Customer Success Story
Automated Approvals and Personalized Service Boost Loan Volume and Client Satisfaction
How Thomaston Savings Bank Amplified Loan Volume by +300%
Headquarters: Thomaston, CT
Branch locations: 16
Managed Assets: $1.75B
The Challenge
MANUAL PROCESSES AND LOW LOAN VOLUMES LIMITED GROWTH POTENTIAL
Thomaston Savings Bank (TSB) has been providing exclusive borrowing options as an alternative to for-profit banks for over 150 years.
Prior to working with MeridianLink®, TSB relied entirely on in-person loan applications and manual processes, leading to low loan volumes and time-consuming approvals. Without an online portal, they struggled to compete with larger banks and fintechs, which offered convenient digital services. The lack of automated decision-making capabilities limited their ability to process high application volumes, impacting both efficiency and client satisfaction. TSB needed a scalable digital solution that maintained its personal touch while automating core functions.
The Solution
MeridianLink Consumer
TSB implemented MeridianLink® Consumer to streamline its lending operations with automated, instant approvals tailored to specific credit score criteria. The solution seamlessly integrated with the bank’s existing systems, enhancing document processing efficiency and enabling personalized, targeted in-app offers. This allowed TSB to handle high volumes of loan applications without compromising its commitment to personalized client service.
Why Thomaston Savings Bank Selected MeridianLink Consumer
Monthly loan volume grew from 15 to 60-70 loans.
1,100 loan applications received and 640 booked (65% approval rate) in 2024.
Increased loan volume from under $1 million per year to ~$1 million per month.
The Results
High-Volume, Personalized Loan Experience Drives Growth
MeridianLink Consumer’s automation and seamless integrations enabled TSB to grow without compromising client relationships. The bank scaled its operations from processing 12-15 loans per month to over 60, with consistent monthly loan volumes exceeding $1 million. Automated instant decisioning streamlined approvals for low-risk applicants, significantly enhancing processing speed and client satisfaction while reducing application drop-offs.
Targeted in-app offers powered by an integration with SavvyMoney’s Credit Sense tool boosted application rates and provided clients with valuable loan opportunities tailored to their credit profiles. Clients can apply online, in person, or via phone, with a lending team available for guidance at every step. Through digital tools and tailored marketing, the bank has appealed to younger clients while preserving its mission of being a supportive financial partner. Their next goal is to expand this success to include small business lending solutions.
