Customer Success Story
Home Equity Closing Times Reduced by 65%
HOW BANGOR SAVINGS BANK SLASHED CLOSING TIMES, SPED UP FUNDING, & ENHANCED CUSTOMER SATISFACTION
Headquarters: Bangor, ME
Branch locations: 69
Managed Assets: $7B+
The Challenge
CRAFTING A SEAMLESS DIGITAL LENDING EXPERIENCE
Bangor Savings Bank (Bangor) is a trusted, mutually held community bank dedicated to helping individuals and businesses across Northern New England achieve greater financial wellness and economic mobility for over 172 years. Bangor’s previous application process required extensive manual typing, and closing times could take over three weeks. Moreover, customers had to wait additional days after closing to access the funds. The bank wanted to improve the loan application process and enhance customer satisfaction with faster closing times and funding.
The Solution
MeridianLink Consumer
MeridianLink Portal
Bangor Savings Bank selected MeridianLink® Consumer, MeridianLink® Portal, and third-party integrated services from MeridianLink® Marketplace. The enhanced digital experience laid the foundation for better cross-selling abilities so Bangor can meet customers where they are and maintain that connection throughout the customer lifecycle.
WHY BANGOR SAVINGS BANK SELECTED MERIDIANLINK CONSUMER AND MERIDIANLINK PORTAL
Slashed time to close for equity lines of credit by 65% from 23 days down to eight and reduced the time to close for personal and auto loans from days to minutes.
Significant uptick in customer satisfaction thanks to MeridianLink’s single sign-on functionality, which connects to the banking platform and pulls consumer information directly into the software, reducing manual input.
Lightning-fast funding in minutes rather than days due to more efficient closing processes.
The Results
FASTER CLOSE TIMES, FASTER FUNDING, HAPPIER CUSTOMERS
The solution’s unmatched ease of use eliminated repetitive, time-consuming typing for customers by pulling their data directly into the new lending software. This streamlined approach made it easier for customers to engage with Bangor Savings Bank and enhanced the loan processing workflows. Closing times for home equity lines of credit were drastically reduced from 23 days to just eight. This efficiency gains also enabled customers to access funds within minutes rather than days.
The platform facilitated seamless onboarding of new clients through single sign-on via its online banking platform. And with access to MeridianLink Marketplace, Bangor Savings Bank was able to integrate Experian® fraud tools to enhance underwriters’ ability to catch fraudulent files without hindering the customer experience.
