This is the fifth in a series of articles on the companies behind online banking. Last week we profiled D+H. This article features MeridianLink.
MeridianLink: Making Account Opening Easy For Consumers and Cost-Friendly for Institutions
Technology’s gift is that it can increase efficiency and reduce costs. MeridianLink, which was founded in 1998, developed the first multi-channel account opening and loan origination platform. More than 20,000+ financial organizations take advantage of the company’s array of products and software.
Take for example, MeridianLink’s XpressAccounts, which makes it possible for people to apply for new accounts anytime, as long as they have a web-ready device. Better still, instead of waiting days for a decision, they get it in minutes. Financial institutions like the fact that XpressAccounts reduce new member acquisition costs. New account info is consolidated from branches, call centers, kiosks and the web. Lower costs of course boost revenues. Account managers can immediately use information from new account holders to cross-sell other products, further increasing revenues.
When it comes to lending, there’s LoansPQ, which makes it easy for people to apply for loans online and to get the thumbs up or thumbs down quickly. It’s good for financial institutions too. Loan agents get immediate access to real-time data and reports. Essential loan variables and calculations are automatically processed. Another plus, forms are digitally archived for quick retrieval from any location and letters, applications and other documents can be integrated to instantly create a complete picture or every loan.
Credit API, a real-time credit check toolkit and Mortgage Credit Link, a web-based credit reporting system for resellers, credit reporting agencies and institutions are two other cutting edge products in MeridianLink’s arsenal.
ableBanking and Clear Sky Accounts have used MeridianLink’s software, among many others. To get a sense of how MeridianLink impacts financial institutions, look at what it did for NuVision Federal Credit Union back in 2014. The full-service financial institution at the time had 14 branches in Los Angeles and Orange Counties and Arizona. NuVision tapped MeridianLink for its platform that automated the opening of new accounts.
NuVision was seeking a more user-friendly and robust online opening system, according to Jackie Donerson, vice president of service and remote delivery at NuVision. MeridianLink had another advantage – its automated cross-sell feature that would improve their ability to serve their members and help pave the way for greater growth in the future.
Before MeridianLink, NuVision’s online account opening did not have an automated cross sell feature. Instead, it involved having a member service rep review the application and make a follow-up call. Also, if someone applied to open an account over the weekend, they might not receive a call back about additional products they were qualified for and could have been interested in until the following week. That’s assuming they could be reached. Phone tag wastes time and energy. But with XpressAccounts, as soon an account is approved, the person is notified about other financial opportunities.
It didn’t take long for NuVision to reap the benefits of this process. It reported that the deployment process was well planned, conducted and executed. Donerson has talked about how her firm’s team worked extremely well with MeridianLink’s deployment and training team. She recalled how her company realized that a form was missing just prior to deployment; it needed to be mapped and approved in short order -- it was all hands from the companies that came together to get what was necessary done.
NuVision’s staff pretty quickly reported that XpressAccounts made the online application process easier and that was simpler to work with. NuVision is just one of many success stories.
MeridianLink’s software is viewed as the most mature account opening and loan origination platform available, and the company has maintained its position on the cutting edge of advancement and innovation. Important MeridianLink firsts include the development of the first web-based credit reporting system and the first end-to-end, multi-channel account opening and loan origination platform. The MeridianLink platform has been proven to increase loan volume as well as reduce loan production costs and can also be integrated with most core processors and over 150 third-party applications.