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 modern digital experience content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
The season of giving is upon us—so why not give your financial institution and your consumers a gift that will truly make a difference? Imagine smoother workflows, faster lending decisions, seamless fraud mitigation, and the ability to meet consumers where they are, whenever they need you. A modern digital experience makes all this possible. And it’s no longer just a nice-to-have; it’s essential.
Yet, despite its importance, the reality is stark: fewer than half of financial institutions can fully support digital processes from start to finish. Even those that do often struggle with slow, fragmented systems that create unnecessary delays.
The good news? Change is in the air. Over 80% of banks and credit unions plan to increase technology investments. The key is choosing solutions that not only meet today’s needs but empower you to evolve with the market—ensuring you stay ahead and are not stuck with the ghosts of holidays past.
But how do you know if your digital experience is truly modern?
Many solutions claim to be modern. But how can you be sure you’re truly providing a digital experience that meets today’s high standards—and not just falling for a buzzword? If you’re questioning whether your financial institution is keeping pace, consider this:
Is your team bogged down by manual tasks, fragmented systems, and siloed data? These obstacles hamper productivity, causing delays, poor customer service, and higher operational costs. This makes your institution less agile, slowing your response to consumer needs and market changes.
Are your services slow, difficult to access, or lacking in customization? These barriers push consumers toward competitors with more seamless, personalized experiences. Long application processing times, limited digital access, and impersonal interactions can drive consumers away, weakening your competitive edge.
Are your fraud mitigation processes manual and time-consuming? With 75% of FIs reporting increases in consumer fraud this year and cumulative losses exceeding $10 billion, now is the time to reassess your risk management strategy. Without modern fraud detection tools, staying ahead of sophisticated threats becomes difficult, leaving your institution exposed and compromising customer trust and financial security.
Are your compliance tasks manual, error-prone, and inefficient? Keeping up with evolving regulations is already challenging. Manual processes increase the risk of costly mistakes, but automated compliance solutions can help maintain accurate records, reduce risk, and protect your institution from penalties and reputational damage.
Are you losing market share to faster, tech-driven competitors? McKinsey research shows fintech revenues will grow nearly three times faster than traditional banking by 2028. Institutions that don’t modernize will struggle to attract and retain consumers, ultimately losing profitability and market position.
If you answered yes, or are unsure about any of these, it’s time to give your institution the gift of MeridianLink’s Modern Experience.
Think back to the joy of giving that perfect gift—the one that delights and creates lasting memories long after the wrapping paper is gone. Now, imagine giving your financial institution and your consumers a gift that continues to deliver that spirit, not just for the holidays but all year long.
In banking, that gift is a modern digital experience.
It’s intuitive interfaces and advanced automation that create seamless interactions, no matter how consumers choose to engage. It’s the peace of mind that comes from knowing your accountholders and assets are protected by advanced fraud mitigation tools. It’s personalized product offers that strengthen financial well-being and drive profitability. It’s easy access to insights that turn data into revenue-driving actions and strategic decisions. It’s streamlined workflows that empower your team to serve consumers faster and more efficiently. It’s smarter, faster decision-making that enhances the overall consumer journey. And it’s an experience where they can open accounts in minutes, simplifying banking and making it more accessible.
It’s the power of MeridianLink’s modern experience—and the results speak for themselves. Here’s how our customers are thriving:
- 51% of loans instantly approved
- +95% reduction in application processing time
- Fraudulent applications detected within the first hour of going live
- 168% increase in deposit applications
- 20% increase in qualified pre-approvals
“It’s the most wonderful time of the year”—make it the most impactful one for your institution and your consumers.
