Optimizing the Loan Process to Meet Members’ Needs
While SCCU’s lending processes were functional, they weren’t optimized. Staff had to manually enter information to move the decisioning and funding processes along. They also dealt with rigid workflows that didn’t allow for custom configurations and rules geared toward boosting efficiencies. Overall, staff were challenged with the additional labor requirements on their end and needed a system capable of offloading some of those burdens while creating an even better end-to-end member experience.
After exploring several loan origination systems, the credit union’s lending management team decided to
move forward with MeridianLink® Consumer, part of the MeridianLink® One platform. The reason? An easy-to-navigate interface, a sleek look and feel for member-facing applications, and enhanced communication
capabilities to build and strengthen member relationships—all within a single location.
Improved Productivity, Workflow Efficiencies, and User Experience
Since moving to Modern Experience for MeridianLink Consumer, SCCU has seen drastic improvements in productivity, workflow efficiencies, and user experiences. Funding times decreased by an average of 1–2 days, and approximately 95% of all loan applications are now processed and decisioned within a single day. Instant approvals increased by over 25%, creating immediate gains for the credit union’s lending portfolio. Applicants appreciate the quick decisioning and funding turnaround times, as well as the overall streamlined application form flow that auto-fills existing members’ information and shortens the process. Additionally, the robust cross-sell capabilities have created additional opportunities for members to engage with SCCU’s products and services, specifically generating increased interest in the credit union’s gap and debt protection programs. This helps members get the most out of SCCU’s offerings and experience deeper relationships with its services and staff. Staff benefits from the reduced level of manual work required for processing, approvals, and underwriting. System automations and configurations make it easier to organize individual queues and be more available to assist members. Plus, with the CuneXus integration, staff can offer continuous pre-approvals to members, further boosting engagement and revenue. With its streamlined and flexible processes, advanced integration capabilities, and ease of use, Modern Experience for MeridianLink Consumer has helped SCCU rapidly increase its lending portfolio and build more impactful member engagement opportunities to foster relationships for years to come.