What's NEW with LoansPQ?

Posted by Brooks Huber

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 author and may not reflect the opinions of MeridianLink, Inc.

If you think you know LoansPQ®, chances are you haven’t truly experienced what the new and improved iteration has to offer!

Back in July we officially announced the enhancements made to LoansPQ. The desire to upgrade our consumer-based loan origination software (LOS) was based on several critical elements; collective feedback from our clients and consumers, our own internal goals and initiatives, and finally, to further progress the functionality of our premiere and industry-leading consumer digital origination platform.

The message we broadcasted at the time of the announcement remains true to this day: we simply want to connect you to betterthrough proven efficiencies, solutions, and technology. With the new and improved LoansPQ, we can safely say the enhancements made to our industry-leading LOS are certainly worth bragging about. Some of our biggest accomplishments include:

  • Better Navigation: reduce the time it takes for automated underwriting. Dynamic App navigation is fluid and easy-to-use.
  • Better User Flow. With a 99% reduction in page switch time, you’ll experience a consolidated and streamlined process.
  • Better Performance. LoansPQ delivers a 50% reduction in app loading time.

But that’s not all! Check out this teaser trailer for yourself.

 

The Need for Adaptability

We concluded our Summer Road Trip webinar series with a highly informative presentation, entitled “2020 Digital Lending and Account Opening Survey Results.” Our lead presenter and panelist consisted of Jim Marous—Owner and CEO of the Digital Banking Report. Jim began his presentation with the following statement, “The key to success for digital banking transformation will be the ability to support transactions and engagement seamlessly, across platforms, with the fewest number of steps. Ease of use is the new digital differentiator.”

But what’s even more thought provoking is what Jim stated during the final minutes of his presentation. During the live Q&A session Jim was asked what financial institutions could do to remain up-to-date and competitive. Jim conjured up the following advice, "Legacy thinking is the biggest contributor to FI's inability/desire to adopt a full digital transition.” He further elaborated that financial institutions don’t need to make the journey alone, “let a partner help you understand why it's important. It'll be in your best interest, guaranteed."

 

Improvise. Adapt. Overcome.

Times aren’t changing. They’ve changed. Given our current climate, and especially after learnings extracted from the pandemic, the requirements loan origination software must have to remain competitive and within compliance are exponential. But don’t let that fool you into thinking that acquiring (or upgrading) your LOS has to be difficult. On the contrary, it can be relatively painless. In fact, LoansPQ has everything you need to hit the ground running. And with experienced and well-versed implementation partners, it can be a breeze.

But first, let’s pinpoint some of the over-arching issues you may be experiencing at your institution. It all starts with the customer experience. Customers and existing members place lofty expectations on ease of access, expedited services, and straight-forward procedures when it comes to all matters related to application submission and disbursement. And let’s not forget most of these people prefer to conduct these services from a mobile device. Are you equipped, and more importantly prepared, to handle the demand?

And what about your needs? The pandemic might’ve pinpointed flaws within your organization. By now you must realize if you’re not digitally equipped to meet the needs of the consumer, you are tailing behind your competitors. But it doesn’t have to be that way! You’re looking for a faster, simpler, and easy-to-use system—complete with all the latest bells and whistles attached.

We got you covered. What’s great about LoansPQ is that you can customize it to meet your unique digital strategies. What’s more, must-have capabilities such as cross-selling, advanced analytics, reporting needs, and access to lead generation, data and other 3rd party vendor suppliers comes standard. Also, you’ll be able to drastically bump up your internal automated processing procedures, thus relieving staff members from unnecessary or complex chores.

Switching over to a completely digital environment is not only attainable, but easy to do. Suddenly, going into a store branch bank is now considered obsolete.

 

Perfecting the Modern Loan Origination System

In the spirit of full transparency, we consulted over 200+ banks and credit unions. This initiative allowed our organization to not only generate feedback that we could use to further enhance LoansPQ, but to collectively gain a better understanding of common business pains as they relate to digital lending and online account opening.

Ultimately, through the research and data we gathered, we created the most simple and modern consumer loan origination experience in the industry! That’s why we place a tremendous level of value in LoansPQ, and we’re incredibly proud of what it can do you for your financial organization. LoansPQ offers a variety of solutions, including:

  • Web-SaaS Based Delivery
  • Full Loan Suite
  • Innovative Point-of-Sale
  • Modern User Interface
  • Advanced Decisioning
  • And so much more!

 

Next Steps: Why MeridianLink and LoansPQ?

“I love the new workflow! It’s going to be so much easier for our front-line staff because the modern experience is so seamless and easy to use.”

Rogue Credit Union’s lending system administrator.

 

By now you most likely summarized that LoansPQ could be a perfect fit for you! After all, it’s the industry-leading consumer lending platform. And for all the right reasons. Based on all the effort that has gone into it, the platform enjoys having a frictionless experience—made all the more possible by consolidating data from all existing channels into a single origination point. With over a thousand configuration points, innovative Open API that easily connects to over 250 third-party integrations, a robust underwriting and pricing engine, full loan product suite support, and a dynamic workflow engine, LoansPQ loan origination system can be tailored to fit any financial institution’s needs. Plus, it’s wicked fast.

We highly encourage you to schedule a demo, where you can experience what LoansPQ has to offer for yourself. Our goal is to help you learn more about how you can enhance your institution's capabilities. No pressure. In the event you'd like to check things out for yourself, at your convenience, you can schedule a demo here.

 

For a more comprehensive look at LoansPQ,
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Topics: Loan Origination Software, loan origination system, loanspq

Written by Brooks Huber

Content and Communications Manager, MeridianLink

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