Wisconsin-based Bank Takes on ING Direct With Help of MeridianLink

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River Valley Bank has established an online-only bank, Incredible Bank, using the MeridianLink platform. Incredible Bank has quickly made an impact in the online-only banking space. During the first several months of operation, Incredible Bank had as many as 500 applicants for new accounts per month, quickly growing to have customers in each of the 50 states.

In an effort to cast a wider net, River Valley Bank established an online-only bank, Incredible Bank, using the MeridianLink platform during the fall of 2009. “River Valley Bank is a traditional bank, with 16 branches spread across several counties in central Wisconsin and the upper peninsula of Michigan,” explains Cindi Jaeger, electronic banking manager. “Incredible Bank was the vision of Todd Nagel, president of River Valley Bank, to allow us to expand beyond our brick and mortar footprint.”

Incredible Bank quickly made an impact in the online-only banking space. “The first several months we had as many as 500 applicants for new accounts in a month,” says Jaeger. “We quickly grew to have customers in each of the 50 states.”

Incredible Bank offers savings products and checking accounts. “We keep close tabs on how our rates compare to our competitors via BankRate,” explains Amy Arnold, e-commerce marketing manager. “This has been the biggest factor in attracting new customers to Incredible Bank.”

Incredible Bank relies on MeridianLink technology on the back end to keep everything running smoothly. “The MeridianLink platform was developed to handle account opening and loan processing for financial institutions of any size or type,” explains Tim Nguyen, chief technology officer of MeridianLInk. “Working with both River Valley Bank and the Incredible Bank helps to demonstrate the flexibility of our system. We have the development muscle to custom fit our platform, optimizing it for any situation.”

Both River Valley Bank and Incredible Bank deployed the MeridianLink system to open and process new accounts and deposits in the fall of 2009. “Working with MeridianLink was a true partnership,” says Jaeger. “They were there for us every step of the way to make adjustments, help with training and answer questions.”

About MeridianLink
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 over 20,000 end users in the financial services industries. The company’s passion for excellence is reflected in their web-based credit reporting, lending, and new membership/deposit opening 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 http://www.meridianlink.com.

About River Valley Bank
Since its beginning in 1967 with one location in Rothschild, WI, River Valley Bank, a family-owned financial services company dedicated to effectively satisfying customers’ needs, has grown to 18 locations in North and Central Wisconsin and Michigan’s Upper Peninsula. River Valley Bank is committed to delivering flexible products through exceptional customer service from a team of highly qualified, motivated professionals of the highest integrity. For more information, visit https://www.rivervalleybank.com.

About Incredible Bank
Incrediblebank.com, a division of River Valley Bank, is an internet only bank that allows customers to manage money securely. Incredible Bank offers an incredible high-yield checking account and an incredible high yield CD that can be opened online. For more information, visit http://www.incrediblebank.com

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Branwyn Rhodes
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