By Ryan Coleman, Business Development Manager, Consumer Finance, Equifax® Workforce Solutions
Credit union members expect rapid interactions and transactions in all aspects of their lives—and that includes quick lending decisions.
The outdated, paper-based lending process isn’t fast enough to keep pace with members’ expectations, and slow decisioning can be a big problem for member retention. The solution is automated technology that enables rapid decisioning.
How Credit Unions Can Use Technology To Improve the Lending Process
Technology has given credit unions the ability to make lending decisions faster and more efficiently by leveraging relevant data at every stage of the lending process. For example, implementing digital verifications, such as verification of income and employment (VOIE), is key to achieving more consistent, faster, and better-informed loan decisioning that can improve members’ experience, while also protecting the credit union from unnecessary risk.
VOIE helps streamline the lending process so credit unions can meet member expectations for speed. This reduces the potential loss of members to competing credit unions and can even result in membership growth due to decreased errors in loan repayment determinations.
By eliminating paper-based processes, credit unions can also reduce the potential for reliance on inflated borrower-reported income. Using digital VOIE during the application process can also help make data transfers safer and faster.
How Digital Verification of Income and Employment Works
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When digital verification of income and employment is integrated into a credit union’s workflow, they can provide an encrypted and secure direct link to a database that transfers member data directly from employers and payroll providers. Credit unions may also be able to access VOIE data directly through their existing point-of-sale system.
Automated VOIE can enable credit unions to securely transfer data, collect more precise financial strength indicators, quickly make better-informed lending decisions, and perhaps see a rise in member application conversion rates.
In today’s competitive lending climate, VOIE implementation allows credit unions to better meet member expectations for quick lending decisions. Learn how your credit union can through The Work Number® by Equifax®.
Ryan Coleman leads business development
for consumer finance and The Work Number® at Equifax® Workforce Solutions. Ryan has 20 years of experience in data and technology solutions for credit unions, banks, and other financial institutions.
In April of 2022, MeridianLink® completed its acquisition of StreetShares®, a mission-driven financial technology company providing digital business lending solutions to banks and credit unions. The acquisition enables MeridianLink to expand and enhance our business lending capabilities.
Today, we announce the availability of MeridianLink® Business, originally launched as Atlas Platform®. MeridianLink Business enables financial institutions to affordably make business loans with a fully digital, omni channel experience.
The ongoing transition to digital channels
has created opportunities for financial institutions to serve more business customers, expand market share, and increase revenue at a lower cost. Financial institutions that embark on this strategy to leverage innovation in analytics and data-driven decision-making can gain a decisive competitive advantage.
According to Richard Olson, SVP of Envision Bank, “Everything is online, easily stood-up, and intuitive. The flows make sense and are completely logical for the bank customer and banker. That just makes everyone’s job easier and experience better.”
Technology has given credit unions the ability to make lending decisions faster and more efficiently by leveraging relevant data at every stage of the lending process. For example, implementing digital verifications, such as verification of income and employment (VOIE), is key to achieving more consistent, faster, and better-informed loan decisioning that can improve members’ experience, while also protecting the credit union from unnecessary risk.
VOIE helps streamline the lending process so
credit unions can meet member expectations for speed. This reduces the potential loss of members to competing credit unions and can even result in membership growth due to decreased errors in loan repayment determinations.
By eliminating paper-based processes, credit unions can also reduce the potential for reliance on inflated borrower-reported income. Using digital VOIE during the application process can also help make data transfers safer and faster.
Today, we announce the availability
of MeridianLink® Business, originally the complete guide to utm launched as Atlas Platform®. MeridianLink Business enables financial institutions to affordably make business loans with a fully digital, omni channel experience.
The ongoing transition to digital channels
has created opportunities for financial institutions to serve more business customers, expand market share, and increase revenue at a lower cost. Financial institutions that embark on this strategy to leverage innovation in analytics and data-driven decision-making can gain a decisive competitive advantage.
According to Richard Olson, SVP of Envision Bank
“Everything is online, easily stood-up, and intuitive. The flows make sense and are completely logical for the bank customer and banker. That just agb directory makes everyone’s job easier and experience better.”
