Nearly 40% of Americans are Saving Less than Usual, According to MeridianLink Survey

MeridianLink offers financial institutions tools to better support consumers during times of economic uncertainty

COSTA MESA, Calif., May 09, 2023--(BUSINESS WIRE)--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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230509005365/en/

Contacts

PRESS CONTACT
Becky Frost
(714) 784-5839
becky.frost@meridianlink.com