MeridianLink, Inc., a provider of lending software platforms for financial institutions, has released a series of third-quarter enhancements for its MeridianLink® Consumer and MeridianLink® Mortgage solutions, integrated within the MeridianLink® One platform. These updates focus on improving data utilization, accelerating relationship growth, and enhancing digital channels for consumer acquisition and engagement.
Devesh Khare, chief product officer at MeridianLink, stated that the company is committed to innovation across the MeridianLink One platform to support customers in a rapidly evolving banking landscape. Khare noted that these advancements provide customers with robust data, including peer benchmarks, and expanded automated workflows designed to simplify account opening and lending application processes.
The MeridianLink One platform offers financial institutions a comprehensive banking software platform that supports the digital lending journey. Its solutions encompass deposit account opening, consumer and mortgage loan origination, data access and verification, business consulting, analytics, collections, and scoring. This integrated approach aims to reduce the need for disparate systems, minimize silos, and increase operational efficiencies.
Key enhancements for the quarter include: Unlocking the Power of Data.
MeridianLink® Insight for Mortgage provides an intelligence and analytics solution specifically for mortgage lending. It integrates analytics, real-time benchmarking, and borrower insights from a single mortgage Loan Origination System (LOS) platform. The solution uses over 2,000 data points from the MeridianLink® Mortgage LOS, offering immediate access to over 60 pre-built dashboards and hundreds of customizable data views. Insight for Mortgage helps financial institutions tailor reporting, improve pull-through and cross-sell rates by identifying friction points, and benchmark loan volume and processing speed against industry peers. It also offers insights into borrower segments through analysis of income and credit scores, with a scalable architecture that supports ongoing data growth and future technology integration.
MeridianLink® Insight for Collect aims to improve collections management for financial institutions by combining real-time data with tools such as the Propensity to Pay Index, performance dashboards, and a virtual Collector. This enables institutions to prioritize accounts, reduce ineffective outreach, and enhance return on investment. The solution provides real-time consumer data and analytics, offering insights into each consumer’s lending behavior to help prioritize accounts with a higher likelihood of repayment based on past payment history. This approach is intended to reduce time spent on delinquent accounts and improve repayment turnaround times.
Additionally, new features in MeridianLink® Access and MeridianLink® Opening are designed to facilitate digital consumer acquisition.
Second Chance Product Support now allows for the opening of Second Chance Checking accounts, expanding inclusive financial options. Business Account Opening enables institutions to offer custom-branded experiences for business owners to apply for deposit accounts through a streamlined digital process. Special Deposit Accounts now support additional application flows for minor, trusts, memorial, and estate accounts.
To foster relationship growth through automated offers, an Expanded Cross-Sell Support feature has been integrated into MeridianLink Access. This enhancement allows financial institutions to present applicants with personalized product offers instantly, automating the offer creation for new deposit accounts, loans, or credit cards, which consumers can accept in real-time.
MeridianLink provides cloud-based digital lending, account opening, background screening, and data verification software solutions that leverage shared intelligence from its unified data platform, MeridianLink® One. These solutions assist financial institutions and consumer reporting agencies in identifying growth opportunities, scaling operations, and supporting compliance, while aiming to enhance the experience for both staff and consumers. MeridianLink has been operating for over 25 years.
