A new online membership application and account opening solution is paying off at ORNL Federal Credit Union, the $1.3 billion institution said.
The credit union has more than doubled its number of applications received online and has an approval rate of about 44% compared with the industry average of 30% to 35% since launching the system from MeridianLink Inc. in July, said Melissa McMahan, vice president of remote services for 155,000-member ORNL FCU in Knoxville, Tenn.
"We thought increasing our ability to handle membership applications and new account opening online would work hand-in-hand with the 'Young & Free' marketing program we're using, which was designed to reach out to Gen Y," McMahan added.
MeridianLink, based in Costa Mesa, Calif., said its multi-channel lending and account opening solutions are now in use by more than 400 credit unions and other financial institutions. More than 26,000 end users now use its enterprise business solutions that include Web-based credit reporting, the company said.