Happy State Bank Chooses Lightico as Digitization Partner, Rapidly Expands Use During COVID19
Posted on May 04, 2020 by Gaby Young
Top Regional Bank Implements Digitization Solution Across All Branches Enabling Best-in-Class, Remote-First Service to Consumers and PPP Applicants
New York, NY, May 4, 2020 – Lightico, pioneer of next-generation digital customer interactions, announced today that Happy State Bank has chosen Lightico as a digitization partner across its 43 branches. Happy State Bank used Lightico’s platform to assist in gathering signatures for account openings and account revisions, achieving massive gains in both completion rates and decreases in total time.
“Initially, the implementation of Lightico allowed for a more convenient customer experience with a familiar text messaging-like interface that was familiar to all of our customers,” said Stacie Smith, Vice President at Happy State Bank. “However, with the sudden changes we’ve experienced recently including a massive increase in SBA and PPP loans, these new digital channels became critical to business continuity and providing our customers with excellent service while keeping both staff and customers safe.”
Lightico’s solution digitizes customer-facing interactions such as eSignatures, document collection, identification and verification, and payment allowing for consumers to quickly and securely complete processes on their mobile phones through a link that opens a secure channel. The technology has been implemented in leading banks, lenders, insurance companies, telcos and more to decrease turnaround time and increase customer satisfaction.
“With so much changing and so many rapidly-changing challenges, it is truly a privilege for us to be in the position to help support this through our digital platform – especially for regional banks that need turnkey solutions to continue to function,” said Zviki Ben-Ishay, Lightico’s CEO. “By implementing Lightico, Happy State Bank was able to speed processes up significantly which is a win for both the bank and its customers.”
Key Outcomes
- Turnaround time on documents for consumer account openings requiring multiple signatures decreased from an average of 7 days to 45 minutes
- Turnaround time on documents for commercial account openings requiring multiple signatures, decreased from up to 30 days down to 1 day
- Overall completion rates jumped to 80%
- System implementation achieved in less than a month
- Allowed for rapid digital loan deferral for those affected by COVID19
“The implementation was so easy. It’s in the cloud and required minimal IT effort, which was a huge advantage”, said Mark Murray, Business Systems Liaison at Happy State Bank. “In addition, the flexibility it offered has proven especially key as we adjust to the new coronavirus situation. For example, we used to use snail mail to offer loan deferment ahead of the holiday season which worked but took some time and required significant manual work to handle. To support our customers in the current situation, we quickly deployed loan deferral options that could be done digitally – saving time and work at a critical point.”
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About Lightico
Lightico is an award-winning SaaS platform for customer interactions, that digitally transforms millions of connections between businesses and their customers. With Lightico, sales and service agents can instantly collect customer documents, eSignatures, payments, and verify ID in real-time – straight from the customers’ cell phones. Hundreds of enterprise businesses rely on Lightico to accelerate sales cycles and service their customers effortlessly, earning customer’s trust and loyalty, translating to higher profits.
For more information, please visit www.lightico.com
About Happy State Bank
With assets of $3.8 billion, HAPPY STATE BANK & TRUST CO is headquartered in Amarillo, Texas and was founded in 1908 in Happy, Texas. A state-chartered community bank, the Happy Bank offers a broad range of financial services and products through its network of 43 locations in 32 communities throughout the Texas Panhandle, South Plains and the Dallas/Fort Worth Metroplex as well as an extensive network of ATMs. Happy State Bank can be found online at happybank.com Member FDIC. Equal Housing Lender.
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