MeridianLink, a provider of digital lending and data-driven decisioning solutions, has reported continued momentum for its digital application solution, MeridianLink Access. Community financial institutions across the United States are utilizing MeridianLink Access to enhance workflows, improve application completion rates, optimize cross-sell opportunities, and deliver fast, responsive experiences across various browsers and devices.
The platform supports financial institutions in delivering digital experiences and increasing operational efficiency by enabling tailored workflows, automated decisioning, and personalized consumer journeys through a flexible, configurable system. Wes Zauner, Vice President of Product Management at MeridianLink, stated that financial institutions require the ability to innovate rapidly while providing consistent, high-quality, personalized experiences to meet consumer expectations. He added that MeridianLink Access allows credit unions and community banks to build and scale digital journeys, aiming to grow lending and deposits and strengthen customer relationships.
MeridianLink Access is contributing to accelerated lending and deposit growth for community financial institutions by improving conversion rates and enabling new cross-sell opportunities. The solution facilitates pre-approvals, personalized offers, and quicker decisions, which can lead to higher funding rates and increased share of wallet. For instance, a credit union in the Pacific Northwest observed a 32% increase in completed auto loan applications, a 17% increase in completed credit card applications, a 19% increase in completed personal loan applications, and a 5% increase in completed deposit account applications. Additionally, a Southeast-based credit union increased deposit account applications by 17% after implementing personalized digital experiences for both consumer and business members.
By simplifying and personalizing the application process, MeridianLink Access aims to reduce abandonment and improve completion rates. Features such as prefill, save-and-resume, and dynamic workflows are designed to streamline the consumer experience. One credit union reduced application completion time from 22 minutes to three minutes. Another organization reduced abandonment rates by optimizing applications and removing unnecessary form fields. A California-based credit union also reported a 700% increase in engagement across digital channels through personalized application experiences, while reducing reliance on external vendor add-ons and lowering maintenance complexity.
Automation and intelligent workflows within MeridianLink Access are enabling credit unions and community banks to improve speed-to-decision and operational efficiency. The platform supports touchless processing, real-time decisioning, and integrations, aiming to reduce manual work. 3Rivers Federal Credit Union increased automated decisioning by 40% and achieved a 25% increase in instant approvals, reducing application processing times from two days to two hours. The platform’s configurability allowed the institution to create tailored workflows for different member segments. A large Midwest credit union accelerated speed-to-market by enabling business teams to independently design, test, and deploy new workflows. A recently implemented bank in the Midwest reduced its digital account opening time by 50-65%, with most consumer accounts now opening within minutes instead of days, leading to a 130% increase in new accounts opened compared to their previous vendor.
MeridianLink Access provides capabilities for community financial institutions to modernize their digital experience, including accelerating applications with touchless workflows (prefill, document upload, eSignature, save-and-resume), supporting applicants across channels, growing lending and deposits with automated decisions and cross-sell opportunities, recovering abandoned applications with reporting and re-engagement tools, supporting community partnerships with configurable application experiences and branded templates, delivering personalized offers, and simplifying operations through automation and third-party integrations.
MeridianLink Access is part of the MeridianLink One platform, which connects digital experiences with lending, account opening, and data insights, designed to help community financial institutions accelerate growth while maintaining personal relationships.
