Streamline Lending with DocuSign SMS Delivery and MeridianLink
Today’s banking consumer wants digital convenience. While bank and credit union branches continue to be important community cornerstones, consumers today increasingly want the option to engage digitally with their institutions. Indeed, research by the BAI indicates that consumers expect 61% of their business with banking institutions to be digital by 2024, and the majority of younger consumers are already using web and mobile applications to open accounts. Furthermore, most consumers indicate that their preferred way to receive important notifications from their financial institution is via text message. Now is the time to invest in digital capabilities and meet consumers where they are, in their preferred channels.
Many lenders today have embraced digital capabilities in response to these demands, yet parts of their operation remain disconnected and manual. According to research by the Digital Banking Report and MeridianLink, the top reason consumers need to visit a branch in the digital loan process is to sign documents.
Complete the digital loan process with electronic signatures and SMS Delivery
With DocuSign eSignature’s integration to MeridianLink’s product suite, lenders can create and deliver a fully digital experience spanning origination, approval, signing and funding. Consumers can complete loan applications and documents on the go from virtually anywhere on any device, all supported by a mobile-friendly signing experience.
DocuSign and MeridianLink have also launched an integration between MeridianLink’s DecisionLender and Consumer Loan Origination System and DocuSign’s SMS Delivery feature to allow lenders to reach consumers faster in their preferred channel -- text message -- with important notifications. Lenders can give consumers a more engaging experience while accelerating lending transactions with a multi-channel communications approach. Lenders can choose to reach signers via SMS Delivery, email, or a combination of both.
Electronically signed documents are accompanied by audit trails and certificates of completion, documenting the delivery and proper completion of loan documentation. At the same time, loan officers and employees can drive this process end-to-end without leaving their LOS, creating a more efficient experience for all involved. Indeed, a survey of banks and credit unions using eSignature revealed they reduced their loan processing time on average by 31%.
To learn more about how MeridianLink and DocuSign can help your institution accelerate lending and reach customers or members via text, contact your DocuSign AE or Sales team.