MeridianLink Introduces Digital Progression Model to Help Financial Institutions of All Sizes Realize the Benefits of Digitalization
MeridianLink (NYSE: MLNK) has launched its Digital Progression Model, a framework designed to guide financial institutions in realizing the full potential of digital ecosystems. Built on 25 years of experience and data, this model helps organizations determine their current digital state, identify growth opportunities, and chart a path to achieve that growth.
The model focuses on five key areas: Consumer Experience, Data-Centricity, Share-of-Wallet Growth, Instant Decisioning, and Process Automation. It provides a tailored blueprint for each institution, offering a clear roadmap for digital growth goals. The model has already been adopted by several financial institutions, resulting in higher application completion rates, quicker processing times, and improved consumer experiences.
MeridianLink (NYSE: MLNK) ha lanciato il suo Modello di Progressione Digitale, un framework progettato per guidare le istituzioni finanziarie nel realizzare il pieno potenziale degli ecosistemi digitali. Basato su 25 anni di esperienza e dati, questo modello aiuta le organizzazioni a determinare il loro stato digitale attuale, identificare opportunità di crescita e delineare un percorso per raggiungere tale crescita.
Il modello si concentra su cinque aree chiave: Esperienza del Consumatore, Centralità dei Dati, Crescita della Quota di Portafoglio, Decisioni Immediate e Automazione dei Processi. Fornisce un piano personalizzato per ogni istituzione, offrendo una chiara mappa per gli obiettivi di crescita digitale. Il modello è già stato adottato da diverse istituzioni finanziarie, portando a tassi di completamento delle domande più elevati, tempi di elaborazione più rapidi e un'esperienza del consumatore migliorata.
MeridianLink (NYSE: MLNK) ha lanzado su Modelo de Progreso Digital, un marco diseñado para guiar a las instituciones financieras en la realización del pleno potencial de los ecosistemas digitales. Basado en 25 años de experiencia y datos, este modelo ayuda a las organizaciones a determinar su estado digital actual, identificar oportunidades de crecimiento y trazar un camino para alcanzar ese crecimiento.
El modelo se enfoca en cinco áreas clave: Experiencia del Consumidor, Centricidad de Datos, Crecimiento de la Participación en la Billetera, Decisiones Instantáneas y Automatización de Procesos. Proporciona un plan personalizado para cada institución, ofreciendo una clara hoja de ruta para los objetivos de crecimiento digital. El modelo ya ha sido adoptado por varias instituciones financieras, resultando en mayores tasas de finalización de aplicaciones, tiempos de procesamiento más rápidos y una mejor experiencia del consumidor.
MeridianLink (NYSE: MLNK)는 디지털 발전 모델을 출시했습니다. 이는 금융 기관들이 디지털 생태계의 잠재력을 최대한 발휘할 수 있도록 안내하는 프레임워크입니다. 25년의 경험과 데이터를 바탕으로 이 모델은 조직이 현재의 디지털 상태를 파악하고 성장 기회를 식별하며 그 성장을 이루기 위한 경로를 설정하는 데 도움을 줍니다.
이 모델은 다섯 가지 주요 영역에 중점을 둡니다: 소비자 경험, 데이터 중심성, 지갑 점유율 성장, 즉각적인 의사결정, 프로세스 자동화. 각 기관에 맞춤화된 계획을 제공하여 디지털 성장 목표를 위한 명확한 로드맵을 제시합니다. 이 모델은 이미 여러 금융 기관에 의해 채택되어 신청 완료율이 높아지고, 처리 시간이 빨라지며, 소비자 경험이 개선되는 결과를 가져왔습니다.
MeridianLink (NYSE: MLNK) a lancé son Modèle de Progression Numérique, un cadre destiné à guider les institutions financières dans la réalisation du plein potentiel des écosystèmes numériques. S'appuyant sur 25 ans d'expérience et de données, ce modèle aide les organisations à déterminer leur état numérique actuel, à identifier des opportunités de croissance et à tracer un chemin pour atteindre cette croissance.
Le modèle se concentre sur cinq domaines clés : Expérience Client, Centricité des Données, Croissance de la Part de Portefeuille, Décisions Instantanées et Automatisation des Processus. Il fournit un plan sur mesure pour chaque institution, offrant une feuille de route claire pour les objectifs de croissance numérique. Le modèle a déjà été adopté par plusieurs institutions financières, entraînant des taux de complétion des demandes plus élevés, des temps de traitement plus rapides et une meilleure expérience client.
MeridianLink (NYSE: MLNK) hat sein Digital Progression Model eingeführt, ein Rahmenwerk, das Finanzinstitutionen dabei helfen soll, das volle Potenzial digitaler Ökosysteme auszuschöpfen. Basierend auf 25 Jahren Erfahrung und Daten hilft dieses Modell Organisationen, ihren aktuellen digitalen Status zu bestimmen, Wachstumschancen zu identifizieren und einen Weg zur Erreichung dieses Wachstums zu skizzieren.
Das Modell konzentriert sich auf fünf Schlüsselbereiche: Kundenerfahrung, Datenzentralität, Wachstum des Wallet-Anteils, sofortige Entscheidungsfindung und Prozessautomatisierung. Es bietet einen maßgeschneiderten Plan für jede Institution und liefert eine klare Roadmap für digitale Wachstumsziele. Das Modell wurde bereits von mehreren Finanzinstitutionen übernommen, was zu höheren Antragsausfüllraten, schnelleren Bearbeitungszeiten und verbesserten Kundenerfahrungen führte.
- Launch of Digital Progression Model to guide financial institutions in digital transformation
- Model built on 25 years of experience and data
- Customized blueprint addressing five key areas for digital growth
- Improved metrics for adopters, including higher application completion rates and quicker processing times
- None.
Insights
MeridianLink's introduction of the Digital Progression Model represents a significant step in guiding financial institutions through digital transformation. As a tech expert, I see this as a strategic move that could potentially reshape how banks and credit unions approach digitalization.
The model's focus on five key areas - Consumer Experience, Data-Centricity, Share-of-Wallet Growth, Instant Decisioning and Process Automation - aligns well with current industry trends. Particularly noteworthy is the emphasis on data-centricity, which is important in today's data-driven financial landscape. The ability to collect, analyze and utilize data effectively can provide a significant competitive advantage.
However, the success of this model will largely depend on its implementation. While MeridianLink boasts 25 years of experience and data, the financial technology landscape is rapidly evolving. The company will need to ensure that the model remains adaptable to emerging technologies and changing consumer behaviors.
The inclusion of benchmarks and metrics for measuring progress is a strong point. This data-driven approach allows for tangible tracking of improvements, which is essential for demonstrating ROI to stakeholders. However, it's important to note that these metrics should be regularly reviewed and updated to remain relevant.
Overall, while the Digital Progression Model shows promise, its true value will be determined by its ability to deliver measurable improvements in efficiency, customer satisfaction and growth for financial institutions of varying sizes and digital maturity levels.
From a financial perspective, MeridianLink's Digital Progression Model could potentially drive significant value for both the company and its clients. This innovative framework addresses a critical need in the financial services sector, where many institutions struggle with digital transformation.
The model's potential to increase operational efficiency and improve customer satisfaction could translate into tangible financial benefits for MeridianLink's clients. For instance, higher application completion and conversion rates, quicker loan processing times and increased instant approvals could lead to revenue growth and cost reductions for these institutions.
For MeridianLink itself, this model could serve as a powerful customer acquisition and retention tool. By providing a comprehensive framework for digital transformation, MeridianLink is positioning itself as a strategic partner rather than just a software provider. This could lead to longer-term contracts and potentially higher-value engagements.
Moreover, the model's adaptability to institutions of different sizes and digital maturity levels expands MeridianLink's addressable market. This could potentially drive revenue growth by allowing the company to target a wider range of financial institutions.
However, investors should be aware that the success of this model will likely require significant investment in research and development to keep the framework current with rapidly evolving technology trends. Additionally, the company may face increased competition as other fintech providers develop similar offerings.
Overall, while the Digital Progression Model presents a promising opportunity for MeridianLink, its impact on the company's financial performance will need to be closely monitored in the coming quarters.
MeridianLink's Digital Progression Model addresses a important market need in the financial services sector. As a market research analyst, I see this as a timely response to the increasing demand for digital transformation solutions in banking and credit unions.
The model's comprehensive approach, covering five key areas of digital growth, aligns well with current market trends. Particularly, the focus on enhancing consumer experience and data-centricity resonates with the growing emphasis on personalization and data-driven decision-making in financial services.
MeridianLink's claim of basing this model on 25 years of experience and data lends credibility to their offering. However, it's worth noting that the financial technology landscape has changed dramatically in recent years and historical data may not always be indicative of future trends.
The model's adaptability to institutions of different sizes and digital maturity levels is a significant strength. This flexibility could potentially give MeridianLink a competitive edge in a market where one-size-fits-all solutions often fall short.
The inclusion of concrete metrics for measuring progress is likely to be well-received by financial institutions, as it provides tangible ways to demonstrate ROI on digital investments. This feature could be a key differentiator in a crowded market of digital transformation solutions.
However, MeridianLink will need to continuously update and refine this model to stay relevant in the fast-paced fintech landscape. The success of early adopters like Broadway Bank will be important in building market confidence and driving wider adoption of the Digital Progression Model.
Innovative Framework Backed by 25 Years of Data and Expertise to Drive Sustainable Digital Growth
Built on 25 years of experience, data, marketplace partnerships, in-depth expertise from completed engagements, and customer feedback, MeridianLink's Digital Progression Model enables financial institutions to determine their current digital state, identify their best opportunities to grow, and chart a path to achieve that growth — all while effectively meeting the expectations of modern consumers.
The Digital Progression Model is distinguished by its blueprint customized to each organization, which addresses the five key areas instrumental for enabling continued digital growth:
- Consumer Experience: Enhancing the overall consumer journey and satisfaction through digital tools.
- Data-Centricity: Collecting, analyzing, and using data to help drive informed business decisions, optimize workflows, enhance experiences, and support compliance in a data-first culture.
- Share-of-Wallet Growth: Adopting technology that increases the share of financial products held by existing customers.
- Instant Decisioning: Improving the speed and accuracy of decision-making processes.
- Process Automation: Streamlining operations through advanced automation techniques.
“By offering the Digital Progression Model, MeridianLink® is providing clarity on how to operationalize digital transformation in the financial sector,” said Wes Zauner, VP of product management at MeridianLink. “Our blueprint provides a clear, actionable roadmap for financial institutions to achieve their digital growth goals. This approach not only enhances operational efficiency but also helps drive significant improvements in customer satisfaction and business growth.”
The blueprint provides a tailored plan that aligns with each institution’s unique business objectives and market conditions. The model's multi-phased approach is designed to help the financial institution assess its current state, establish a clear roadmap for future progress, and outline the steps required to achieve its goals.
MeridianLink's process offers banks and credit unions a disciplined approach to measuring progress with metrics such as processing times, origination ratios, loan officer efficiency, instant decisioning rates, and consumer experience times. MeridianLink provides tools and benchmarks, gathered from analyzing millions of transactions and completing thousands of implementations, to enable data-driven decision-making and strategic adjustments that boost growth and improve consumer satisfaction.
Many financial institutions have already adopted the Digital Progression Model, attaining results such as higher application completion and conversion rates, quicker loan application processing times, a rise in instant approvals, and more time for their teams to support consumers — all contributing to accelerated growth and improved consumer experiences. Broadway Bank, a MeridianLink customer and winner of the Company’s second annual Arc Award, leverages the multi-product MeridianLink® One platform as a catalyst for its digital progress, enhancing experiences for both customers and staff.
“MeridianLink has been instrumental in putting us on the path of digital progression,” said Lynn Yznaga, SVP at Broadway Bank. “Without the MeridianLink One platform, we would have clunky systems and inefficient processes. Now, we offer truly digital-first experiences, leading to improved customer service and satisfaction. Having our blueprint for digital progress is invaluable as we continue on our path to digital maturity.”
“With our Digital Progression Model, we are empowering financial institutions to navigate the complexities of digital transformation with confidence,” added Zauner. “Our goal is to recognize the unique circumstances of each customer and support them in achieving their digital ambitions while enabling long-term, sustainable growth.”
A comprehensive self-assessment will be launched shortly that will allow financial institutions to get a head start on their digital progression journey. For more information about MeridianLink’s Digital Progression Model, please visit https://www.meridianlink.com/digital-progression-model/
An infographic about the Digital Progression Model is available at https://meridianlink.me/4eBk6ek
About MeridianLink
MeridianLink® (NYSE: MLNK) empowers financial institutions and consumer reporting agencies to drive efficient growth. MeridianLink’s cloud-based digital lending, account opening, background screening, and data verification solutions leverage shared intelligence from a unified data platform, MeridianLink® One, to enable customers of all sizes to identify growth opportunities, effectively scale up, and support compliance efforts, all while powering an enhanced experience for staff and consumers alike.
For more than 25 years, MeridianLink has prioritized the democratization of lending for consumers, businesses, and communities. Learn more at www.meridianlink.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725357027/en/
Sydney Wishnow
Email: meridianlinkPR@clyde.us
Phone: (508) 808-9060
Source: MeridianLink, Inc.
FAQ
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