New “State of Digital Lending” Report Reveals More Than 50% of Organizations Struggle to Deliver Fast, Seamless Digital Lending Experiences Page 1

MeridianLink, Inc., a leading provider of modern software platforms for financial institutions and credit reporting agencies, recently released the “2024 State of Digital Lending” report in partnership with leading industry expert Jim Marous, owner and publisher of The report on digital bankingThe report highlights that while there has been a notable increase in mobile and digital loan applications, with 65% of applications now being submitted via mobile – a significant increase from 54% in 2021, 44% in 2020 and 34% in 2019 – financial institutions are still struggling to meet consumer expectations.

While more than 50% of organizations claim to have a fully digital lending process, many still struggle to deliver a fast and seamless experience, especially for those consumers looking for a “do-it-yourself” solution. Drawing on insights from leaders at hundreds of banks and credit unions across the country, the report highlights that simply offering the ability to apply for loans digitally is no longer enough. Instead, institutions must rethink their underlying processes to meet modern consumer expectations for a fast, frictionless, end-to-end digital lending experience.