Reference story BayBG

BayBG relies on d.velop sign for digital contract signing

• BayBG digitises 160 signatures per month – and the number is rising
• With d.velop sign, BayBG saves significant paper costs

* BayBG, Bayerische Beteiligungsgesellschaft mbH (German for Bavarian Investment Company)

Legally binding contract signing with the electronic signature d.velop sign 

BayBG boosts efficiency: 160 digital signatures per month

Bayerische Beteiligungsgesellschaft mbH (BayBG) is a financial services provider founded in 1972 in Munich. The company supports small and medium-sized enterprises (SMEs) and start-ups with capital in the form of equity or silent partnerships, offering an additional financing channel alongside traditional banks. BayBG employs 60 people at its Munich location and holds investments totalling around €400 million in 500 predominantly Bavarian companies. 

Pandemic complicates contract signing at BayBG

Two things used to be certain: important decisions were made in person, and contracts were signed with pen and paper. “This was also the standard practice at BayBG before the COVID-19 pandemic,” explains Andreas Käufl, CFO of BayBG. “Each year, BayBG concludes up to 100 new investments – either in its own portfolio or as an intermediary for public funding programmes. In addition, there are numerous resolutions concerning existing investments, such as contract extensions or company sales.”

 

A new reality calls for a new solution

“To handle this efficiently, regular committee meetings were held with BayBG decision-makers and involved risk and financing partners,” Käufl recalls. “Investments were discussed, decisions made, and contracts signed on the spot.” But the pandemic brought these meetings to an abrupt halt. They were either cancelled or replaced by virtual sessions. “That’s why we needed a legally compliant signature solution that met the demands of this new reality.”

Looking for a provider of electronic signatures

As Andreas Käufl explains, the situation during the COVID-19 pandemic ultimately triggered the search for a provider of electronic signatures. However, he is well aware that the need for a digital signature solution had existed even before that. “We’re involved in so many companies that there are countless processes requiring formal approval in the form of signatures.”

Speed matters in the investment business

Even before the pandemic, these processes at BayBG had to be handled quickly. “It’s simply essential that we can respond swiftly,” says Käufl. Contracts involving large sums of money need to be finalised without delay. While this was previously achieved through circular resolutions or by collecting approvals via email, these paper-based or semi-digital processes placed a heavy organisational burden on the back office and led to media disruptions in the decision-making process. Approvals had to be gathered from various sources – on paper or by email – and then manually compiled into electronic files. “As Andreas Käufl puts it: ‘All of these approvals had to be brought together again in our digital records.’”

Andreas Käufl, CFO at Bayerischen Beteiligungsgesellschaft

BayBG already uses d.velop’s digital investment file

When searching for a suitable provider of digital signatures, the solution was practically already in place for BayBG: d.velop sign. “After all, we were already using d.velop’s electronic investment file,” explains Andreas Käufl. “So it made perfect sense to also rely on the digital signature solution from a trusted provider whose products we were already successfully using in-house.”

d.velop sign as an easy-to-use signature solution

In addition to the essential legal validity of the signature, another key factor in choosing d.velop’s electronic signature was its ease of use. “The solution had to be very simple to use and shouldn’t require much effort or work,” emphasises Larissa Rashid, assistant to the Finance and IT division at BayBG. Still, she adds, “We first had to familiarise our staff with the new system and build acceptance.” The biggest challenge after implementation, according to Andreas Käufl, was integrating all the stakeholders into the process – including those outside the organisation.

More transparent and faster processes for multiple signatures

As is often the case with changing workflows, not everyone immediately embraced the idea of digital signatures. “We had to make it very clear internally that the new system offers many advantages,” recalls Larissa Rashid. So where did the scepticism come from? “Some individuals in the process chain might not notice much of a change,” suggests Andreas Käufl. “They may simply be used to having the signature folder land on their desk.” While that might be convenient for the individual, Käufl continues, it can become a real bottleneck when five, six or even seven people are involved in the process. “If just one person is on holiday, it becomes nearly impossible to track where the process is currently stuck.”

Digital signature speeds up and streamlines the process

For internal signatures at BayBG – which account for around 98% of all signatures – the company now relies on d.velop sign. “One key advantage of this solution is that we only need to coordinate once with all stakeholders in the back office, for example when approving new investments,” explains Andreas Käufl. “From there, a single document is sent out – always digitally – which makes the process much faster and more efficient than working with paper.” Larissa Rashid adds another benefit: “We’re talking about documents that often go to people in several different organisations. Digitally, it’s much easier to keep track of a document’s current status.”

160 electronic signatures per month – and rising

On average, BayBG employees complete around 160 digital signatures per month. The system has been live for 15 months. It took just a few days from the decision to go with d.velop sign to the first digital signature. Currently, 25 employees use the solution – and the number is growing. “The solution has become increasingly popular within the company,” says Larissa Rashid. “The benefits are obvious: signing directly from an email with just one click, without having to worry about the rest of the document workflow.”

Involving external stakeholders in the process

The biggest challenge after implementation, according to Andreas Käufl, was integrating stakeholders outside the organisation into the process. “In our decision-making processes, we also have committee members from other companies. The challenge is convincing external partners to adopt a specific solution.”

6 steps to the introduction of an electronic signature

In this webinar, you’ll learn how we can successfully introduce the electronic signature in the organisation using six steps – from understanding the benefits to getting started with d.velop sign.

Agenda

• Why should I introduce a digital signature?
• d.velop sign as e-signature of the d.velop platform
• 6 Steps to introducing an e-signature
• Next Steps: How we get started digitally together

Start with just one click.

Openness and transparency in collaboration with d.velop

With d.velop, BayBG not only found a suitable provider for digital signatures, but also a reliable partner for its broader digital transformation. What Andreas Käufl appreciated most during the signature project was the openness and transparency with which d.velop presented the different options and levels of legal assurance for electronic signatures. “We received excellent professional advice,” says the CFO, clearly satisfied – especially since legal certainty is a key issue in contract matters.

Continuing to refine processes and align needs with d.velop

According to Larissa Rashid, no training or onboarding was necessary: “d.velop sign is incredibly intuitive – it’s really easy to use.” And what about future collaboration? “We’re of course continuing the exchange – that was one of our main motivations for choosing d.velop in the first place,” explains Andreas Käufl.

Next goal: digitising committee work with d.velop

BayBG has a clear vision for what’s next: “We can already see that d.velop sign makes the entire signature collection process much more efficient,” says Käufl. But there are still coordination processes within the various organisations involved – especially when it comes to committee work. “Our next step is to explore whether we can digitise that part of the process as well.” Here, Käufl sees great potential for further collaboration with d.velop.