The following post is part of a series of blogs written by MeridianLink Partners who will be attending the MeridianLink LIVE! User Forum in May 2022. To learn more about the event, click here.
Today’s banking consumer wants digital convenience. While bank and credit union branches continue to be important community cornerstones, consumers today increasingly want the option to engage digitally with their institutions. Indeed, research by the BAI indicates that consumers expect 61% of their business with banking institutions to be digital by 2024, and the majority of younger consumers are already using web and mobile applications to open accounts. Now is the time to invest in digital capabilities and meet consumers where they are, in their preferred channels.
Many lenders today have embraced digital capabilities in response to these demands, yet parts of their operation remain disconnected and manual. According to research by the Digital Banking Report, commissioned by MeridianLink, the top reason for consumers needing to visit a branch in the digital loan process is to sign documents.
With DocuSign eSignature’s integration into MeridianLink’s Consumer Loan Origination System, lenders can create and deliver a fully digital experience spanning origination, approval, signing, and funding. Consumers can complete loan applications and documents on the go from virtually anywhere and any device, all supported by a mobile-friendly signing experience. Electronically signed documents are accompanied by audit trails and certificates of completion, documenting the delivery and proper completion of loan documentation. At the same time, loan officers and employees can drive this process end-to-end without leaving their LOS, creating a more efficient experience for all involved. Indeed, a survey of banks and credit unions using eSignature revealed they reduced their loan processing time on average by 31%.
To learn more about how your institution can make the most from a digital lending experience, read DocuSign’s whitepaper “Accelerate Lending with DocuSign Agreement Cloud” here.