Broadway Bank Meets Customers Where They Are

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In this special eight-part series of the Banking Transformed podcast -recorded at MeridianLink^® LIVE! and featuring MeridianLink^® customers-industry leaders discuss their journeys, strategies, and lessons learned along their unique paths to digital growth.

"If you're not where your customers are, you might miss out on an opportunity," remarked Lynn Yznaga, Senior Vice President at Broadway Bank in San Antonio, Texas, reflecting on the pivotal changes in the bank's lending processes.

Digital growth serves as the catalyst for realizing this concept, guiding the $5 billion bank as it navigates the delicate equilibrium of driving growth, efficiency, customer experience, and risk sensitivity. This special episode of the Banking Transformed podcast features the Broadway Bank story - a powerful example of how a bank can achieve success in any market with the right strategy and technology by its side.

Learn more about how MeridianLink^® helps our customers operationalize their path to digital growth.

A Case Study in Lending Efficiency

Broadway Bank's adoption of MeridianLink^® One transformed its consumer and mortgage lending operations into a unified platform, consolidating multiple applications into one cohesive system. Lynn explains, "We had roughly six or seven different applications that we were using bank-wide, and with MeridianLink, we were able to consolidate all that information into one spot."

This interconnectivity led to significant enhancements. Lynn points out, "Processes have become much more efficient, and our turnaround time for the purchase of money decreased by at least six days. The system is centralized, and customers can even track their applications in real-time."

Lynn reflects on their approach to addressing internal changes: "Our biggest challenge was modifying our internal processes. We learned not to force the system to fit our processes but rather to adapt our processes to fit the system."

Broadway Bank's decision to opt for an out-of-the-box solution without heavy customization proved beneficial as well. Lynn notes, "We received positive feedback on MeridianLink's ease of use and minimal maintenance requirements. It's been a streamlined experience without constant customization needs."

Knowing Your Customers Can Yield Great Returns

Like many financial institutions, Broadway Bank still has customers who prefer to meet face-to-face in a branch. So, whether it's digital or in person, they want to be able to give every customer that same experience.

A study by Accenture reveals that more than six in 10 customers turn to branches to solve specific and complicated problems.

Lynn explains how they combine digital and human interactions to create a smooth experience: "It's important to have a loan officer up front who can conduct a good interview with the customer and share that information with the back office. Then, we provide the online tools and resources the customer needs."

Accenture data also shows that banks have an opportunity to strengthen fraying customer connections with life-centric solutions and better engagement across digital and physical channels. An approach that could lead to a boost in revenue from primary customers by up to 20%.

Discover how solutions like MeridianLink^® One help banks provide customers with an integrated experience across all touchpoints without disruptions or data loss.

Balancing Simplicity and Risk

Creating user-friendly processes without compromising on risk or regulatory standards is essential for any financial institution. Lynn says that one way Broadway Bank manages this balance is by maintaining open communication and a collaborative approach across all lines of business.

"Befriending your compliance partners is the key to balancing simplicity and risk effectively. This approach allows me to speak intelligently about how any mortgage transaction might impact other potential loan scenarios, ensuring a comprehensive and compliant customer experience."

Broadway Bank also conducts monthly meetings to share updates across departments and discuss what we are seeing and what's coming up next. This holistic communication allows for a comprehensive understanding of different loan scenarios and their interconnectedness.

Listen to the full podcast episode below and stay tuned for the next installment of this Banking Transformed Podcast series!

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