Digital Transformation in Lending: Progress & Potential

In today’s cutthroat financial world, institutions must embrace digital transformation to stay competitive. This infographic, based on the 2024 State of Digital Lending Report by MeridianLink^®, highlights the current state of digital lending, industry challenges, and key opportunities for growth.

Credit unions have achieved significant growth by leveraging modern digital platforms, driving efficiency and improving customer experiences. Institutions that adopt these advanced solutions are better positioned for growth compared to those relying on outdated methods.

Topics covered in the infographic:

Mobile application process availability among institutions.
Credit unions boost lending efficiency by 90% and cut borrower contact time from 24 hours to 4 minutes.
A 51% rise in automated decision-making, highlighting the benefits of robust lending systems.
Decline in online loan completion rates.
Impact of incomplete digital experiences on revenue and borrower abandonment.

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About MeridianLink^®

At MeridianLink^®, we connect all sizes of financial institutions and fintech companies to better technology, better service, better people, and better solutions to streamline experiences so your members and customers can live better lives. We solve complex problems with powerful yet practical solutions. Since the beginning, we have been a leader at adapting to change with unique, industry-first solutions. We meet opportunities head-on with innovation and drive. Our passion for excellence is reflected in our cloud-based digital lending, new account opening and deposit, and credit reporting solutions.