Posted by MeridianLink | April 4, 2024

Take Your Processes From Sluggish to Speedy With Data

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

Slower-than-average processing times are a headache for everyone involved, whether you’re a consumer applying for a loan or a loan officer trying to help consumers meet their needs. 

Fortunately, you probably already have the remedy for sluggish processes at your fingertips—or, rather, stored in your financial institution’s (FI’s) LOS. We’re talking about data, of course! And all you need to maximize its use and help it streamline your operations are the right technology and a strategy. Once those are in place, you have the power to make swift adjustments based on current data, leading to substantial impacts

Data Is the Key To Unlocking Your FI’s Potential 

So, how does data add speed to your FI’s processes? Beyond providing a simple snapshot of your operations, when you use the right tools to dive into your data, it can uncover dynamic trends and performance indicators that help you better understand certain results and anomalies in your lending process, identify bottlenecks and inefficiencies that may have been tricky to catch otherwise, and maximize engagement opportunities

In today’s economic landscape, these efficiency gains are crucial to ensuring that you can deliver speedier processing and underwriting operations, giving you a competitive edge in a crowded market and lessening the likelihood of consumers turning to alternative institutions—helping your FI acquire and retain more business and, in turn, boost revenue. 

Lead the Charge Toward Faster, More Streamlined Experiences 

There’s a clear need for more advanced technology and automations to support FIs in improving their operations. That’s why it’s surprising to see reports showing that only 34% of surveyed FIs are prioritizing automation in the year ahead. 

After all, advanced automation features supported by data can help your FI maximize staff impact by reducing tedious, repetitive workflows, creating more opportunities for them to focus on deepening consumer relationships through support and proactive problem-solving—not to mention the pursuit of high-return initiatives. 

But with relatively few FIs prioritizing automation this year, now is your FI’s chance to shine, and the MeridianLink® One platform can help! 

The MeridianLink® One platform can assist you in boosting processing times, improving workflows, and building stronger consumer relationships to get ahead of your competition. 

With data-driven insights, customer engagement tools, and seamless digital lending experiences to help your FI and those you serve realize transformative outcomes

Harness your data’s full potential to drive better engagement and continuous growth. Access the “Data Delivers” brochure below to take the first step on the road to digital lending excellence. 

Download the Full Brochure

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