It’s no secret that customers expect more from their digital interactions — the problem is that financial institutions are challenged with keeping up. Consumers say, “their banks don’t offer the seamless experiences, value for the money, and innovation they want from their digital relationships.”
To provide the best possible experiences, financial institutions must begin to consider the benefits of integrating consumer and mortgage lending. Here are the main reasons why they should.
1) Eliminate Silos
Due to disparate consumer and mortgage lending teams, it is common for silos to develop within a financial institution. By switching to a unified lending experience, those silos break down, leading to better communication, enhanced cross-sell opportunities, and a better overall experience.
2) Create Better Application Visibility
Streamline the lending process by accessing all open applications. If your mortgage applicant has an existing application in progress in MeridianLink® Consumer, lending officers can see it in the apps-in-flight window within the Meridianlink® Mortgage system.
3) Modernize Application Pre-Fill
Save time and reduce errors when filling out new applications with the application pre-fill feature. Pre-fill enables mortgage loan officers to access a consumer’s profile from the core and use it to pre-fill a new mortgage loan application within MeridianLink Mortgage. This feature delivers a better, faster, and more satisfying experience.
4) Maximize Post-Closing Cross-Sell Opportunities
The consumer experience shouldn’t stop with simply meeting a borrower’s initial request. Your system and processes should work to cross-sell and cross-qualify members in order to improve their financial wellbeing and relationship with your financial institution.
5) Optimize Consumer Debt
One innovative way financial institutions can go beyond the initial closing is by enhancing relationships with their account holders using MeridianLink’s patented debt optimization feature. This feature reviews the borrower’s outstanding loans, then scans and recommends the best rates on auto and personal loans. This may increase the chances a borrower will be approved for a better home loan, save them money, and increase their loyalty — all of which boosts a financial institution’s revenue.
MeridianLink® Consumer and MeridianLink® Mortgage loan origination systems simplify the digital lending process. Financial institutions that transform to a unified lending experience can break down the silos between disparate mortgage and consumer lending teams, resulting in better communication, improved cross-sell opportunities, and a better overall consumer experience.
Watch for our webinar to gain insight into trends and innovative solutions for helping meet borrower needs and empower your staff to deliver a better overall consumer experience.
MeridianLink Consumer, the industry’s leading loan origination system, provides banks and credit unions with a full loan product suite. As a single loan origination system, MeridianLink Consumer consolidates and streamlines applications from all channels, applying the same rules and processes to guarantee a smooth process for bank and credit union employees and a world-class consumer experience for members and customers.
MeridianLink Mortgage is a web-based loan origination software that benefits financial institutions because it’s easy to implement and use, and it offers best-in-class support at every step along the way. This end-to-end, configurable solution allows lenders to deliver loans quickly and accurately from application to approval and provide a better borrower experience.
