The Power of the Right LOS

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Digital progression isn't just about what financial institutions are doing - it's a reflection of how consumer expectations are rapidly evolving. Features once considered "nice-to-have" in loan origination systems (LOS) are now non-negotiable. Web-based interfaces and online applications are no longer just options - they're essential. But even these features may not suffice on their own. Personalized experiences often make the difference between a lending strategy that thrives and one that falters against competitors.

This underscores the critical need for the right solutions. Your LOS must do more than handle basic banking transactions; it should deliver an engaging, personalized experience that keeps consumers coming back. An efficient, integrated system not only streamlines processes and reduces manual errors but also tailors' interactions to individual needs - setting your institution apart in a crowded market.

This was the central theme of a recent webinar, "The Power of the Right LOS," which highlighted how MeridianLink^® LOS solutions are helping financial institutions meet these evolving expectations. Panelists from Bangor Savings Bank and Hawaii State Federal Credit Union shared their experiences with MeridianLink^® Consumer, discussing how it has supported them in increasing application volume, improving turn times, and enhancing the consumer experience - from start to finish.

Key Features of an Effective LOS

During the webinar, panelists from both financial institutions used their experiences to share some of the key features to prioritize when selecting a LOS.

Janel Hartin, VP Senior Lending System Administrator at Bangor Savings Bank, underscored three pivotal elements: dynamic capabilities, efficiency, and visual appeal. "We needed something that was not just dynamic in the system but also in the documentation," she explained. Customization was crucial to ensure that the system mirrored the unique identity of Bangor Savings Bank.

Kelsey Young, Retail Experience Professional at Hawaii State Federal Credit Union, highlighted the importance of core system integration. The ability to seamlessly connect deposit and loan products was vital for adopting a holistic approach to consumer acquisition and enhancing overall efficiency.

Enhancing the End-To-End Experience

Both institutions showcased how MeridianLink Consumer's automation and integration capabilities have progressed their operations. These advancements have streamlined workflows and cut processing times, leading to higher application volumes and improved customer experiences. Moreover, they have freed up staff to focus on strategic, value-added tasks.

The system's flexibility and customization options have been particularly impactful for delivering personalized experiences through tailored notifications and real-time updates, making every consumer interaction more meaningful.

Kelsey Young highlighted the benefits of a dynamic cross-selling strategy powered by MeridianLink^® One: "It gives us the opportunity to talk to our members about other opportunities, whether it's a personal loan, vehicle loan, or even a credit card."This shift allows staff to transition from transactional roles to advisory ones, enhancing member relationships and driving revenue growth.

Janel Hartin emphasized the efficiency gains achieved with MeridianLink Consumer's automation: "We've gone from 35-40 days for an application to closing to an average of eight days."This reduction in processing times reflects a boost in operational efficiency, allowing them to minimize errors, accelerate service delivery, and align resources with strategic goals.

As Bangor Savings Bank and Hawaii State Federal Credit Union look to the future, their focus remains on progressing their digital capabilities. This involves tapping into sophisticated features and integrating tools to continue boosting efficiency and automation while elevating consumer satisfaction.

With consumer expectations constantly shifting, it's essential to remain proactive in refining digital services. This involves a consistent cycle of optimization and reevaluation to align with customer demands.

Watch "The Power of the Right LOS" webinar to learn more about how MeridianLink^® can help you create more personalized digital consumer experiences to preserve - and grow - your portfolio.

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