COVID-19 Pandemic Reinforces the
Importance of Digital Transformation by Utilizing Linedata’s
Lending & Leasing Solutions
Linedata (Euronext Paris: LIN), 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.
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.
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.
At Meridian, we’ve integrated Capitalstream to help us operate
our business by way of a dual-lens, focused on business banking
Members. Before we integrated the product into our business model,
we were using traditional methods that were not digitized (i.e.
paper-based and email-based). To properly keep up with the industry
and fast-paced needs of our Members, it was pivotal to go
digital.
Additionally, Capitalstream helps us from a risk management
standpoint as it relates to loans. The software gathers and
analyzes key data inputs that allow credit analysts to make prudent
lending decisions so we can provide quick responses to loan
applicants while maintaining an acceptable level of credit
risk.
Q: How has your partnership with Linedata benefited business
before and throughout the pandemic?
A: Before the pandemic, Meridian appreciated the flexibility of
Capitalstream. The system is robust and highly configurable,
allowing us to enhance our Member’s lives by providing them with
first-in-class products and services.
Additionally, Linedata’s staff that supports our partnership are
very knowledgeable, helpful and always willing to listen to our
needs and provide us with tailored solutions.
Throughout the pandemic, and especially at the beginning of
remote work, our partnership with Linedata has allowed us to run
business as usual. Despite the challenges that were presented with
the stay-at-home orders, we were able to remain self-sufficient and
provide our Members with uninterrupted service. The infrastructure
and tools already in place were built to sustain a digital-forward
business, making it an overall seamless transition.
Q: As our industry collectively works to recover from the
pandemic-driven fallout, what is the most important lesson Meridian
has learned?
A: It might seem cliché, but one of the biggest lessons learned
is to expect the unexpected – in other words, we were able to
successfully serve our Members during this time because we had
preemptively covered our risks by (1) investing in technology
early, and often and (2) establishing a relationship with Linedata
as more than a provider, but a partner. The pandemic showed us that
everything can change on a dime, but if you’ve planned ahead and
implemented protocols that might seem ahead of their time to the
rest of the industry, you’ve done right by your company and those
it serves.
Additionally, the partnership helped us, as a company, to
enhance our internal knowledge and capabilities to best manage and
configure the platforms necessary for success. By doing so, we were
able to quickly respond to the unexpected and support growth during
the most challenging of times.
Throughout the pandemic, Meridian was able to take care of its
Members by utilizing Capitalstream and other digital-forward tools
to their fullest extent. Many of our commercial and small business
Members are counting on us as they adjust their plans post-pandemic
and we’re proud to be solid ground for them, thanks to our
investments in technology.
ABOUT MERIDIAN
With more than 75 years of banking history, Meridian is
Ontario’s largest credit union and the second largest in Canada,
helping to grow the lives of 370,000 Members and customers.
Meridian has $26 billion in assets under management (as at June 30,
2020) and delivers a full range of financial services online, by
phone, by mobile and through a network of 92 branches across
Ontario, and business banking services in 15 locations. Meridian
Members also have access to THE EXCHANGE® Network, with 3,700
no-fee ABMs across Canada and 500,000 ABMs in the United States.
For more information, please visit: www.meridiancu.ca, follow us on
Twitter @MeridianCU or see our Facebook site.
ABOUT LINEDATA
With 20 years’ experience and 700+ clients in 50 countries,
Linedata’s 1300 employees in 20 offices provide global humanized
technology solutions and services for the asset management and
credit industries that help its clients to evolve and to operate at
the highest levels. Headquartered in France, Linedata achieved
revenues of EUR 169.7 million in 2019 and is listed on Euronext
Paris compartment B FR0004156297-LIN – Reuters LDSV.PA – Bloomberg
LIN:FP. linedata.com
To learn more about how Linedata Capitalstream can benefit your
business, visit Linedata.com/lending-and-leasing or
getinfo@linedata.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200728005307/en/
MEDIA: Liz Shaw, Porter Novelli
liz.shaw@porternovelli.com 732-757-2119
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