Customer Success Story
Advanced Decisioning Enhances Efficiency and Streamlines Member Communication
HOW SPACE COAST CREDIT UNION BOOSTED INSTANT DECISIONING TO 51%
Headquarters: Melbourne, FL
Branch locations: 66
Members: 654,000+
Managed assets: $9 billion
The Challenge
Streamlining Loan Decisions and Member Communications
Space Coast Credit Union (SCCU) faced significant challenges in its loan processing and member communication workflows. The existing systems were slow and inefficient, often requiring manual intervention for routine approvals and leading to delays that frustrated members. Additionally, the fragmented communication processes meant that members received inconsistent information and often had to deal with multiple representatives for different accounts, leading to confusion and dissatisfaction. The need for a more streamlined, automated, and member-friendly solution was clear.
The Solution
MeridianLink® One
SCCU leveraged the MeridianLink One platform, including MeridianLink® Consumer Modern Experience (MX), MeridianLink® Opening, MeridianLink® Engage, MeridianLink® Insight, and Admin Pro to enhance workflow automation, improve decisioning speed, and streamline communication with members.
WHY SPACE COAST CREDIT UNION SELECTED MERIDIANLINK ONE
An increase in automated loan decisions from 39% to 51% due to Advanced Decisioning capabilities.
Vehicle loan closing times dropped from nearly a week to just three business days, with 70% of loans being closed within this period.
Average close time reduced from 45 to 20 days for home equity loans, with 80% closing in this time frame thanks to faster loan processing from Advanced Decisioning.
The Results
A Fast, Frictionless, Application Experience For Each Member
Instead of a one-size-fits-all system that could deny applicants for a single unmet requirement, MeridianLink’s Advanced Decisioning empowers SCCU to set customized conditions aligned with member profiles, allowing for more nuanced decisions that meet the diverse needs of their borrowers while maintaining control over the process. This approach streamlines straightforward applications for quicker approvals while allowing underwriters to focus on complex cases.
SCCU improved communication by automating status updates via email and text, enhancing the member experience and allowing staff to concentrate on more complex interactions.
Admin Pro facilitated a smooth transition by setting up guidelines and products and providing ongoing support. This partnership helped SCCU manage the system effectively and resolve issues swiftly, easing the burden on internal resources.
MeridianLink’s Modern Experience solutions streamline workflows with an intuitive interface, cutting down on training time and eliminating inefficiencies. The robust pre-integrated options, including advanced analytics from Zest, empower SCCU to make more informed lending decisions, broadening its lending base and better supporting members who might otherwise have been overlooked.
