Nearly 40% of Americans are Saving Less than Usual, According to MeridianLink Survey
May 09 2023 - 9:05AM
Business Wire
MeridianLink offers financial institutions
tools to better support consumers during times of economic
uncertainty
MeridianLink, Inc. (NYSE: MLNK), a leading provider of modern
software platforms for financial institutions and consumer
reporting agencies, today announced the results of a nationwide
survey of more than 1,000 American consumers about their financial
habits from the past six months. The survey found that more than
half of Americans (52%) are concerned about their debt; a third are
most concerned about their credit card debt; and a fifth (19%) are
most concerned about their mortgage. While almost a third (31%) of
respondents say they have spent more money in the past six months
than usual, 39% say they have saved less money than usual.
In addition to providing a snapshot of consumer financial
habits, the survey also delivers data on the account features
consumers value most from their financial institution. Receiving
personalized account alerts (37%) was a key benefit consumers
sought most frequently. However, while personalized assistance
dramatically increases customer satisfaction, a fifth of
respondents (20%) do not believe their primary financial
institution provides them with enough personalization in
challenging financial situations.
“These results underscore the importance of providing banks and
credit unions with the resources they need to better serve
consumers in times of uncertainty,” said Chris Maloof, President,
Go-To-Market, MeridianLink®. “MeridianLink is proud to provide
financial institutions with powerful tools to strategically grow
account openings, proactively manage consumer debt, and quickly
provide personalized pre-screened offers to those who need it
most.”
Based on insights from studies like this and having worked with
over 2,000 financial institutions, MeridianLink provides the
following tips to banks and credit unions that are looking for ways
to strengthen the relationship with their consumers:
- Be proactive about providing consumers with offers for products
and services that are tailored to their unique needs. MeridianLink®
Engage, the marketing automation component of the company’s
multi-product platform, MeridianLink® One, is an excellent way to
provide these personalized offers as quickly and efficiently as
possible.
- Create a frictionless experience for customers looking to open
an account at your institution. MeridianLink® Opening allows
consumers to open accounts quickly, efficiently, and entirely
digitally. A fully digital experience, combined with a variety of
identity verification tools available through our MeridianLink®
Marketplace, enables banks and credit unions to reach people who
may traditionally not have access to the financial system.
- Ensure your institution has a robust system for managing
delinquent accounts. MeridianLink® Collect allows financial
institutions to easily and effectively manage collections with
increased automation, sophisticated analytics, and dedicated
support and training resources.
Additional information about MeridianLink and its products can
be found here.
ABOUT MERIDIANLINK
MeridianLink® (NYSE: MLNK) powers digital lending and account
opening for financial institutions and provides data verification
solutions for consumer reporting agencies. MeridianLink’s scalable,
cloud-based platforms help customers build deeper relationships
with consumers through data-driven, personalized experiences across
the entire lending life cycle.
MeridianLink enables customers to accelerate revenue growth,
reduce risk, and exceed consumer expectations through seamless
digital experiences. Its partner marketplace supports hundreds of
integrations for tailored innovation. For more than 20 years,
MeridianLink has prioritized the democratization of lending for
consumers, businesses, and communities. Learn more at
www.meridianlink.com.
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PRESS CONTACT Becky Frost (714) 784-5839
becky.frost@meridianlink.com
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