Thank you to everyone who attended MK Decision’s webinar One Provider: Support for Both Sides of the Balance Sheet. MK Decision (MK) would like to recognize and send a special thank you to Citizens State Bank of New Castle’s Chief Digital Officer, Justin Dunmyer. After meeting with multiple vendors and demoing their products, Justin understands the challenges community financial institutions face when selecting a partner. Justin’s experience, along with MK’s Chief Executive Officer, Har Rai Khalsa’s business acumen, allowed them to give valuable insight on the vetting process and benefits of working with a single vendor that supports both sides of the balance sheet.
Forbes anticipates that 44% of community banks and 25% of credit unions will replace their legacy account opening provider in 2021. Whether you are looking for a vendor to launch your digital transformation or transitioning from a legacy provider, this recap will highlight the key efficiencies a single FinTech partner can provide for digital account opening and loan origination.
Establishing an Efficient Vendor Relationship
How can financial institutions master the vendor selection process? When shopping for a vendor, it is crucial to put your institution’s needs at the forefront of the selection process. First, assemble a team of key stakeholders to answer the question, "how will this implementation improve your department’s efficiency?” Introduce a scorecard to evaluate potential vendors against the following criteria:
- Cultural fit with your institution's mission
- Types of financial products supported
- Benefits to applicants and back-office teams
If your institution relies on multiple vendors to offer an online experience, you will encounter significant compliance hurdles and increased back-office work. Institutions that leverage MK's platform as their single provider will:
- Reduce training costs
- Centralize their order processing and billing
- Ensure security and compliance
Key Takeaway #1: Reduce the vendor management burden by performing due diligence and negotiations for a single provider.
Leveraging Digital Consistency to Increase Brand Recognition
Many legacy providers fail to preserve the integrity of your brand due to clunky interfaces and limited product offerings. To overcome this obstacle, MK supports both sides of the balance sheet through an intuitive onboarding experience and streamlined back-office operations.
The first ninety days of the banking relationship are crucial for retaining clientele and cross-selling other financial products. When using multiple vendors, institutions often experience friction navigating their online platforms, ultimately jeopardizing their opportunity to cross-sell. This makes it increasingly difficult to implement consistent messaging and convert existing applicants.
MK creates a seamless, consistent consumer experience for deposits, cards, and loans. Consumers shop for financial products in an online Store branded to their institution. Once the applicant selects the right product(s) for their needs, they complete a mobile-first Checkout process with ID Scan to pre-populate application data. To help grow both deposits and loans, MK introduced Cart, where consumers can apply for multiple products in a single application.
Key Takeaway #2: Ensure consistent digital channels for a unified consumer journey.
A Back-Office Platform That Streamlines Application Processing
In the digital age, community financial institutions are striving for efficiency in banking processes. Employees that operate with outdated technology struggle to work effectively due to functionality issues surrounding legacy providers. Back-office teams want to enjoy a user-friendly experience, just like your applicants!
To improve operational efficiency, MK introduced Dashboard, a centralized order processing system that promotes workflow collaboration, streamlines decisions, and leverages existing data for cross-selling opportunities. Employees can accelerate their training time by learning how to operate a single back-office system rather than managing multiple legacy platforms, making teams more successful.
While financial institutions may have a digital onboarding experience, relying on multiple vendors for identity and credit integrations can cause friction for back-office teams. MK built integrations with all three credit bureaus, as well as top identity verification providers. Our automated Decisioning engine pulls data from third parties and leverages end-to-end data flow to eliminate manual underwriting. With MK’s rules-based Decisioning, financial institutions can provide faster decisions to their applicants.
Key Takeaway #3: Reduce team training time with one platform supporting deposits and loans.
Connecting With Your Applicants
Since the start of the pandemic, consumers have relied on mobile banking more than ever before. To adapt to applicant needs, community financial institutions must simplify their digital onboarding experience. At MK, we are focused on creating efficiency. By building integrations with third-party providers, we have empowered applicants to open a new account or apply for a loan directly from their mobile banking app. MK features integrations with top core processors, Fiserv, FIS, and Jack Henry, permitting the deployment of real-time account creation and eliminating manual data entry.
The largest asset that financial institutions have is data. By leveraging data, community financial institutions can increase sales and build valuable relationships with their clientele. Oftentimes, FinTech vendors fail to offer granular data in an easy-to-read format. With MK as your FinTech partner, you can analyze quantitative applicant data in a centralized order processing system and identify opportunities to cross-sell other financial products.
Key Takeaway #4: Centralize imperative applicant data, and leverage the same integrations for all products.
Spring Into Action
As a family-owned business, MK is dedicated to providing our clients with exceptional service and cutting-edge technology. We want to understand your pain points and improve our product to address your institution’s needs.
Don’t fall behind the times. Stay competitive by making the switch to a single vendor for digital account opening and loan origination. Learn how MK can help you go digital by watching the full webinar here.
We understand that each institution has its own unique needs, and we want to hear yours. Schedule a discovery call with our Sales team to grow both sides of your balance sheet.