While branch traffic continues to go down across the industry, think the demand for notarized documents has likewise gone down? Not quite. In-brach traffic or not, notary remains one of the key reasons people still visit their financial institution.
The Need for Notary
It shouldn’t come at a surprise, then, that finding technology that simplifies and speeds up the process to get a document notarized is not only critical to today’s credit union and community bank, but it’s becoming the expectation — as people increasingly prefer Video Banking to walking into a branch.
In light of that, Eltropy is proud of the patent it recently received for its new digital notary product Video Notary, an area in which Eltropy (stemming from its POPi/o roots) has deep expertise. “It’s yet another example of our commitment to innovation and excellence as the pioneer and leader in Video Banking,” Eltropy Chief Product Officer Jed Taylor said in the recent press release.
Video Chat vs. Video Banking
Taylor said that while other vendors may say they have video banking, it’s really just video chat – not true video banking.
“The key differentiator with Eltropy is we’re not just doing video chat, we’re enabling services that have historically been available only in physical branches,” Taylor said. He explained that what Eltropy is essentially doing is replicating a branch on video — including new accounts, loans, and high-dollar check deposits.
Bringing It All Together
With the essential nature of notary services added to the mix — in the form of Eltropy’s Video Notary — the high-demand process of getting a document notarized can now be done quickly, within the community bank or credit union’s same digital communications platform and while the user is at home, on the road, or anywhere.
“This Video Notary patent is an important technology piece for us,” he said, “as the company continues to build out a complete, digital communications platform in helping community banks and credit unions do more with less — at a time when a recession looms large on the horizon.”
Video Notary comes on the heels of 2022, a year in which Eltropy (again, thanks to acquiring video banking leader POPi/o in May of that year) received multiple patents, bringing the total number of patents received to date to 11.
Going forward, Eltropy plans to continue to devote considerable research and development (R&D) resources to further innovations like Video Notary.
“These innovations will not only enhance the communications experience of credit unions and community banks,” Taylor said, “but will save valuable time, money and resources for individuals and families looking for anytime, anywhere access to digital financial services, personalized to their needs.”