MeridianLink Technology Drives Efficiency and Enhances Customer Experience for Broadway Bank, Reducing Loan Processing Time by Up to Six Days
MeridianLink, Inc. (NYSE: MLNK) announced significant efficiency gains for Broadway Bank through the implementation of MeridianLink® Mortgage. The San Antonio-based bank has reduced loan processing time by up to six days, improving banker productivity and client satisfaction. The platform has automated four manual administrative processes and implemented improved customer data reporting tools.
Broadway Bank also utilizes MeridianLink® Consumer, part of the MeridianLink® One platform, to consolidate data from all channels into a single origination point. Since early 2023, the bank has seen significant improvements in account opening and application decisioning processes. Customers have reported high satisfaction levels, citing quick document uploads and timely responses from the bank.
MeridianLink, Inc. (NYSE: MLNK) ha annunciato significativi guadagni di efficienza per Broadway Bank grazie all'implementazione di MeridianLink® Mortgage. La banca con sede a San Antonio ha ridotto il tempo di elaborazione dei prestiti fino a sei giorni, migliorando la produttività dei banker e la soddisfazione dei clienti. La piattaforma ha automatizzato quattro processi amministrativi manuali e ha implementato strumenti di reporting dei dati dei clienti migliorati.
Broadway Bank utilizza anche MeridianLink® Consumer, parte della MeridianLink® One platform, per consolidare i dati provenienti da tutti i canali in un unico punto di origine. Dall'inizio del 2023, la banca ha registrato miglioramenti significativi nei processi di apertura conto e decisione sulle domande. I clienti hanno segnalato alti livelli di soddisfazione, citando caricamenti rapidi dei documenti e risposte tempestive da parte della banca.
MeridianLink, Inc. (NYSE: MLNK) anunció mejoras significativas en la eficiencia para Broadway Bank a través de la implementación de MeridianLink® Mortgage. El banco, ubicado en San Antonio, ha reducido el tiempo de procesamiento de préstamos en hasta seis días, mejorando la productividad de los banqueros y la satisfacción del cliente. La plataforma ha automatizado cuatro procesos administrativos manuales e implementado herramientas mejoradas para el reporting de datos de clientes.
Broadway Bank también utiliza MeridianLink® Consumer, parte de la MeridianLink® One platform, para consolidar datos de todos los canales en un único punto de origen. Desde principios de 2023, el banco ha visto mejoras significativas en los procesos de apertura de cuentas y toma de decisiones de solicitudes. Los clientes han informado altos niveles de satisfacción, citando cargas rápidas de documentos y respuestas oportunas por parte del banco.
MeridianLink, Inc. (NYSE: MLNK)는 MeridianLink® Mortgage의 구현을 통해 Broadway Bank의 효율성을 크게 향상시켰다고 발표했습니다. 샌안토니오에 본사를 둔 이 은행은 대출 처리 시간을 최대 6일 단축하여 은행원의 생산성과 고객 만족도를 높였습니다. 이 플랫폼은 4개의 수동 관리 프로세스를 자동화하고 개선된 고객 데이터 보고 도구를 구현했습니다.
Broadway Bank는 또한 MeridianLink® Consumer를 활용하여 모든 채널의 데이터를 단일 출처 지점으로 통합하고 있습니다. 2023년 초부터 이 은행은 계좌 개설 및 신청 결정 과정에서 상당한 개선을 보고했습니다. 고객들은 문서 업로드가 신속하고 은행의 응답이 적시에 이루어진다고 언급하며 높은 만족도를 보이고 있습니다.
MeridianLink, Inc. (NYSE: MLNK) a annoncé des gains d'efficacité significatifs pour la Broadway Bank grâce à la mise en œuvre de MeridianLink® Mortgage. La banque, basée à San Antonio, a réduit le temps de traitement des prêts de jusqu'à six jours, améliorant ainsi la productivité des banquiers et la satisfaction des clients. La plateforme a automatisé quatre processus administratifs manuels et a mis en place des outils de reporting améliorés pour les données clients.
La Broadway Bank utilise également MeridianLink® Consumer, qui fait partie de la MeridianLink® One platform, pour consolider les données de tous les canaux en un seul point d'origine. Depuis début 2023, la banque a constaté des améliorations significatives dans les processus d'ouverture de compte et de décision sur les demandes. Les clients ont signalé un haut niveau de satisfaction, citant des téléchargements de documents rapides et des réponses en temps opportun de la banque.
MeridianLink, Inc. (NYSE: MLNK) hat bedeutende Effizienzgewinne für die Broadway Bank durch die Implementierung von MeridianLink® Mortgage bekannt gegeben. Die in San Antonio ansässige Bank hat die Bearbeitungszeit von Krediten um bis zu sechs Tage verkürzt, was die Produktivität der Banker und die Kundenzufriedenheit verbessert hat. Die Plattform hat vier manuelle Verwaltungsprozesse automatisiert und verbesserte Kundenberichterstattungstools implementiert.
Broadway Bank nutzt auch MeridianLink® Consumer, das Teil der MeridianLink® One Plattform ist, um Daten aus allen Kanälen an einem einzigen Ursprungsort zu konsolidieren. Seit Anfang 2023 hat die Bank erhebliche Verbesserungen bei der Kontoeröffnung und Entscheidungsprozessen für Anträge festgestellt. Die Kunden berichteten von hohem Zufriedenheitsgrad und lobten die schnellen Dokumenten-Uploads und zeitnahen Antworten der Bank.
- Reduced loan processing time by up to six days
- Automated four manual administrative processes
- Improved customer data reporting tools
- Enhanced customer response times
- Significant improvements in account opening and application decisioning processes
- High customer satisfaction levels reported
- None.
Insights
MeridianLink's technology implementation at Broadway Bank demonstrates significant operational improvements in the banking sector. The reduction in loan processing time by up to six days is a substantial efficiency gain, directly impacting the bank's ability to serve customers faster and potentially increase loan volumes. This could lead to improved revenue streams and customer satisfaction for Broadway Bank, potentially boosting MeridianLink's reputation in the fintech space.
The automation of four manual administrative processes is particularly noteworthy, as it addresses a key pain point in the banking industry. This efficiency gain could translate to cost savings for Broadway Bank and potentially other MeridianLink clients, which may drive increased adoption of MeridianLink's solutions in the financial sector. The positive impact on Net Promoter Scores also suggests potential for customer retention and growth for MeridianLink, which could positively influence its market position and stock performance.
The implementation of MeridianLink Mortgage at Broadway Bank has yielded impressive operational improvements. The centralization of operations under one loan origination system (LOS) is a game-changer, enabling real-time messaging with borrowers and quick document uploads. This streamlined process not only enhances efficiency but also significantly improves the customer experience.
The reduction in application timeline by almost a week is a substantial achievement in the banking industry, where speed and accuracy are crucial. This improvement can lead to increased customer satisfaction, potential market share growth and a competitive edge for Broadway Bank. For MeridianLink, this success story could serve as a powerful case study to attract more clients in the banking sector, potentially driving revenue growth and market expansion.
The implementation of MeridianLink's solutions at Broadway Bank has resulted in a notable enhancement of the customer experience. The ability for customers to upload documents quickly and receive timely responses addresses key pain points in the banking process. This improvement in customer interaction could lead to higher customer retention rates and potentially attract new customers through word-of-mouth referrals.
The positive feedback from Net Promoter Score surveys is particularly significant, as it's a key indicator of customer satisfaction and loyalty. For MeridianLink, this success story could strengthen its position in the market and potentially lead to increased adoption of its solutions by other financial institutions seeking to improve their customer experience. This could translate into revenue growth and increased market share for MeridianLink in the competitive fintech space.
The San Antonio-Based Bank Speeds Up Decisioning, Boosting Banker Efficiency and Client Satisfaction
Prior to MeridianLink Mortgage, Broadway Bank loan officers were responsible for the input and accuracy of closing costs on loan estimates, as well as disclosing fees to clients. With MeridianLink Mortgage, all operations are centralized under one loan origination system (LOS), facilitating real-time messaging with borrowers, and allowing for quick document uploads. The platform has also led to the automation of four manual administrative processes and the implementation of improved customer data reporting tools, resulting in increased efficiency for both consumers and Broadway Bank staff. To date, these process improvements have helped to reduce the application timeline for some consumers by almost a week. Broadway Bank staff can now use the time saved to communicate directly with customers, allowing for more personalized customer service and creating stronger banking experiences.
“The accuracy of data and efficiency gains from the automation of booking and the disclosure process is key to our ongoing relationships with employees and our clients,” said Lynn Yznaga, Senior Vice President, Broadway Bank. “We've not only had a reduction in our turnaround time from application to underwriting, but also from underwriting to closing, enhancing our customer response times. We've had tremendous results from the voice of the customer survey.”
Broadway Bank also utilizes MeridianLink® Consumer, the retail lending product from the comprehensive MeridianLink® One platform, to facilitate a frictionless consumer experience. The product consolidates data from all existing channels, including in-person and digital services, into one single origination point. Since first utilizing MeridianLink One in early 2023, the bank has seen significant improvements in the account opening and application decisioning processes.
“Our partnership with Broadway Bank and the commitment the institution has shown to leveraging technology to enhance its customer experience and operational efficiencies is a testament to its forward-thinking approach,” said Devesh Khare, chief product officer at MeridianLink. “We’re thrilled to see our solutions supporting community banks at every stage of their digital journey, and we look forward to continuing our collaboration with Broadway Bank to help them remain a step ahead of their competitors.”
Broadway Bank customers have indicated a high level of satisfaction with the bank’s use of MeridianLink products, according to Net Promoter Score surveys, citing the ability to upload documents quickly and receive timely responses from their financial institution.
For more information about MeridianLink’s innovative solutions, visit the Company website.
ABOUT BROADWAY BANK
Since 1941, Broadway Bank has been an integral part of
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.
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PRESS CONTACT
Sydney Wishnow
meridianlinkPR@clyde.us
(508) 808-9060
INVESTOR RELATIONS CONTACT
Gianna Rotellini
(714) 332-6357
InvestorRelations@meridianlink.com
Source: MeridianLink, Inc.
FAQ
How has MeridianLink Mortgage improved Broadway Bank's loan processing efficiency?
What specific improvements has Broadway Bank seen with MeridianLink Mortgage (MLNK)?
How has MeridianLink Consumer benefited Broadway Bank since its implementation in early 2023?
What feedback have Broadway Bank customers provided about MeridianLink's products?
