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 application content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc.
An October 2024 report from PYMNTS found that only 7% of mid-sized financial institutions had achieved an average application-to-fulfillment timeline of a few minutes, despite three-quarters of surveyed institutions’ beliefs that their digital lending readiness was “very good” or “excellent.”
When it comes to account opening, digital banks and fintechs captured 44% of all new checking accounts opened in 2024, coming in just above megabanks and regional banks, which captured a combined 43% of all new accounts opened that year. (It’s worth noting that digital banks and fintechs’ share is down from 47% in 2023.)
Between underdeveloped digital processes, continued competition from banking and lending newcomers, and consumer demands for digital-first channels, there’s an imperative for traditional financial institutions to iron out the kinks in their digital experiences.
This imperative begins where the consumer journey begins—with your application process.
Application abandonment plagues many institutions, with issues from repetitive data entry to long wait times causing would-be borrowers to jump ship in favor of smoother, faster application experiences elsewhere. Consumers demand a speedy, effortless process from start to finish, and delivering on those demands is vital to increasing application volume and, by extension, business growth.
That’s where MeridianLink® Access comes in. Create a seamless, personalized digital application experience across your entire institution with this brand-new point-of-sale solution for online account opening and loan origination.
MeridianLink Access supports you in delivering a streamlined process from application through approval, reducing turnaround times and improving consumer satisfaction. Applicants and staff alike benefit from a host of features and tools including:
Application Pre-Fill
Save time and eliminate redundant data entry with an application pre-fill option that pulls existing accountholder information directly from your core into the required fields.
Omnichannel Excellence
Whether on their phone or at an in-branch kiosk, applicants enjoy a consistent and quick digital application experience.
Save Now, Finish Later
Sometimes life gets in the way. That’s why MeridianLink Access allows consumers to complete their application on their own time with a convenient save now, finish later option for applications in progress.
User-Defined Fields, Multi-Version Applications, & Combo Applications
Create applications tailored to diverse consumer needs and circumstances with user-defined fields as well as the ability to create multiple versions of a product application. Combination applications are also available to qualified consumers who would like to apply for multiple products in a single session.
Powerful Automation
The back-end experience is just as important as the front-end experience. Advanced automation helps staff efficiently and accurately process applications for faster decisions and funding. This, in turn, leads to happier consumers who are more likely to be repeat business for your institution. Plus, with fewer manual tasks taking up resources, your staff can focus on what they do best: assisting consumers and deepening relationships.
Sound like a breath of fresh air for your digital experience? Well, that’s just the beginning. There’s also full integration with MeridianLink® Consumer and MeridianLink® Opening, helpful third-party fraud integrations, single sign-on functionality, and so much more.
Goodbye Abandoned Applications, Hello Increased Business
Learn how MeridianLink Access can help your organization soar to new heights with a consumer- and growth-focused digital application experience.
