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  • Writer's pictureW.B. King

Space Coast Credit Union Partners With MeridianLink Enhancing Member Lending Experience

By W.B. King

With the goal of improving lending productivity, workflow efficiencies and overall member experience, Space Coast Credit Union (SCCU) sought a fintech provider that could optimize its existing operations.

After conducting its due diligence, the $8.6 billion Melbourne, Fla.-based Credit union, which supports more than 616,000 members and 65 branches, selected the Costa Mesa, Calif.-based MeridianLink.

“Funding times decreased by an average of one – two days, and approximately 95% of all loan applications are now processed and decisioned within a single day,” Gary Prager, senior vice president and chief strategy and growth officer at the credit union, told Finopotamus. “Instant approvals increased by over 25%, creating immediate gains for the credit union’s lending portfolio.”

These results were achieved by SCCU adopting MeridianLink Consumer and MeridianLink Insight, part of the MeridianLink One platform, explained the company’s Chief Product Officer Devesh Khare. By working with MeridianLink, Khare said the credit union can now deliver an integrated digital experience to its members, including an improved loan application experience and quicker access to funds.

While Khare noted that SCCU’s former lending processes were functional, they weren’t optimized. To this end, staff had to manually enter information to move the decisioning and funding processes along.

“They also dealt with workflows that didn’t allow for custom configurations,” Khare told Finopotamus. “Overall, staff were challenged with the additional labor requirements and needed a system capable of offloading some of those burdens while creating an even better end-to-end member experience.”

Rapidly Increasing Lending Portfolios

With the new system in place, Prager explained that applicants now “appreciate the quick decisioning and funding turnaround times,” as well as the “overall streamlined application form flow” that auto-fills existing members’ information, shortening the process.

“The impact of these faster turnaround times is highlighted by the more than 55,000 members the institution added in 2022. Additionally, the robust cross-sell capabilities have created even more opportunities for members to engage with SCCU’s products and services,” he said. “In fact, despite a challenging economic climate in 2022, SCCU delivered an unprecedented number of auto loans to its members, granting more than 79,000 loans totaling $2.9 billion, which was double the amount of funding delivered in 2021.”

When it comes to implementation, Khare said MeridianLink’s account executives and consulting teams work closely with each new client, ensuring the institution can onboard onto the MeridianLink One platform efficiently.

“When SCCU selected their new solutions, they began working with their account executive and AdminPro, MeridianLink’s dedicated team of expert system administrators, to plan and execute the implementation process,” he continued. “Through the partnership with AdminPro, which assisted in the implementation, configuration, and maintenance of SCCU’s new products, the transition between platforms was seamless.”

SCCU’s staff, Prager added, has benefited from the reduced level of manual work required for processing, approvals and underwriting. System automations and configurations, he noted, make it easier to organize individual queues and be more available to assist members.

“And with the system’s advanced integration capabilities, Space Coast continues to work smoothly with its various partners, including FirstClose and The Work Number by Equifax, among others,” he said. “With its streamlined and flexible processes, advanced integration capabilities, and ease of use, MeridianLink One has helped SCCU rapidly increase its lending portfolio and build more impactful member engagement opportunities to foster relationships for years to come.”

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