SRP Financial Credit Union Sees 35% Growth in Instant Approvals with MeridianLink® LoansPQ®
COSTA MESA, CA (PRWEB) February 08, 2017 -- MeridianLink®, developer of the financial industry's first multi-channel loan and new account origination platform, today announced that SRP Federal Credit Union (SRP) has experienced an average increase of 35% in instant approval rates for its credit card business.
With a mandate for driving new growth at the credit union since his May 2016 appointment, SRP FCU CEO Harry Gunsallus was eager to boost efficiency for the lending business. Based on prior experiences with the MeridianLink platform, Mr. Gunsallus knew that a usage and optimization review would provide a clear picture of areas for improvement at SRP.
He reached out to MeridianLink to evaluate SRP business processes and see how the LoansPQ platform could be tailored to meet the credit union’s needs. This evaluation process uses a holistic perspective to assess needs by looking at system configurations.
As a result of the review, MeridianLink was able to determine that the credit union was not taking full advantage of the instant approval engine within LoansPQ. Compelling recommendations and a proposed trial run on a subset of SRP’s business led to MeridianLink assisting with establishing and setting parameters for instant approval on credit cards.
Once parameters were determined, SRP saw their instant approval numbers gain significant traction. Automated approvals for credit card applications went from 0% prior to the trials, to 35% of their entire application volume within the first quarter of activity. They have now used similar parameters to grow other areas of application businesses.
“By empowering SRP FCU with the ability to cross sell across all product lines, we expect to see improved cross sell ratios,” said Harry Gunsallus, CEO, SRP Federal Credit Union. “Automation, rapid decisioning, increased efficiency and a high quality loan portfolio are factors that will impact our ability to reach our targets.”
Overall, SRP management aims to improve the member experience by ramping up the percentage of loans that are auto-decisioned, thereby reducing overall decision times on loan applications. They expect that processes that were manual can now be automated, improving efficiency, speed and accuracy.
“Solutions that automate cross selling and proactive member engagement further demonstrate MeridianLink’s best in breed approach and expertise in facilitating 'high value' member interactions,” said Doug Glagola, VP, Enterprise Solutions, MeridianLink.
MeridianLink’s software is the most mature loan origination and new account opening platform available, and the company has maintained its position on the cutting edge of advancement and innovation since 1998. The MeridianLink platform has been proven to increase loan volume as well as reduce loan production costs and is integrated with most core processors and over 200 third-party systems and product providers.
Those interested in learning more about instant approval gains at SRP Federal Credit Union can download a case study at the MeridianLink website (https://www.meridianlink.com/resources/recent-case-studies/).
About SRP Federal Credit Union
Since our founding in 1960, SRP Federal Credit Union has been dedicated to our members. The members are the heart of the credit union and the sole purpose for our existence. Today, we serve as the financial institution for over 112,000 members; we continue to provide sound savings programs, interest-earning checking accounts, competitive loan options, and a variety of other convenient services tailored to fit our members' needs.
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 20,000+ financial service organizations. The company’s passion for excellence is reflected in their web-based credit reporting, lending and new account opening/deposit 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.
Doug Wheaton, MeridianLink, http://www.meridianlink.com, +1 (714) 708-6950, [email protected]
Share this article