MeridianLink®, developer of the financial industry's first multi-channel loan and new account origination platform, today announced that it has helped Old National Bank see remarkable efficiency gains using the MeridianLink loan origination platform. The financial institution benefits from operational efficiencies to tackle strategic performance initiatives, while meeting its commitment to exceed the expectations of its stakeholders.
Since adopting LoansPQ in 2008, Old National has profited from the advantages of automated decisioning in its lending operations. Using automated instant approvals, underwriters do not manually handle clearly approved and rejected applications, saving them time and effort to manage an average volume of 10,000 applications a month, with a staff of four underwriters and one manager.
Using parameters determined by lending management, MeridianLink LoansPQ provides automated instant decisions for around 30% of indirect loan applications for Old National Bank clients. This leaves bank underwriters more time to focus on applications that are in the gray area. The bank’s automated instant approval has led to a nearly one billion dollar increase in loans outstanding, with low delinquencies and a bank earning rate near 3%.
Old National Bank also uses the LoansPQ solution for direct lending for home equity, unsecured and auto-secured loans. Efficiencies through automation have led to a 30% reduction in the Full-time Employee (FTE) count while increasing lending application volume and outstanding loans.
Empowered by MeridianLink loan origination and automation technology, Old National Bank effectively and efficiently supports its local community base in achieving what matters most. The two industry leaders are closely aligned in their missions of serving their respective constituencies to improve their communities through trust and integrity.
“Support and communication is second to none. The whole MeridianLink organization seems to care and take pride in the product,” said Rod Earley, Old National Bank, AVP, Scored Credit Analytics Manager.
Old National Banks feels a true partnership with MeridianLink, citing great value for the service, Bank management trusts MeridianLink’s fair pricing and ongoing system enhancements, cementing a belief in the company’s future vision.
With $17.3 billion in assets, Indiana’s Old National Bank ranks among the United States’ top 100 banking companies. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investments and brokerage services to regional clients in Indiana, Kentucky, Michigan, Wisconsin and Minnesota. Those interested in learning more about improved loan growth at Old National Bank can download a case study at the MeridianLink website.
MeridianLink, Inc., developer of the industry's first multi-channel account opening and loan origination platform, is a leading provider of enterprise business solutions for 20,000-plus financial service organizations. The company’s passion for excellence is reflected in its web-based credit reporting, lending and new account opening/deposit technologies, which all enjoy solid reputations as being cutting edge, reliable and affordable. Based in Costa Mesa, California, MeridianLink is committed to creating smart solutions that deliver real value. For more information, visit www.meridianlink.com.
About Old National Bancorp
Old National Bancorp (NASDAQ: ONB), the holding company of Old National Bank, is the largest financial services holding company headquartered in Indiana. With $15.0 billion in assets, it ranks among the top 100 banking companies in the U.S. and has been recognized as a World’s Most Ethical Company by the Ethisphere Institute for six consecutive years. Since its founding in Evansville in 1834, Old National Bank has focused on community banking by building long-term, highly valued partnerships with clients. Today, Old National’s footprint includes Indiana, Kentucky, Michigan and Wisconsin. In addition to providing extensive services in retail and commercial banking, Old National offers comprehensive wealth management, investments and brokerage services. For more information and financial data, please visit Investor Relations at oldnational.com.
Contact: Doug Wheaton
Senior Marketing Manager