Long gone are the days when loyalty and lack of choices enabled credit unions to stay competitive in the consumer lending market with paper and pen processes that harken to simpler times.
Led by big banks and fintechs, the bar has been raised on offering seamless online and mobile banking to the point where credit unions regardless of size need to adapt or decline.
However, the scale required to efficiently and affordably deploy account opening and lending solutions has been an issue for many member-owned financial cooperatives, especially the lower volume institutions.
Here, Devesh Khare provides some insight on a solution for that situation. Khare is vice president of product, consumer lending, and account opening for MeridianLink. A pioneer in automated loan origination and account opening processes, MeridianLink is now an industry leader.
Please describe MeridianLink’s solution for the lower volume institutions.
Devesh Khare: MeridianLink Entry, a SaaS cloud-based, all-in-one loan and account opening origination platform was created as a cost-effective solution specifically for financial institutions processing less than 100 applications per month.
MeridianLink Entry empowers lower volume financial institutions to implement a complete end-to-end, frictionless digital lending experience for your consumers from application to e-signing.
What opportunities and challenges does MeridianLink Entry address?
DK: This is a critical part of a financial institution’s overarching success. Think of it this way: it’s no longer an option to not go digital. Consumers demand it and will bypass your credit union if you don’t offer it.
MeridianLink Entry helps credit unions that process less than 100 loan apps a month adopt the same digital-first approach as their larger competitors even the largest by providing a single platform that unifies origination and lending.
Our platform is comprehensive, consolidating data from all channels into a solution that supports direct auto loans, credit cards, and personal loans through a default configuration that supports industry best practices and your other partners’ products.
Devesh Khare, Vice President, Product, Consumer Lending, Account Opening, MeridianLink
How does this solution increase member value for client credit unions?
DK: MeridianLink Entry provides both a digital-first experience, and the mobile-first experience that credit union members increasingly expect and demand. The universal application process and portal provide a fast and easy user experience from application entry to auto-booking and auto-funding.
In addition, our advanced cross-sell engine provides your members with valuable credit opportunities in real time and helps them meet their needs and reach their goals.
What differentiates MeridianLink Entry from competitors?
DK: The cross-sell and opportunity engine for starters, along with the innovative point-of-sale (POS) functionality. They’re just some of the highlights of the end-to-end digital experience that consolidates data from all existing channels mobile, branch, call center, indirect, and kiosk to provide the ideal account opening and lending experience for the institution and member alike.
Devesh Khare is vice president of product, consumer lending, and account opening for MeridianLink.
About MeridianLink
MeridianLink(NYSE: MLNK) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes’ 2020 lists of America’s Best Credit Unions and Banks. Further information can be found at www.meridianlink.com.
