“We needed to work with MeridianLink to learn how we could benefit from the new system, rather than fitting their system to our processes,” Jim Freeland, VP of Lending, Army Aviation Center Federal Credit Union.
COSTA MESA, CA (PRWEB) September 12, 2017
MeridianLink®, developer of the financial industry's first multi-channel loan and new account origination platform, today announced that Army Aviation Center Federal Credit Union has seen more than 450% growth in monthly indirect lending volumes (through June 2017) since deploying MeridianLink’s LoansPQ® platform. During the same period, the Credit Union has grown direct lending volumes by more than 70%.
With January 2016 indirect lending volume of $3.6 mn as a base, AACFCU saw consecutive monthly increases representing significant loan volume growth. Today, AACFCU’s monthly indirect lending volume hovers confidently around $20 mn. With current loan growth on pace for 34% in 2017, the credit union has seen its loan-to-share ratio improve from 40% to 61% during the explosive 18-month period since the LoansPQ deployment.
A full-service financial institution with more than 20 branches, the 50-year-old Credit Union has over 97,000 members worldwide. Prior to deploying the MeridianLink solution, AACFCU’s member focus was hindered by legacy lending technology. Indirect lending growth was challenging because loans had to be manually entered into the system resulting in a need for inefficient and potentially inaccurate duplicate entries into the loan origination system and core system.
Jim Freeland, VP of Lending, was convinced that the automation and accuracy enabled by the LoansPQ system could turnaround the prevailing culture, making associates eager to help members with loans. With management support, a new regime leading the project and a liberating “let’s try it” mindset, the team found new momentum.
“We needed to work with MeridianLink to learn how we could benefit from the new system, rather than fitting their system to our processes,” Jim Freeland, VP of Lending, Army Aviation Center Federal Credit Union.
Meanwhile, AACFCU staff had to learn the system and grow to trust it. The new automated system represented a sea-change from the old double entry manual system. Moreover, it took time for them to trust the system, but once they did, they were able to offer even better member service. At this point, volumes propelled.
The new cultural shift, enabled by the LoansPQ system, means that staff is free from error prone, nerve-wracking manual tasks to focus on member service and cross selling. In the past, team members had been hesitant to make loans for fear of having to reject them afterwards, due to inaccuracies and possible mistakes.
“They had to learn ‘it’s OK to make a loan," said Bobby Michael, CEO, Army Aviation Center Federal Credit Union. “Coming from the old to the new was a mind shift, and they had to trust that it worked.”
The improvements made by the AACFCU lending team demonstrate that partnership with MeridianLink can make all the difference. The team at AACFCU is constantly building on the system using Docdownloads/Docusign, Automated Actions and other integrated features. Lending management has seen advantages from adopting e-signature and capturing digital application signatures within their branches, which has led to a more efficient and automated environment.
Those interested in learning more about improved loan growth at Army Aviation Center Federal Credit Union can download a case study at the MeridianLink website.
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.
