MeridianLink is the largest loan origination system in the United States, providing the nation’s first multi-channel loan organization platform
Recently, MeridianLink announced a partnership with Shastic to deliver an innovative SMS and real-time tracking integration inside all of their applications. Before this, financial institutions did not have a way to communicate with their customers as they moved through the application process.
Solving Existing Problems
One of the most significant motivating factors behind the partnership between MeridianLink and Shastic was addressing the high drop-off rates on online applications. A direct correlation exists between the amount of time spent on an application and abandonment rates. Furthermore, The Financial Brand has shown that recent abandon rates for online banking applications have averaged out to about 97% among financial institutions.
Elle solved this problem by bringing them back into the application with automated SMS triggers to re-engage those who became inactive. allowing customers text-based loan application and account access that saves them time and money. Additionally, the platform allows banks and credit unions them the option for 2-way text messaging to communicate with clients as they are filling out an application.
Integration With Existing Platforms
Of course, a frustration that many users face regardless of the technological platform is integrating existing technology with new technology
Shastic integrates seamlessly with existing platforms. MeridianLink’s integration includes LoansPQ and XpressAccounts. The connection with MeridianLink is designed to improve both the user experience and increase completed application volumes. This gives applicants the real-time guidance they need to get them to the finish line!
Does your financial institution have problems they think could be solved with the help of a mobile application? Contact Shastic today for more information about this integration.