Transforming Digital Loan Processes from Outdated and Manual to Dynamic and Efficient
MidFirst Bank’s previous digital loan application interface was plagued with outdated processes and a disjointed user experience for customers and staff. Processing and funding turnaround times were stagnant, staff was spread thin handling manual tasks such as frequent pre-approvals and static reports, and workflows were not as dynamic as the bank needed them to be.
Additionally, the system’s lacking automation capabilities created a need for underwriters to manually approve or deny nearly all loan applications in the system, whereas more sophisticated systems would have been able to handle those decisions without constant reliance on staff resources.
In short, MidFirst’s software simply could not keep up with modern banking customers’ expectations or the bank’s ability to process loans.
MeridianLink® Consumer & MeridianLink® Portal
MidFirst’s decision-makers knew that its staff needed a flexible workflow solution that could better support customers and evolve alongside the company as it grew. MeridianLink® Consumer loan origination system (LOS), in conjunction with MeridianLink® Portal, could deliver on these needs with its user-friendly interface, robust automated features, and growth-oriented tools.
With seamless integration and easily configurable workflows, MeridianLink Consumer was an LOS that conformed to the bank’s needs, rather than forcing the bank to conform to a rigid set of system processes. Plus, it automated many of the processes that had once slowed decisioning and funding times, allowing staff to focus on more pressing tasks and customers to quickly move through the application pipeline.
MidFirst also elected to add MeridianLink Portal to their new LOS to further improve customization and user experience. MeridianLink Portal allowed the bank to process more loans due to its combination loan and deposit application and cross-sell capabilities, all while delivering a consistent customer experience across all digital platforms.
Enhanced Efficiency and Customer Satisfaction
MidFirst Bank chose MeridianLink Consumer as its new loan origination system in August 2019 and began the transition process in February 2020. After about a year of thorough training and support, MidFirst went live with MeridianLink Consumer, alongside the MeridianLink Portal add-on, in 2021.
The bank noticed an immediate reduction in loan processing and funding turnaround times. Additionally, its staff reported a more streamlined workflow and better customer experiences—the result of a combination of automated processes, an intuitive interface, and in-application cross-sell opportunities.
Live working queues and automation capabilities such as instant approvals reduced staff strain, especially in the case of underwriters, who no longer needed to manually pre-approve so many applications.
With the LOS’ ability to display customer and back-office application screens, staff could go the extra mile to ensure that they were properly diagnosing application issues in real time. This feature also enabled staff to reduce training times and data entry errors, further boosting loan volume due to easier, more accurate processes.
When it came to integrations, MeridianLink Consumer LOS’ integration with FirstClose™ simplified staff workflow further by enabling employees to order all necessary vendor work for HELOC applications within the system, creating less siloed, time-consuming processes.
Overall, MidFirst Bank staff describe the new system as sleek and easy to use, and they are glad to have a dynamic LOS that will continue to serve them well into the future.