In September of 2019, Labette Bank, a $415 million-asset community bank serving the great state of Kansas was introduced to MK Decision (MK) during a webinar hosted with the Independent Community Bankers of America (ICBA) Bancard division.
ICBA Bancard’s endorsement of MK’s Credit Card Origination System (CCOS) played a large factor in Labette Bank’s decision making process as they searched for the right partner. Thanks to this partnership, Labette Bank signed a contract with MK Decision in less than 60 days following the ICBA Bancard webinar.
“Community banks continue to digitize their credit offerings to best support the customers they serve,” ICBA Bancard President and CEO Tina Giorgio said. “We’re pleased with the response to MK’s Credit Card Origination System from ICBA Bancard clients like Labette Bank that want a solid underwriting platform that is efficient, safe and as frictionless as possible for consumers.”
30 days after contract signing, Labette Bank ignited their digital transformation by launching MK’s Credit Card Origination System (CCOS) dedicated to enriching their online customer experience.
By deploying MK’s CCOS, Labette Bank has introduced SalesFunnel to educate their customers on credit card options, an online credit card application AppFlow for personal and business cards, and a modern e-sign process on agreements via MK’s SecureSign. Once the application has been submitted, automated Messaging notifications are sent from the bank to the customer for updates on the status of their application.
Labette Bank Chief Information Officer Nicholas Borror affirmed his confidence in MK, claiming, “MK has provided the smoothest third-party vendor implementation that Labette Bank has ever had.” As Labette Bank focused on delivering digital lending channels to their customers, MK launched Labette Bank’s platform, turning their vision of a paperless, cloud-based solution into a reality.
Labette Bank recognized rising customer expectations for a mobile-first platform, and aimed to provide ease and accessibility to their customers through digital channels twenty-four hours a day.
Research concluded that,”60% of consumers want to transact business with financial institutions with a single platform, such as social media or mobile banking apps” (Global FinTech Adoption Index, 2019). To stay ahead of the curve, Labette Bank aimed to provide their credit card applications to their customers from anywhere, at any time.
After implementation, Labette Bank has found tremendous value in MK’s technology, as it has allowed Labette Bank to market their credit cards directly to their customers. “MK’s technology has enabled our bank to not only market our cards, but to grow customer credit acquisition tremendously, bringing us new business opportunities,” Labette Bank’s Chief Information Officer Nicholas Borror said. “Before implementation, we were limited to offering credit cards in our branches. The implementation was seamless and MK has helped Labette Bank digitally market our product.”
As consumer habits drive banking services online, Labette Bank has hopes of growing its digital presence. Along with their existing mobile banking and electronic deposit, Labette is excited to offer its customers a digital credit card shopping experience.