How Our Modern POS System Can Transform Your Digital Application Experience 

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 digital transformation in banking content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.  

Digital transformation in banking starts with understanding where your consumers are, meeting them there, and delivering experiences that keep them coming back. 

Accenture’s latest banking consumer report confirms that mobile apps and websites are two of the most-used transaction channels every month. Add to that the fact that last year digital banks and fintechs captured nearly half of all new checking accounts opened—more than megabanks and regional banks combined—and it’s clear that digital is the standard. 

As more people turn to digital-first channels, financial institutions are taking note and responding. Jack Henry found that 76% of FIs plan to increase their technology spend over the next two years. And a third of those institutions are planning to boost investments by 6%-10%. Now, will those institutions follow through with those goals? We’ll have to wait and see. But the need is recognized. And FIs that do follow through on their plans will have a leg up as advancements and consumer sentiments continue to evolve. 

That said, it’s easy to spout statistics on consumer preferences and talk about buzzwords like digital transformation in banking. It’s more complicated when it comes to taking steps to respond and apply meaning to overused jargon.  

So, what really goes into digital transformation in banking? How can you meet consumers where they are to grow your business and enhance experiences?  

Let’s start where your consumer journey begins—at the application stage. Specifically, the point-of-sale (POS). The technology controlling this experience can make or break the first impression consumers have of your institution. A POS system is the platform they use to apply for loans and open accounts. Yet many POS systems fall short of effectively meeting the needs of both financial institutions and their customers. And that’s assuming the institution even has a POS system in place. 

Common complaints from FIs with subpar or no POS systems include repetitive data entry, sluggish approval times, and, in a handful of cases, even a lack of a mobile application offering. Just one of these factors can be enough for consumers to abandon their application and find an institution with a smoother digital experience. But when an application experience has each of these issues? It almost certainly translates to business left on the table. 

That’s the cost of a weak POS system. So, what should you look for?  

An effective POS solution isn’t just about what features it has; it’s about how well those features work for you. Here are some key capabilities to look for: 

Omnichannel Interactions 

Omnichannel ≠ multichannel. It’s something better: an integrated experience across all channels—mobile, online, and in-branch. Omnichannel application processes seamlessly integrate all application channels and use data collected from each to enhance the consumer experience.  

For example, a person may begin an application on their mobile phone and come across data fields they have a question about. They don’t want to lose their progress, but they want to head to their FI to get in-person guidance as they fill out those fields to be sure they’re supplying the correct information.  

An omnichannel application experience would let them save their application progress and continue filling it out later from an in-branch kiosk, with helpful staff by their side to clarify those fields. The person’s in-progress application is ported from the mobile experience and pulled up on the kiosk precisely where they left off. Their questions are answered, and the application is completed from the branch. That’s omnichannel at work! 

Omnichannel experiences also mean using data across your operation to uncover opportunities. Picture this: You just landed your dream job and decide it’s time for a fresh start with a new bank. So, you apply for a new checking account to move your direct deposit. During your application, the FI notices your income change and runs a soft credit check which shows you’ve recently inquired about auto loans. So, once your account is approved, they send you a personalized pre-approval for a vehicle loan at a competitive rate. It’s timely and feels like a reward for your new chapter. 

This scenario is a win for the consumer—no extra paperwork, no hunting for rates—and a win for the FI, because they’re growing the relationship from day one. That’s omnichannel banking in action. 

On-The-Go Applications 

Today’s consumers manage nearly every part of their lives on the go, including their finances. It’s common for someone to start a loan application on their phone during a break, only to realize they need to upload a document or sign paperwork later. If your POS system can’t support that flexibility, you risk abandoned applications and lost business. 

A strong, mobile-friendly POS keeps the process moving. When a consumer gets a reminder to finish their application, they can snap a photo of their paycheck, upload it instantly, and e-sign—all from their mobile device, without missing a beat. 

Data Driving Action 

You already have valuable data, you just need the right tools to put it to work. Your POS shouldn’t keep that data locked behind trap doors. Instead, it should break down barriers and turn information into clear, usable insights, giving you a 360° view of every customer and segment. 

When your data works together, your entire operation works smarter. And a modern POS helps by connecting the dots across your systems. You can spot trends faster, offer personalized recommendations, and deliver timely cross-sell opportunities that feel relevant—not random. Robust reporting and workflow automation take it even further, helping your team act quickly, cut out manual tasks, and keep applications moving without delays. 

With MeridianLink^® Access, you can stop searching and start unlocking the full potential of your application experience.  

Like we said earlier, a strong digital experience begins with your application process. And your consumer-facing application process starts with your POS system. That’s why we created MeridianLink Access. It’s our latest POS solution within the MeridianLink^® One platform. And it’s designed to help you build the kind of digital experience that draws in consumers and fuels your growth.  

Here’s what you can expect with MeridianLink Access: 

Digital transformation in banking begins with a single step, and we’re here to take that step with you. See how MeridianLink Access can enhance your digital application experience and grow your business.