Customer Success Story
Leveraging a Faster, More User-Friendly Loan Origination System for Strategic Lending
How MidFirst Bank Enhanced the Customer Experience with Streamlined Workflows and Automation
Headquarters: Oklahoma City, OK
Branch locations: 80
Managed Assets: $36.6 Billion
The Challenge
Outdated Processes, Disjointed User Experience
MidFirst Bank (MFB) serves more than one million accounts for customers nationwide with a special brand of banking that combines the products and services of a larger bank with the service and flexibility of community banks.
MFB’s previous digital loan application interface relied on outdated processes that caused slow processing and funding turnaround times. The reliance on manual tasks meant staff had their hands tied with frequent pre-approvals and static reports. A lack of dynamic workflow also meant manual tasks took longer to complete. Burdensome processes delayed loan processing, which trickled down into the customer experience.
The Solution
MeridianLink Consumer & MeridianLink Portal
MidFirst Bank selected MeridianLink® Consumer and MeridianLink® Portal as a flexible workflow solution that could better support customers and evolve alongside the bank’s growth. This solution power duo provided a user-friendly interface, robust automated features, and growth-oriented tools. The resulting automation improved decision-making and funding times so staff could focus on value-added tasks and customers could move through the application pipeline more quickly.
Why MidFirst Bank Selected MeridianLink Consumer & MeridianLink Portal
Immediate reduction in loan processing and funding turnaround times thanks to more streamlined workflows, automation, and a more intuitive loan application process.
Increased visibility and error-proof processes that boosted loan volume as the loan origination system (LOS) could display customer and back-office application screens to more efficiently diagnose application issues and reduce data entry errors in real-time.
Instant approval drastically reduced manual labor and staff strain with automated processes that eliminated the need for manual approvals from underwriters.
The Results
Intuitive, Dynamic, Automated System That Processes More Loans Faster
MFB leveraged MeridianLink Consumer and MeridianLink Portal to consolidate loan and deposit applications while streamlining the entire application and underwriting process. The new system relieves the significant burden of manual labor, allowing staff to focus on more pressing tasks. The sleek interface is easy to use and provides live working queues and automation that eliminates unnecessary manual work and enhances workflows.
The seamless integration and configurable workflows of MeridianLink Consumer, paired with the customized user experience of MeridianLink Portal, allowed MFB to combine loans and deposit applications, enhance cross-sell abilities, and deliver a more consistent customer experience. This comprehensive solution enables MFB to process more loans and focus on growth without sacrificing the end-user experience.
MeridianLink Consumer’s easily configurable workflows meant the bank’s LOS culd conform to the bank’s needs rather than forcing the bank to conform to a rigid set of system processes. A more intuitive process paired with better cross-sell capabilities allows MFB to focus on growth instead of overcoming challenges related to resource strain and static workflows. Better internal processes translate to an optimized customer experience—an experience further enhanced by intelligent cross-sell functionality.
