Bangor Savings Bank Reduces Home Equity Closing Times by 65% Since Implementation With MeridianLink One

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Through our partnership with MeridianLink^®, we've enhanced our ability to effectively offer the right fit products and solutions and engage with loan customers on their terms. MeridianLink has played a key role in strengthening our connection with customers by delivering the digital-first experiences they expect." - Janel Hartin, Vice President and Senior Lending System Administrator, Bangor Savings Bank.

With over $7 billion in assets, a strong presence across more than 70 locations, plus robust online and mobile banking services, Bangor Savings Bank is dedicated to serving thousands of customers throughout Northern New England and beyond. To further enhance customer experiences, the Bank partnered with MeridianLink to streamline and modernize the consumer loan application process. This partnership successfully transformed the Bank's loan origination process, creating a more seamless, secure, and customer-centric way to meet the evolving needs of its customers.

Using MeridianLink^® One - including consumer loan origination, point-of-sale, and third-party integrated solutions from MeridianLink^® Marketplace, the Bank gained stronger cross-functional capabilities. These tools delivered cohesive, multi-channel experiences and high-touch service throughout the customer lifecycle. And the results speak for themselves.

By partnering with MeridianLink, the Bank significantly streamlined its home equity line of credit (HELOC) process. Since the implementation of the platform two years ago, HELOC closing times have been reduced by 65%, now averaging just eight days, allowing customers to access their funds more quickly.

Bangor Savings Bank also streamlined and customized its auto loan application process, reducing decisioning time from days to minutes. With MeridianLink's single sign-on functionality, customer information is automatically pulled into the system, eliminating redundant data entry and creating a smoother, more efficient, process for the Bank's employees and customers.

Balancing loan growth with effective risk management is essential, especially in an era where banks and their customers may face more sophisticated fraud challenges. By tapping into the partner integrations within MeridianLink Marketplace, the Bank increased the efficiency of its loan application process and enhanced its risk management processes to further protect customer information without diminishing the customer experience.

Bangor Savings Bank's partnership success story demonstrates that true digital transformation involves more than simply adopting new technology. It requires integrating technology into the daily practices of your business to create efficiency, foster trust, and build lasting customer relationships. Is your bank ready to elevate its digital journey? Let's explore how we can make it happen together.