COVID-19 Pandemic Reinforces the Importance of Digital Transformation by Utilizing Linedata’s Lending & Leasing Solutions
Linedata, global provider of credit and asset management technology, data and services, helps to ensure resilience for Canada’s second largest credit union, Meridian, despite industry challenges presented by the COVID-19 pandemic.
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Since 2017, Meridian has been utilizing Linedata’s technology in its business model to support the needs of its Members. Specifically, Meridian leverages Linedata Capitalstream, a credit origination and risk management platform putting financial institutions at the forefront of digital transformation and growth. By implementing this tool pre-COVID-19, it enabled Meridian to offer seamless and efficient service to Members during the most uncertain times and swiftly transition its employees to the “new normal” of remote-working.
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To elaborate on the mutually beneficial relationship, Paul Stanczak, VP of Account Management for Canada at Linedata asks John Trivieri, VP of Credit Management at Meridian, a few questions about their partnership, and the ever-growing need for an always-on digital solution – especially during a pandemic.
Q: How does Meridian utilize Linedata Capitalstream to help credit union Members while strengthening its own capabilities?
A: Capitalstream digitizes and streamlines Meridian’s commercial and small business lending processes. Many financial institutions still originate business loans by using paper-based, manual systems, which are significantly slower and less secure than software and digital systems. The platform allows us to move loan applications forward swiftly in digital form, ensuring that Members get funding faster. Capitalstream also provides us with on-going risk monitoring tools that are configured to our parameters and needs and significantly lower our total cost of ownership.
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