Maximize Value Across the Entire Customer Lifecycle
Merrick Bank works with consumers who are trying to build or repair their credit with offerings for secured and unsecured credit cards and provides loan services to dealers for boats, RVs and trailers. For both its credit card and loan operations, they needed to simplify and automate a high volume of applications to provide quick responses to consumers and dealers.
Use Case: Credit Cards + Loans
About Merrick Bank: Merrick Bank provides credit card services and finance options to marine, RV and horse trailer dealers throughout the U.S. The bank specializes in credit programs that assist consumers looking to establish or rebuild their credit ratings. www.merrickbank.com
Provenir Solution: Decisioning Cloud
With Provenir, Merrick Bank is benefiting from: Automated Credit Decisioning in Under Two Seconds Merrick Bank processes about 2,000 credit card applications daily and relies on Provenir to rapidly make a decision on each application. Using Provenir’s pre-built, configurable integration adaptors, it has integrated its decisioning workflow with multiple third-party services for credit data and verification, including Experian, TransUnion, and LexisNexis. Provenir automatically gathers the required data and uses the bank’s risk models to decision each credit card application in under two seconds. More Efficient Loan Approvals Merrick Bank also uses Provenir to streamline its loan workflow. Dealers can use third-party services to submit applications, which are automatically forwarded to Provenir for processing. Provenir eliminates manual work by gathering the necessary credit and verification data from multiple sources and manages approximately 9,000 loan applications a month. System Flexibility and Stability A customer since 2006, Merrick Bank cites Provenir’s integration flexibility as one of the key reasons it continues to expand its use of Provenir. In addition, the platform’s visual interface simplifies solution development. “With Provenir, we can quickly configure a process, its rules and integrations, and then we can show it immediately to our compliance and business users for feedback,” says Jason Hess, VP IT Development at the bank. Provenir’s flexibility and ease of use are complemented by its robust architecture. “The platform is rock solid, and the stability is awesome. It just works really well,” Hess concludes.
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