Boosting Your Bank’s Growth: The Path To Attracting & Keeping Customers

Introduction and Housekeeping 

Matt Schmid 

00:20 – 03:52 

Okay. Welcome, everyone. 

We’re going to wait for some more folks to come on. Thanks for hanging in there. 

Got a good crowd today of registration. So, a lot of attendees And, we will get started. 

Royal soon. Happy Thursday. 

Just a reminder, there’s more folks coming on, so please hang out with us. And, we’re going to get started real soon here. 

We’re going to get started at about 1 minute, a little bit after that after the hour. Okay. 

We’re going to get started here in a little bit with some more folks coming on. Hang with us. 

Hello, and thank you for joining us today for our webinar boosting your bank’s growth. The path to attracting and keeping customers. 

I’m Matt Schmidt, a member of the Meridian Link Product Marketing team, and I’ll be the moderator for today’s event. Joining me as producer is Raven Boykins on our digital team. 

Few housekeeping notes before we get started, Today’s session will be recorded. If you object, please disconnect at this time. 

We encourage you to submit questions throughout the webinar using the Q and A tab in the webinar dashboard. We’ll get to many of your questions as possible as time permits and follow-up as needed. 

Lastly, you’ll get an email with a link to review this webinar on demand and to share, of course, with your colleagues. Here you see our standard disclaimer. 

Okay. So today, we are joined by Devesh Khare, chief product officer at Meridian Link. 

Devesh will get into how banks enhance their growth trajectory by adopting strategies that will draw and retain customers effectively. We’ll start by looking at the current market dynamics and understand how they impact your bank, or FI, leading us to a deep dive in the importance of digital transformation, and its absolute necessity for sustainable growth. 

Throughout the webinar, devotional tackle how a bank’s digital maturity can lead to its growth, aligning tech and data with customer centered strategies from onboarding to personalized account management. As devotional highlight, we’ll examine the influence of data driven personalization and confront the tr the challenges it brings. 

We will also discover how technology can address these challenges, and we will glimpse into the future of banking concerning personalization. So, let’s kick things off. 

We’ll begin with a quick poll and then Devesh will be passing the baton to you. 

Digital Transformation and Market Dynamics 

Devesh Khare 

03:52 – 38:01 

Well, thank you, Matt, for the kind introduction. Hi, everyone. 

As Matt said, I’m Devesh Khare. I’m MeridianLink’s chief product officer. 

Today, as Matt covered, we’re going to talk through sort of digital expectations, how they’re weaved into our day to day lives, and how they impact your business. If you look at your own personal life, I’m sure all of you or some of or most of you have used things like Uber, DoorDash, and Venmo over the course of the last week or 2 weeks. 

What I’m going to do in today’s session is really discuss 1, the impact of evolving consumer expectations to your organization and then, 2, how you can successfully execute a stepwise digital transformation plan to fuel sustained growth. Let’s first start by looking at the market dynamics and how they impact your organization. 

You, in my role, have the opportunity to meet with, you know, 100 banks and other financial institutions to discuss digital transformation. What I’ve seen in the course of those conversations and in the course of those visits is the historical buying patterns, investment patterns, you know, that these banks have traditionally executed against. 

What I found is that each line of business was their retail arm, their mortgage arm, because their commercial arm really had very specific needs that influenced their buying patterns, their decisions. I have a problem today. 

Let me look for a solution that solves the need from that line of business. And really just focused on that line of business, but no one that I’ve seen over the years has really looked at that holistic consumer experience. 

All of that is changing. You know, as I go to visit these customers, I hear more and more about a chief digital officer. 

I’ve heard of the chief customer officer expanding the horizon, the viewpoint of what really matters to your organization keep growing is about how do we meet the lifelong needs, of your consumers, of your customers? And in those learnings, what I’ve seen is that banks had traditionally considered that digital transformation the same as offering a digital experience or replacing a manual payment process with a digital tool. Digital transformation is much, much broader than just building a new digital experience or adopting a new tool. 

What’s important is banks need a comprehensive digital strategy that focuses on how to acquire new customers as well as deepen those financial relationships with existing customers to deliver continuous growth for your organization. Connected experiences think across digital through to in branch. 

Through that entire financial life cycle of a consumer, our paramount for long term revenue growth. If I look at my personal financial journey, you know, I looked back at when I was sixteen, many, many, many years ago. 

Yeah. It was with my parents, and we went to the bank that they’ve been going to for decades. 

We went in went to there, personal banker who helped me get my first checking account of 16 when I got my first job. I turned 17, my parents, you know, convinced me to get a credit card. 

They cosigned it, but we went up straight back to that relationship manager who knew, you know, what I was going through, needed help, and meet my needs. Then as you kind of fast forward, when I got to call a dated by my first car, again, I went back to saying the relationship manager, they got me into a car loan. 

I got into my first car. And so on and so forth. 

And that was my personal financial journey, but if you look at that, that journey that I went on from first account to credit card to car loan to VINCI Mortgage was something that that bank earned through knowing me and personalizing that experience. And what I’ve seen by the historical buying patterns that that as I visit these banks, as I visit other financial institutions, is solving the immediate pain points, you know, for each of your lines of business for each of your organizational teams has created an inside out experience which has added more complexity, delivering consistency to meet my needs as the consumer, really an outsider perspective of how you service may across my personal financial journey. 

You know, ask yourself, does your organization have someone looking at the end to end consumer journey over their financial life cycle? Now if we reframe my personal bank experience, but in the modern, you know, banking world, this is how it would go. I’d probably go online, I’d search for new, checking account, who’s got the best offer, who’s got whatever. 

I’ll do a Google search. I would find in a click a link, I’d go there. 

I’d probably fill out all the applications online. It’d probably be instantaneous if I’d fund it through something like plaid funded through, something like Venmo, to see my account, and then it’d be present me with other offers of where I might be able to grow my relationship. 

I’d see offers for a credit card. That’s the offers for a vehicle loan. 

That’s the offers for, you know, whatever products exist. As I think about the needs that I have, I don’t know if I would start with my bank or if I’d start with a Google search. 

In today’s world, you have to earn that business at every transaction through that life cycle of the consumer. So, as you think about the modern bank experience, I want you to think along 3 main pillars. 

The 1st pillar is speed, providing the best consumer experience from both digital application all the way through to new account funding to loan funding. The second is reach is leveraging internal data and coupling that with 3rd party solutions that enable to broaden your reach within the community and do that in a profitable manner. 

And the 3rd in demand is leveraging data driven personalization that can drive new and deeper consumer relationships. Just think about my personal banking experience where that relationship manager, that personal banker, knew my family, knew me and helped me along each step. 

Today, data is the foundation for personalization. How are you leveraging that data to make sure every interaction you have with one of your customers is personalized? 

The combination of speed, reach, and demand solutions are required for a bank to thrive in the digital economy. The opportunity for banks lies in leveraging technology and data to redefine the customer banking journey. 

By understanding and adapting to the trends that we’re seeing from the consumers, banks navigate the current landscape and continue to thrive. Also, by shaping you you can shape the future of banking by creating more engaging, efficient, and secure banking experience for everyone involved. 

So, it’s not just about the consumer. It’s about leveraging what the consumers evolution trends are but thinking and reframing how your operations run to meet those needs, and meet the needs of of, you know, the evolving, banking economy. 

As we think about the economy, you know, your organization, we recognize continually faces new headwinds. Without a clear digital strategy, to help navigate the evolving macro trends, you risk losing customers and impacting future growth. 

Recent studies show that 30% of all consumers plan to switch their f I soon. 70 9 percent of consumers would switch their f I for a better fit. 

I mean, these are shopping around. They want better service. 

They want easier experiences, so they’re willing to look around. So, from your lens, action and investment is required to power a continuous growth mindset for your organization. 

That growth mindset starts by defining a digital road map. A journey specifically designed for reorganization and then find the right technology partner that can provide desire experience of 3 members, both digital and in person, helps you manage your balance sheet pressures so you can keep lending to your community. 

And keeps your products and organizations relevant to the largest lending demographics in the United States, millennials, and Gen Z.  

Key Components of Digital Transformation 

Let’s now look at the key components. 

Required for digital transformation. The digital banking report surveyed over 250 banking industry insiders from National and Regional Banks, Community Banks, and other financial institutions. 

If you look at the key themes that come across, you know, all those, the bar graphs that we show here, what really pops out is a digital transformation and continuous innovation are the resounding themes we’re hearing. This really shouldn’t surprise any of you. 

Continuous innovation in Banking can be measured across a few key areas. I want to highlight those here as you think about what digital transformation really means as it leads to future innovation. 

The fergus is digital user experience. If you think about digital user experience, think about how you need to go beyond meeting customer expectations, consumer expectations, and really think about how you deliver leading user centric online services. 

The second is seamless account opening. What I mean by that is think about how you are going to remove all the friction that leads to abandonment from your end to end processes, not just building a great front end experience, but also seeing that experience all the way through to, you know, your core is how are you removing all that friction, reduce the abandonment possible by leveraging things like advanced fraud verification tools, looking at your overall policies and procedures, and then really mapping out that journey of I’ve how do I get to truly automated digital account opening? The 3rd is data driven personalization. 

I’m hitting on this a few times when we talk about it but talk about it more coming up here. You know, you need to really define and measure your customer’s relationship strength with the organization. 

Do you know what a good customer looks versus a not great customer for your organization? How do you get more of your customers to become, quote, unquote, your good customers? What actions are you taking to strengthen that relationship over time? Without even understanding and having a measure of success around strength and relationship, you have no idea if you’re making progress or not in terms of your community and your customer base. And then finally, Open Banking Technology. 

Look at how you can leverage standard processes to create evaluation framework for adding new products and service offerings. I talked about earlier but historically, I’ve seen in banks, decisions to be made specifically by one individual line of business. 

But as you think about increasing your digital footprint as you think about leveraging more and more, available technologies, if you think about how are you invest in investing and, you’re purchasing new tools, new data technology that really helps you create that holistic experience that we talked about earlier. Now as you think about digital transformation, I know we all think about those big buzzwords across our industry. 

And it’s tough because that is innovation. But really, it’s daunting when you hear those buzz words because, well, how do I get there from where we are today? And so, for me, it starts with building the right foundation. 

And the key to the digital success is that foundation is built off of This issue of things that we’ve already talked about, but more specifically is, one, is how do you have a fully digital onboarding experience? Then how do you create truly personalized service through every touchpoint, online, mobile in person? A decree robust support. You know, your customers need help. 

They want financial products, but they want that expertise that your organization can provide is how you do that in a manner which scales again online, you know, through mobile and in person. And, obviously, security is important. 

Security is important for your organization. Security is important for your customers. 

What are you doing to make sure that whatever you’re invested in and how you go digital? It is ironclad to really help, both your organization and your customer base. Without this foundation, none of us can make new investments to the future and achieve those buzzwords. 

And when I say buzzwords, this is, this is what I’m talking It’s really about having the right, you know, digital and software foundation to think about, quote, unquote, the future success strategies that we all hear about. You know, some of the big buzzwords that we know when we hear are things like banking as a service. 

Why should you care? You know, banking as a service is your ticket to embed banking services into everyday apps, increasing your reach, to a broader set of community, and potentially broader, you know, the US population. AI is really a new frontier for improved customer insight and service that anticipating the needs of your customer base and not just reacting to what they may come in the door with, you know, or come in online with. 

When they’re coming. It’s how do you reach out to them and know what’s really, really important. 

Think of simple things like predicting needs and saying, what’s the next best product for you know, divest for the best, you know, for my specific needs. Like I talked about before, when I had my relationship manager, I would be able to go in, and she knew that I’m about to get my first job. 

She knew that I’m going to college to need a car. If you already knew that all about me, but as you broaden your footprint, as you think about that digital interaction with your consumer base is how do you predict the needs of each individual one? That’s where AI comes in. 

And blockchain. You know, blockchain just isn’t a isn’t a crypto buzzword. 

It also is a strategy around how you can create more competitive offerings in a secure fashion and think about how, you know, you can keep create records. You can create automation, thinking about how you might be able to drive better payments across borders. 

Again, it’s about looking at what you can do in the future. But starting with how do you look at what you have today to have the right foundation to attack these future, innovation opportunities? I think we can all agree that digital transformation is daunting. 

We just covered that a digital strategy is required for long term growth. We’ve covered that we need to establish the right digital, you know, the we did see the right digital foundation to drive continuous innovation. 

Our overall industry needs to go on a collective journey towards digital maturity and based on this graph, you can see we have a long ways to go compared to other industries. Each of you needs to define your road map that charts your path to digital sophistication like, creating automated, personalized, and instant experiences. 

And now let’s go into some details of about how you can go about doing that. And so, one of the first things to look at is data. 

Data is critical, a critical piece to that right foundation for digital success, but it’s challenging for most of the people here in the room. So first of all, you know, I talked about personalization being critical. 

But if you look at it, it’s historically been your recipe for growth. I shared my personal experience about how the relationship manager I worked with knew everything that I needed, when I came in and really helped me achieve my personal financial goals. 

So, it’s been part of your DNA from the get-go about having that personalized experience personalized service for all your consumers. Personalization is not just your need. 

It’s actually desired by the overall consumer base as well. If you look at the stats on the screen, it jumps out at you. 

The one that really stands up to me is 79% of Gen Z want personalized offers from their FI. They want them, not just that it’s good for you, it’s what they want. 

It makes it easier for them to understand, does this, if I meet the needs of my, you know, of my financial journey? Your members today can expect that same level of service from every touchpoint through digital to in person to your call center. Meeting this demand enhances member engagement or cuss customer engagement and revenue growth through tailored financial solutions and cross selling opportunities. 

Data, insights, and intelligent powers a connected personalized consumer experience. We can all agree to that. 

With the right software and data, infrastructure director, banks and deliver retail lending automation, intelligent cross sell, and operational efficiency. Now the challenge is how the challenge of generating valuable insights from data is a common concern I hear from banks. 

I hear from banks that they understand the need for data, but they’re like, how do I harness the data I have? Harness the data I can get access to? But may make it actionable for me. And so, the common experiences or challenges we hear are It faced resource constraints for data analysis. 

They have inadequate data management tools that hinder progress. They’ve got unstructured data that poses challenges to organize to become actionable and usable. 

There are concerns about reliability and completeness of the data, that’s a challenging and ongoing worry. And then, again, going back to those, the historical buying pattern the silo data. 

Each line of business sits on data that isn’t connected, and that reduces efficiency. It also doesn’t provide that holistic view of the end consumer, your end customer. 

Addressing these concerns is not just a matter of choice. It’s an imperative for the future success of financial institutions and banks like yourselves. 

We know that the bank landscape is rapidly evolving with data at its core. Those banks that invest in future ready data infrastructure will not only overcome these challenges but also position themselves as leaders in the industry. 

With the right software and data foundation, Bank can power automated retail lending, intelligent cross selling, and operational efficiency. I’ve covered this. 

This in turn enables them to better serve their customers while also enhancing risk management and stay compliant with regulatory requirements, which is extremely important in our industry. We know we want to serve our customers, but we know that there’s regulations and there’s risk. 

Having data and making the data actionable helps you better manage that risk and stay compliant with regulatory changes over time. Now. 

Circling back, we can all agree that digital transmission is daunting. We all agree that the digital stress is required for long term growth. 

We’ve now established that the right digital foundation drives Empower’s continuous innovation. And now we can all agree that the right data infrastructure is critical to use a critical piece of that digital foundation and providing that personalized experience for your consumers to drive growth. 

Now once you have the right foundation, how do you actually move towards digital sophistication? Let’s talk about that. The digital transformation as I talked about earlier is not a destination. 

It’s a journey. It’s your path towards digital maturity. 

Leading to digital sophistication. To begin your journey, you’d first need to honestly assess your digital capabilities today. 

Where do you really stand? How well do you really do? What do my silos look like today? How I break down the silos and really create that connected understanding of my customer race, my consumers. You want to assess both external experiences as well as internal processes and procedures. 

I deal with many, many, many banks who think just adding a new tool will solve their problem but not revamp. Their processes and procedures and policies. 

It’s very important to look at both collectively and be honest with how well did you serve the digital, my digital transformation needs over time. Once you have that assessment, it’s important to define your strategy to win. 

You know, how are you going to win digitally? Where do you want to position yourself in the overall market and ultimately set your north star? If I look at digital sophistication, what does it really mean and what our organizations who are extremely digitally mature do well compared to others. So, let’s step through these 1 by 1. 

So first one is omni channel mastery. Again, it’s about those connected experiences. 

As a consumer, you know, I may decide to search on Google. I may decide to apply for things online. 

But maybe I need help. I might decide to come into a branch or call the call center to help me complete my application. 

Or vice versa, I may be in a branch and be intrigued by a new offer, you know, have a quick conversation there, but then pick up when I go back home. It really doesn’t matter where I start stop. 

I got to think about how do I pro get that that omnichannel, you know, experience for my entire, you know, organization so that I can service needs to consumers, however, and wherever they want, and provide them in a consistent manner. The next one is customized engagement. 

You know, we’ve already covered that Gen Z’s expect personalized offers. How do I, as an organization, provide that personalized, customized engagement at every one of those omnichannel touch points I just talked about? It’s extremely critical that your arm every one of your customer facing staff with personalized data about each one of your consumers. 

So, when they enter into a specific experience they can handle and create that customized engagement. If I can create messaging to reach out to my customer base in my community, is it that instead of sending a generic message? How do I make these message tailored to that consumer, to that recipient? How do I think about when I’m marketing possible opportunities to deepen that relationship with a given consumer, how do I know what they really need? And what do I do to make sure I portray that next best opportunity them with my best foot forward. 

Again, customized engagement. Operational efficiency is really about, again, taking a step back and looking at your digital strategy and really assessing your processes and your policies to make sure they meet the need of really providing that touchless experience for your team members. 

Really efficiency here for your team members means how do you leverage tools and technology and data to remove the work so they can focus on what matters most of its which is really providing a better experience. It means the needs of your customers or consumers. 

But the only way you can do this, you have to have them stop pressing buttons, have them stop you’re doing some of the manual tasks. They do it day in, day out so they can free up time to focus on growing the business and not just running the operations. 

And so really thinking about things like automation, thinking about things like third party tools that you can plug in that reduce work, having a consolidated workflow so your your staff isn’t bouncing around different tools and having multiple screens open at the same time. You know, how do you create that efficiency to really provide that friction experience, again, for a better digital experience? And finally, what we see with your customers that are really digitally sophisticated is that they’re also thinking about once I have this foundation, once I have omnichannel mastery. 

Once I have customized engagement, operational efficiency, I can think about how do I expand my footprint. Because now I’m fully digital, I can go compete in the market, and in new markets. 

How do I look to expand my reach, I would go broader across the US to go now, recruit new customers and expand those relationships over time. All of that plays into what we call digital sophistication. 

Now becoming digital sophistication isn’t an easy path. It takes work. 

It takes continuous investment, and it takes continuous innovation. And here’s just one example of how a bank can go on that journey to digital sophistication. 

By really thinking about very specific steps to take and measuring success along the way. So, let’s walk through this example path. 

And, again, this is just an example for one bank and it would vary you for every single bank here, but we really want to think about what are the steps you’re going to take and really think about building a personalized road map for your organization to get to digital sophistication. In this example, you know, we start by looking at how do you better engage consumers with online channels for a strategic advantage, just being able to engage them. 

Then the next step is how do I apply data insights to refine the tactics and boost conversion on those consumer interactions that I’ve just built. Then I think about how do I customize those interactions and really personalize those But I can think about now, converting, you know, my interactions to generic to personalize that drives better behavior from the consumer and brings them into my organization as a customer that we can then build and ex deepen those relationships over time. 

Once I have that front end, digital experience working, then I think about how do I now optimize my workflows minimize delays and accelerate financing, which ultimately improve that customer experience, but also boost my productivity and freeze up time for my team members to focus again back on that consumer and think about driving growth. You know, from there, once you have all those pieces, then you might want to think about how do I broaden my decisioning criteria? Think about how do I streamline my decisions, how do I enhance offers that I can present to consumers and even increase my acceptance rates so I can convert more customers from applicants into customers. 

You know, from there, you do things like sharpen your business procedures. You can employ automated marketing, again, reaching back out to the consumers and thinking about how do I bring them in, anticipate their needs, before they need it so I can kind of deepen that relationship before they start shopping around. 

And then give their business to some other bank or financial institution out there. And then think about broadening your challenges. 

How do I have new channels to acquire customers? How do I look at areas for expansion that really helped me, continually grow my footprint? You know, and grow my organization, over time. 

So, this is just an example path to digital maturity, but what we try to highlight here is thinking about each one of you designing a step wise path that leads to better, digital experiences and leads to winning more business in the market. And I’m really the way we look at that progression and building that roadmap, to digital success, it’s really around 5 dimensions. 

And we as an organization, work closely with our customers to think about these 5 dimensions as we help chart that that path, that road map, to digital maturity. The first is instant decisioning. 

The second is member experiences. We’ve covered both of these pretty well. 

The 3rd is share of wall growth. And what this really means is is how well Are you expanding those customer relationships once they’ve come in and become your customer? What are you doing to win their next bit of business? 

What do you need to win their next loan, that they need? You know, just like I walked through my personal financial journey, how are you earning my credit card? How are you earning my vehicle loan, how you’re earning my mortgage, thinking about how you grow that share of wallet over time is very, very critical to, you know, this roadmap. Then there’s process automation, and that’s, again, a continuous journey from your back end, tool set that you use but also removing that work and automating. 

You know, more of of of your internal workflows and processes to make it more, modern, to call it a better word. And finally, obviously, data center. 

So, I covered data a lot. I think we all agree that data is important here, but how are you looking at data? And keep adding new data sources into your warehouse, your lake, that you can make actionable. 

You know, make digestible. For your team and leverage them in your day to day experiences with your consumers. 

And the way we work with our customers and really define these digital roadmaps is really leveraging our MeridianLink One platform. And MeridianLink One provides data driven workflows across all retail lines of business and including mortgage. 

And so, we provide these connected experiences, that layer in data insights as a way to create an opportunity for you to look at, how do you consolidate all your lines of business? Across your retail and mortgage and provide that connected data set, connected insights that your team can leverage. The relief you help power that digital transformation journey that we want you to go on. 

You’re connected together. I’m reading 1 solutions drive automation and operational scale. 

You know, across your your various retail and mortgage offerings. You know, think about things that we have around, account opening, both personal and business. 

We have the ability to support personal loans, credit cards, vehicle loans, mortgage HELOCs, you, you know, all of your retail portfolio, but in a connected manner. And that’s what I’ve been talking about you know, today was really about how you create that connected experience, that foundation to then go build and innovate, you know, upon to get to digital maturity. 

And so, with Meridian Link 1, we provide the tools and the foundation for you to work with us to map out that road map and hopefully drive better outcomes. For your organization. 

And when I meet outcomes, here’s just some simple examples to help you really grasp how MeridianLink One is focused on solving real world challenges based by your business and really thinking about how You you not only invest in software and data from relay 1, but you also drive outcomes that you can map out that journey and measure success along the way. The simple examples are how do you increase deposits and liquidity? We could put a strategy in place using MeridianLink One to help you achieve that. 

You know, how do you expand share of wallet at the point of sale? I want to cross sell, a new, customer that that that gets a vehicle loan. For a credit card. 

We have solutions and strategies to solve that. How do I deepen the existing financial relationship with my customer base? Identify opportunities for their next best product. 

We have solutions and strategies around that. We can make that happen. 

Those are just simple examples of how the power of MeridianLink One can really build the right foundation but also put you on the right journey to build that roadmap towards digital sophistication. So hopefully by now, you realize it’s critical. 

Do you think of digital transformation as a journey? The very first step is to really assess Where are you really? And just always be honest. I mean, there’s no fear in being honest. 

There’s more worry if you aren’t honest with yourself and really take a step back and going, what are we doing well? Where do we need help? Then once you have that assessment, take a step back again and think about Where do you want your future state? What do you see as digital sophistication? What is success for you as an overall organization long term? Then the idea is to build a road map with, you know, that provides that incremental value creation that you can measure at every step along that journey or is your desired future state and then work with the right partner who can provide software and data for you to build that that foundation and go on that journey with towards digital sophistication. We hope we’re that partner for you. 

We’re happy to have deeper conversations around how we can help build that foundation for digital, you know, digital success and take you on that journey, over time. Towards a digital sophistication. 

We’re happy, to have further conversations and learn more and dialogue with you. Thank you. 

Q&A 

Matt Schmid 

38:01 – 38:51 

Okay. Thank you for that insight, Devesh. 

And for highlighting the importance of persistent customer centric innovation, and the power of personalized banking experiences to build lasting customer relationships. Divesh also emphasized the critical role of Meridian Link 1 integrated solutions in a practical seamless approach to actually realizing digital maturity. 

We’re going to pause here for a quick and final poll. And follow-up with some questions. 

So, we have some questions lined up. And we’ll try to cover as many as we can. 

If not, we’ll be sure to follow-up afterward as needed. In practical terms, how does Meridian Link support banks in overcoming these challenges related to tech innovation and getting max data utilization? 

Devesh Khare

38:51 – 39:42 

Yeah. Yeah. 

Great question. And so, what I always like to think of is, again, is we go back to, you know, that connected experience that we want to provide to the consumer across, you know, the various lines of business you have from a retail perspective. 

You know, you’d be at credit cards, consumer, I mean, personal loans, mortgages are how do we harness that? And that’s where MeridianLink One really comes in as we provide very purpose built workflows for each line of business to meet their specific operational needs. While also connecting workflows, connecting the data to provide more of that holistic, data and insights that can be harnessed in building more of those digital, experiences, for your organization. 

And, really, that’s the key to MeridianLink One is really those purpose built workflows. And connected experiences that we can deliver and automate across your retail lines of business. 

Matt Schmid 

39:42 – 39:59 

Right. Next question is and I think this is our final question, but can you connect a bit more on how customer trust and increased loyalty gets realized on this digital maturity journey. 

Devesh Khare

39:59 – 41:14 

Yeah. Absolutely. 

And if you’re remembering in, you know, in my presentation, I’ve talked about you know, how in the modern digital world, consumers will just go on Google and search. They’ll go find a new opportunity. 

You know, what I didn’t really cover is we’re also being bombarded constantly with offers, you know, be it through direct mail. I know I get a bunch of envelopes with, with offers to apply for new products, but also, you know, in the digital domain. 

Right? I see a bunch of, you know, ads, that pop up around, hey. Did you know that you can get you know, this new CD that you know you can get, this new, this loan. 

And so thinking about strategies of how you can cross sell and really deepen that relationship over time, creates long term, you know, revenue growth, long term access your organization without a really concerted effort to go win that new business from your existing customer base, means they’ll go somewhere else because they’ll it’ll just be easier for them. And they don’t really have the loyalty, you know, that historically, like my parents did with their bank. 

And so, branding those strategies and learning to win business at every touch point, will lead to deeper relationships and longer term revenue growth. 

Matt Schmid 

41:14 – 41:41 

Excellent. So that’s all the time we’ve got for the questions. 

If we do not get to your questions, we will certainly follow-up to a, with a personal email to you. Thank you all for participating in today’s webinar and a special thanks to our presenter, Devesh Khare, as a reminder, you’ll receive an email, again, with the link to this on demand recording of today’s session. 

This now concludes our webinar. Thank you for joining.