#3452: How Fortera Credit Union Has Digitally Benefited from MeridianLink's Digital Progression Model...

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MeridianLink Vice President of Product Management Wes Zauner and Fortera Credit Union’s Chief Lending Officer Tim Wheeler stopped by the show to share how Fortera staff and its members have greatly benefited from using MeridianLink's Digital Progression Model, a customized framework designed to guide financial institutions of all sizes and at different levels of digital maturity, helping them realize the full potential of adopting a digital ecosystem.

Wes initially discussed what exactly is their Digital Progression Model -- all based on five key areas of digital transformation:

1. Consumer Experience: Enhancing the overall consumer journey and satisfaction through digital tools.
2. Data-Centricity: Collecting, analyzing, and using data to help drive informed business decisions, optimize workflows, enhance experiences, and support compliance in a data-first culture.
3. Share-of-Wallet Growth: Adopting technology that increases the share of financial products held by existing customers.
4. Instant Decisioning: Improving the speed and accuracy of decision-making processes.
5. Process Automation: Streamlining operations through advanced automation techniques.

Tim chimed in with why the credit union needed a tool like this, how staff and members have benefited, as well as sharing some significant usage results. For instance:

• Fortera Credit Union increased their ability to pre-approve members for more products, faster, all within one user-friendly application by 15-20%
• Fortera leveraged the Admin Pro service to tap into the expertise of MeridianLink system administrations, allowing the credit union to focus more time on testing and training.
• Fortera was able to increase origination volumes, better control credit risk, and improve the member experience by defining criteria that served as the foundation for instant decisioning.

They talked about the big goal they are looking to achieve, along with what they are most excited about regarding the future of this model.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.