Posted by MeridianLink | June 28, 2024

Data Helps A+ Federal Credit Union Personalize the Lending Experience Insights Shared on the Banking Transformed Podcast

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.  

In this special eight-part series of the Banking Transformed podcast—recorded at MeridianLink® LIVE! and featuring MeridianLink® customers—industry leaders discuss their journeys, strategies, and lessons learned along their unique paths to digital growth.  

In this era dominated by digital interfaces, instant satisfaction, and a plethora of banking options, financial institutions face the dual challenge of providing cutting-edge digital solutions while preserving the essential human touch that customers value. 

Consumers expect the ease offered by automated tools, but they also want real human connection, especially when dealing with complex issues. According to a study by Accenture, more than six in 10 consumers turn to branches to solve specific and complicated problems. Finding the right balance between the two types of connection allows your consumers to benefit from both the efficient convenience of technology and the supportive assistance of human guidance. 

In this second episode of the MeridianLink LIVE! Banking Transformed Podcast series, Amber Isaku, VP of Lending at A+ Federal Credit Union (A+ FCU), emphasizes the significance of this balance, showing how the credit union uses data intelligently to personalize member interactions without reducing them to mere numbers. 

To learn more about how MeridianLink® One helps A+ FCU achieve this balance, click here to connect with one of our experts! 

Breaking Down Silos  

A significant hurdle for many financial institutions embarking on digital transformation is the fragmentation of systems and data silos. In the case of A+ FCU, they were using six different loan origination systems just for lending. So, when somebody applied online, their application experience could look completely different depending on which product or channel they were coming through. 

Amber described A+ Federal Credit Union’s journey to breaking down those silos and how they consolidated their lending operation within the MeridianLink ecosystem.  

“We consolidated everything for consumer, mortgage, and indirect lending into the MeridianLink ecosystem, which has been incredible. It broke down a lot of silos between processes and data that we had in the past, and that has unlocked a lot of potential for us.”  

Adopting automated decisioning helped the credit union achieve another significant milestone: improving the experience of its members and indirect lending partners by delivering lending decisions on some loans in just a few minutes.  

A Focus on Personalization 

Looking forward, Amber shared A+ Federal Credit Union’s strategic focus on personalization. Beyond streamlining processes, the credit union plans to harness data to anticipate member needs proactively. The goal isn’t just to offer products but to foster lifelong relationships through personalized, intuitive banking experiences. 

Imagine logging into your online banking platform and being greeted with tailored offers and suggestions perfectly aligned with your financial journey. This vision of “my credit union knows me better than I know myself?” is where Amber sees the future heading. 

“We have so much data that we can tap into. We’re still in the early stages of exploring what we can do with that, but we are using it for member outreach and marketing campaigns to drive interest and present offers that are personalized.”  

Speed & Experience Without Sacrificing Opportunity  

Balancing user-friendly processes with fraud and risk measures is no small feat. Speed and safety often exist on different planes, yet consumers demand both. So, how do you achieve this balance? 

To address this conundrum, Amber says the credit union looks to its strategic partners. For example, MeridianLink® Marketplace offers an extensive network of integration partnerships and robust APIs native to the MeridianLink One platform. With hundreds of integrations available, the credit union can select solutions that align with its goals and seamlessly integrate them into its operations. 

Learn more about how our financial institution customers leverage MeridianLink Marketplace to access partnerships with leading fraud and risk mitigation organizations and benefit from advanced technology solutions that seamlessly blend robust security measures with user-friendly experiences, click here to connect with us!   

Listen to the full podcast episode here and stay tuned for the next installment of this Banking Transformed Podcast series!  

Similar Posts