Customer Success Story
Vermont Federal Credit Union Boosts Efficiency and Dramatically Increases Instant Loan Approvals with Automation
How Vermont Federal Credit Union Empowered Members With Control Over Their Financial Journeys
Headquarters: South Burlington, VT
Branch locations: 8
Members: 55.000
Managed assets: $1 Billion+
The Challenge
Manual Workflows Hinder Efficiency and Experience
Vermont Federal Credit Union was focused on delivering better member and staff experiences through seamless, intuitive, and smooth digital interactions that would also drive higher production. Ultimately, the goal was streamlined service that allowed staff to prioritize key member touchpoints. Prior to implementing MeridianLink Consumer, the credit union had limited instant approvals on vehicle loans, personal loans, and credit cards, with just an 11% instant approval rate.
The Solution
Vermont Federal Credit Union chose MeridianLink® One’s consumer LOS, account opening, and application portal solutions, alongside the Admin Pro Consulting service. The comprehensive digital platform enabled the credit union to deliver better service through automation and intelligent tools. Real-time communication kept members informed throughout the lending process, while ongoing optimization ensured the credit union could continuously improve operations and member experiences.
Why Vermont FCU Selected MeridianLink One
Vehicle loan instant approvals jumped nearly 4x, with over 70% funded across direct and indirect channels.
Personal loan instant approvals rose nearly 4x, with 86.80% of approved loans funded.
Credit card instant approvals tripled, reaching a funding rate of 87.65%.
The Results
Faster Approvals, Higher Funded Loans, and Enhanced Member Experiences
Vermont FCU eliminated traditional barriers to financial services and empowered members with 24/7 online access to apply for products on their terms.
Processing times were significantly reduced, and the member experience was transformed. As soon as a loan is approved, members receive automated communications detailing required documents and can upload them directly through a convenient self-service portal. At the same time, staff benefit from simplified workflows, including the ability to move files from email, work within a single processing page, and operate more efficiently than ever before.
In addition to boosting instant decisioning and approve-to-fund rates, MeridianLink’s analytics and automation helped Vermont Federal Credit Union increase average credit limits by $1,200 per application while reducing overall credit risk.
