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In today’s fast-paced, data-driven world, information has become the most valuable currency, and financial services is no exception. Every transaction, every consumer interaction, and every market movement generates a wealth of data. And for those financial institutions (FIs) that understand the true potential of this data and harness it effectively, the possibilities are boundless. That’s why having easy access to and effectively using data has become the cornerstone of success for FIs. In fact, data analytics ranks among the top three technology investments for financial institutions over the next two years. Nevertheless, for many FIs, the immense volume of data at their disposal feels daunting and out of reach.
If you find yourself facing this challenge, read on.
The Data-Driven Road to Success
An impressive 95% of financial institutions have plans to enhance their lending solution. If you’re part of that majority, then your objectives may look something like—increasing loan volume, decreasing processing times, streamlining approvals, and delivering an elevated consumer experience. But where do you begin?
Enter MeridianLink® Data Connect.
As a tried-and-true provider of top-notch digital lending solutions for 25 years, MeridianLink saw an opportunity. Our financial institution customers need a timely solution that helps harness the power of data to better position them for long-term, sustainable success and competitiveness. That’s why we’re so excited to announce the launch of our latest data solution—MeridianLink Data Connect. With MeridianLink Data Connect, financial institutions can now bring data in-house for insight into the entire origination lifecycle, from account opening to loan application and funding, while quickly identifying ways to increase efficiency and improve the experience for both your consumers and staff.
How Does It Work?
MeridianLink Data Connect enables FIs to integrate their MeridianLink® Consumer and MeridianLink® Opening data directly into their data warehouse, allowing for more insightful reporting, combined with the ability to develop more complete key performance indicators that would otherwise be limited to single data sources.
“In today’s consumer-centric market, harnessing insights from diverse data sources and seamlessly accessing essential knowledge in one central hub empowers financial institutions to accelerate growth,” said Devesh Khare, Chief Product Officer at MeridianLink.
Financial institutions can fulfill modern data warehousing and analytics needs through secure, daily, automated transfers of MeridianLink origination data into their data warehouse, removing the need for manual or batch uploads. The simple, streamlined transfer of structured data such as credit information, time series, queues, configuration tables, and so much more into one centralized location allows institutions to quickly identify and address areas for improvement, opening the door to:
- Better, data-driven decisions
- Enhanced consumer insights
- Increased operational efficiency
- Improved compliance & risk mitigation
- Timely market research & trends
- Personalized consumer experiences
Your Comprehensive Data Solution
When it comes to harnessing the power of data, there’s strength in synergy, so for an even more powerful view of your data and performance, pair MeridianLink Data Connect with MeridianLink® Insight. While strong on their own, the pairing of these two data solutions empowers your financial institution to use MeridianLink Data Connect to transfer your MeridianLink loan and account origination data directly into your existing data warehouse and then use MeridianLink Insight for immediate analysis of your origination data through easily accessible reports and dashboards.
Devesh Khare explained, “By integrating Data Connect with MeridianLink® Insight, institutions can gain rapid, comprehensive data analysis and a unified view across all platforms, enabling profound and holistic insights to drive the business forward.”
The ability to turn data into actionable insights is a competitive advantage. It’s time to unlock the full potential of your data—are you ready for the transformation? Request a call from one of our MeridianLink data experts today and discover how we can enhance your data access and utilization!
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