MeridianLink Introduces Digital Progression Model to Help Financial Institutions of All Sizes Realize the Benefits of Digitalization

By: MeridianLink, Inc. via Business Wire

July 25, 2024 at 11:00 AM EDT

Innovative Framework Backed by 25 Years of Data and Expertise to Drive Sustainable Digital Growth

MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern software platforms for financial institutions and consumer reporting agencies, is proud to announce the launch of its Digital Progression Model. This innovative framework is designed to guide financial institutions of all sizes and at different levels of digital maturity, helping them realize the full potential of adopting a digital ecosystem.

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.