Simplifying Application Processes & Attracting New Members
As a community-driven business, Generations Federal Credit Union (Generations FCU) offers accessible banking, auto loans, mortgages, home equity loans, personal loans, and much more to members in the San Antonio area.
Since loan application and account opening processes are top touch points among the credit union’s members, Generations FCU wanted to simplify these workflows to deliver an optimized member experience that also helped staff better manage application volume by reducing manual tasks. To achieve this goal, the credit union needed a more efficient way to finalize applications and meet the evolving lending needs of their members.
Impressed with how MeridianLink® Consumer already helped optimize its digital lending experience and implement cross-sells, Generations FCU decided to add MeridianLink® Opening and MeridianLink® Portal to its operations—further simplifying the application process, enhancing auto-decisioning capabilities, and creating a streamlined, consistent experience for staff and members across all digital applications.
Hear from Deana about Generations FCU new application process and it’s quick results
Simplified & Secure Applications, Faster Decisions, Satisfied Members (and Non-Members)
Using the digitally integrated solutions within the MeridianLink One platform, Generations FCU was able to achieve the simplified and secure lending and deposit account opening processes they sought, condensing critical tools such as identity verification and e-signatures into a single system with advanced decisioning and dynamic cross-sell capabilities.
Combining powerful auto-decisioning with custom application filtering enabled the credit union to provide their members a safe, secure, streamlined experience, while mitigating risk to the credit union. Generations FCU was also able to shave an average of 35 to 45 minutes off the time it previously took staff to finalize one loan or deposit account application—reducing an hour-long process to 20 minutes, on average. And by leveraging the built-in cross sell experience, Generations FCU can use their products to truly connect to their member’s financial journey every step of the way.
It isn’t just shaving off time, you need a LOS
that is robust and dynamic enough to mitigate risks, have controls in place, provide safety, soundness, and a great experience for staff, and of course the member.
VP Consumer Lending,
Generations Federal Credit Union
On top of creating a streamlined application workflow for staff, members, and non-members alike, Generations FCU is using the data-driven, digital tools within the MeridianLink Consumer, Opening, and Portal to say yes more often—allowing the credit union to grow their member base while really helping members when they need it most.
Generations FCU even created a no-touch personal loan which leveraged advanced auto-decisioning and validation rules to securely originate these loans in under 5 minutes. And since the system handles the heavy lifting, staff can now prioritize work that adds more value to the organization.