding to the annual BTPI survey.
These benefits overcome historical questions around the legal interpretation of digital documents and document exchange, cement E-Chattel as best practice, and are driving its adoption growth across the industry.
Considering E-Chattel with your originations process is a great starting point. Many IDS customers desire standard integrations with digital transaction management providers, like eOriginal, in pursuit of the above benefits. In Rapport 7.0, IDS launches new base functionality that includes distributed integrations with several market-leading digital transaction management providers. Some of the most requested functions planned for Rapport 7.0 include: auto-sending of originations documents to digital document management solutions, the ability for customers to see vaulted copy management histories, and the capability to view electronically-signed documents.
Watch for a webinar this summer co-hosted by eOriginal and IDS’ Melissa Orsburne, Rapport Sr. Product Manager and member of the ELFA E-Chattel committee.