Creating A Fast & Efficient Loan Application Process For Members & Staff
Since 1934, Carolinas Telco Federal Credit Union (CTFCU) has been a pillar of trust in their community—proudly providing an extensive portfolio of financial products and services throughout the Carolinas. With a strong devotion to delivering an exceptional member experience, the credit union knew that evolving trends for rapid decisions and convenience meant it was time to optimize their digital lending experience—creating a fast and efficient loan application process for members and staff.
To truly deliver a streamlined, satisfying member experience, while also creating internal efficiencies, Carolinas Telco FCU was looking for an end-to-end solution that could automate their digital lending processes. The MeridianLink® One platform allowed the credit union to create a consistent digital experience across all loan and deposit account opening applications by implementing MeridianLink® Consumer, MeridianLink® Opening, and MeridianLink® Portal. CTFCU also added services within MeridianLink® Consulting to improve performance, monitoring, and compliance using interactive data analytics and reporting.
Internal Efficiency, Growth, & Happy Members
Since implementing the MeridianLink One end-to-end digital platform, Carolinas Telco Federal Credit Union has been able to boost loan volume and create a simpler, more straightforward staff and member experience. The powerful capabilities of auto-decisioning, combined with data-driven workflows provides the credit union with a more robust picture of their member relationships and opportunities to deepen those relationships with existing members.
Integrating MeridianLink Consumer to the single sign-on within their online banking platform led to 49% of applications coming in through this channel and an uplift in loan volume of just over $100 million.
CTFCU also added automated action emails to their digital application experience. This allowed the credit union to easily request relevant documentation when members apply for a new loan or membership and enhanced the process for members, providing them a central location to upload required documents and follow the status of their applications. The automated emails improved processing. times on all application types and helped to streamline overall communication with members. This efficiency gain helped reduce consumer loan application processing times to an average of 1 ½ days and HELOC processing times reduced to an average of 3 ½ days. And with the built-in cross-sell capabilities, Carolinas Telco FCU can efficiently notify members when they qualify for additional lending options based on their accounts and other relevant data.
And after the implementation of the MeridianLink® Reveal Pro and Custom Scorecards, Carolinas Telco Federal Credit Union will have the tools to better understand its member relationships and continue enhancing their auto-decisioning capabilities.