According to a recent study by The Ascent, a Motley Fool Service, a whopping 91% of consumers stated that they view digital banking as an important factor in choosing where to bank. It’s no secret that financial institutions need a digitally-optimized origination process to thrive in today’s economic landscape. That’s why Idaho-based D.L. Evans Bank, which offers a range of lending, checking, and savings services to customers across Southern Idaho and Northern Utah, chose to adopt MeridianLink® One to take their consumer loan processes digital.
Listen to Robert Watts, consumer credit administrator at D.L. Evans Bank, talk about their experience on MeridianLink Consumer.
D.L. Evans Bank had recently decided to offer more services through digital channels to expand customer relationships, improve internal processes, and speed up inquiry and application turnaround times. To accomplish these goals, it selected MeridianLink® Consumer and MeridianLink® Portal, two solutions under the MeridianLink One platform, for their combined ability to optimize the digital consumer lending experience with speed, accuracy, and functionality.
The bank’s ultimate goal was to create an Online Lending Center to function as a convenient and fast digital branch. MeridianLink Consumer and MeridianLink Portal helped make this possible with a range of features and capabilities such as a query process and built-in filtering options that routed all online applications to a centralized virtual department, which handled all decisions and inquiries at a rapid speed. Alongside these technological gains, API connections with D.L. Evans Bank’s preferred third-party vendors—including DocuSign, Experian, SavvyMoney, JD Power, and LaserPro—helped staff process applications more quickly. Just over a year after the digital branch’s launch, online loan response times clocked in at 26 minutes, over 33% faster than the average in-branch response time of 39 minutes.
In the Online Lending Center’s second year, it became D.L. Evans Bank’s second-largest branch by volume, processing 309 applications totaling nearly $7 million, and since then, it’s been on track to outperform all other branches.
Want to learn more? Read the full case study or contact a friendly representative to discover how MeridianLink One solutions can help your institution deepen consumer relationships, boost revenue, and increase lending portfolio volume.
