Customer Success Story
Franklin Mint FCU Improves Account Tracking With MeridianLink Collect
SEE HOW FMFCU GREW ITS CONSUMER LOAN PORTFOLIO BY 40%
PROFILE
• Maximize operational efficiencies
• Expand accountholder relationships
• Improve regulatory compliance
• Enable data analytics and business intelligence
The Challenge
MANUAL COLLECTION PROCESSES & LACK OF VISIBILITY
Since 1970, Franklin Mint Federal Credit Union (FMFCU) has served the Greater Philadelphia region and surrounding areas. It now has 17 physical branches, 130,000 members, and manages $1.8 billion in assets. As with any credit union, the collection process at FMFCU is crucial for minimizing delinquencies while preserving member relationships.
A frequent issue for the FMFCU collection department was the lack of consistent account visibility across teams. Its two collection teams—liquidation and retention solutions—require regular communication to set staff expectations and track account statuses. With their former collection software, these teams sometimes had difficulty tracking account changes because of manual processes occurring in multiple locations.
Beyond the need to improve account visibility, the entire collection department needed a more modern system to easily queue accounts based on status, to better document progress, and to ensure equitable, compliant member communications.
The Solution
MeridianLink Collect | MeridianLink Insight
After learning that its previous collection software was being phased out, FMFCU explored other options and selected the cloud-based MeridianLink® Collect platform to better support staff, members, and the credit union’s overall growth. The seamless integration with MeridianLink® Insight further solidified this choice, delivering the data intelligence needed to enhance performance tracking and boost productivity within FMFCU’s collections processes.
Why Franklin Mint FCU Selected MeridianLink
Centralized access to all current account information from a single location with transparent, accurate cross- team communication
Customizable reporting and queues for tracking account statuses and resolving delinquencies based on members’ unique circumstances
Robust dashboard, integration, and compliance features for tapping into additional resources as the organization scales
The Results
A TRUE END-TO-END EXPERIENCE
FMFCU experienced a smooth and timely implementation of MeridianLink Collect, as well as integration with its core Fiserv DNA® platform and MeridianLink® Consumer LOS. In just over three years, FMFCU’s consumer loan portfolio grew by 40%, and staff believe that moving to MeridianLink Collect was a significant factor in that growth.
Now, with all account information logged and accessible from a single location, both sides of the collection team have streamlined internal communication and member outreach to deliver equitable service. Tracking and reporting are now simpler than ever with intuitive dashboards and custom queues. These tools help staff isolate accounts that require unique attention and provide a clear view of collector activities and outcomes, enabling the team to operate at peak efficiency. Additionally, the software’s integration with existing FMFCU platforms allows for a true end-to-end staff experience.
MeridianLink Support has been instrumental in helping the FMFCU collections department realize the platform’s full potential. FMFCU says MeridianLink Collect set the standard for collection workflows, and the organization looks forward to further increasing ease of use with additional partner integrations.
