Laurie McLachlan’s Post

👉 NEW REPORT from Javelin Strategy & Research: Ongoing Onboarding: The Antidote for Disengaged, Unprofitable Customers. Get a free copy with the link. Mark Schwanhausser & Ian Benton dug into the data. Did you know that fully engaged customers & members are 229% more likely to hold an auto loan with their primary FI? And they're 165% more likely to get a mortgage there? (Check out the gem of a chart on page 14!) Position your institution as the first place people turn when they have a financial need or shop for financial products. Read the report to find out how to get customers & members to: ◆ Open more products ◆ Expedite direct deposit switching ◆ Sever ties with the previous FI ◆ Win pole position for P2P ◆ Deepen digital engagement Download the report & pass it on: https://lnkd.in/gNmYm_y3 #bankingindustry #communitybanks #creditunions #digitalbanking #fintechs

Download this brand new research report today, co-sponsored by your friends at Digital Onboarding. IMO, it’s a must-read for every level and every department in your #bank or #creditunion. Javelin Strategy & Research

New report released this week! A lot of banks and CUs stop onboarding once a new account is funded - customers disengage and accounts go dormant. Javelin data shows getting new customers engaged during post-application onboarding leads to: ▶ Higher likelihood of earning primary FI status ▶ More financial accounts and products owned at the FI ▶ Frequent debit card usage ▶ Direct deposit of paychecks ▶ Customers recommending the FI to friends and family We also outline 7 tactics for improving the bank/CU onboarding process. Take a look at the report, and reach out if you'd like to discuss.

Our journey in 2024 has already marked us as trailblazers in the fintech industry, thanks to our innovative approach to consumer-directed banking. This year marks the introduction of North America's first fully automated Loan Management Software (LMS), a pivotal moment for the industry. Our expansion includes forming partnerships with some of Canada's largest alternative lenders and a niche real estate lender, further solidifying our position in the market. These achievements underscore our dedication to serving "off-bureau" and underbanked consumers, providing them with access to credit through our innovative Open Banking Platform. CEO Karim Nanji emphasizes the importance of alternative financial data over traditional credit scores, enabling lenders to make more informed decisions at an unprecedented pace. This marks a pivotal shift in how creditworthiness is assessed, opening new doors for consumers and lenders alike. We're not just growing; we're setting new standards for innovation in the credit and fintech ecosystems. Our recent partnerships with an Automated Loan Management software provider and a niche real estate lender are a testament to our drive for excellence and efficiency. Read the full news release here: https://lnkd.in/egnSyW7F #openbanking #lmssoftware #consumerbanking #alternativedata

Another example showcasing the power of open banking data! 🏦 💪 https://lnkd.in/gH_rZBi5 This article highlights how open banking has simplified the process of verifying income, account balances, and analyzing credit patterns - which has resulted in a more holistic picture of the customers' finances, and faster lending decisions. If you're a forward-thinking property manager or lender interested in exploring innovative solutions, let's start a conversation! Reach out to us at https://lnkd.in/gZGGTx7C. #openbanking #underwriting #tenantscreening

Data is essential when it comes to knowing, responding to, and retaining your financial institution's account holders. Which is exactly why the #Wave2 #branchandATMlocator collects user search data to help your credit union or bank provide the right account services right where your account holders and communities need you most. #credit unions #communitybanks

The #OpenBanking landscape is providing new and exciting ways for people to gain their financial freedom, and this is becoming most apparent for the younger generation. Open Banking allows for greater flexibility and power for consumers, and this can not only help younger people to make stronger and more confident financial decisions, it will also directly help a new generation onto the housing ladder and into the property market. This is going to be a very exciting year.

💸 Elevating Financial Services with MeridianLink’s Digital Solutions 💸 In today’s fast-paced financial landscape, institutions are in a race to provide the most efficient, user-friendly, and comprehensive digital services. MeridianLink stands at the forefront of this digital revolution, offering unparalleled solutions for online account opening, consumer lending, and mortgage lending. Here’s why MeridianLink reigns supreme: *End-to-End Digital Transformation: MeridianLink’s suite of solutions empowers banks, credit unions, and fintechs to complete their digital lending transformation seamlessly. *Cloud-Based SaaS Delivery: Their SaaS products ensure a stress-free loan origination process, allowing institutions to focus on delivering superior consumer experiences. *Unified Account Opening: MeridianLink Opening streamlines deposit account opening and funding across all channels, enhancing satisfaction and reducing operational costs. *MeridianLink One Platform: A single sign-on platform that integrates loan origination, account opening, and data & reporting, revolutionizing the digital lending experience. *Automated Workflows: Mortgage lenders benefit from smart automated workflows that enable quick and efficient scaling of their business. *Data-Driven Decision Making: With comprehensive data and efficient background screening capabilities, financial institutions can make informed decisions faster. *Consulting & Analytics: MeridianLink’s consulting services help staff achieve optimal efficiency and peak product performance without the need for an in-house team of experts. *Trusted Experience: With over 25 years of trust in the industry, MeridianLink has adapted to changes by providing unique, industry-first solutions. MeridianLink’s digital banking solutions are not just tools; they are a strategic advantage for financial institutions determined to excel in the digital domain. Embrace the future with MeridianLink and set a new standard for digital banking. Please feel free to reach out to me if your financial institution would like to learn more! #DigitalBanking #MeridianLink #FinancialTechnology #Innovation #BankingSolutions

In the recently published State of Open Banking report, NextGen Head of Broker Partnerships Renee Blethyn discusses the biggest benefits open banking can deliver for brokers and lenders and the evolution of NextGen's open banking solutions. Read Renee's interview: https://lnkd.in/gwZXzANe "We do see a lot of interest in the market because open banking provides the safest way to share data, it’s a key deliverable in strategic plans for most broker groups and lenders.", Renee said. View the full 'State of Open Banking 2024' report: https://lnkd.in/gMMqgpdA #sob24 #consumerdataright #openbanking #frollo #cdr #TrustedAdvisers #mortgage #brokers #opendata #makelendingeasy #applyonline #nextgen Frollo

Data is essential when it comes to knowing, responding to, and retaining your financial institution's account holders. Which is exactly why the #Wave2 #branchandATMlocator collects user search data to help your credit union or bank provide the right account services right where your account holders and communities need you most. #credit unions #communitybanks