We identified 5 competitors offering solutions and services similar to MeridianLink: nCino, Cassiopae, SAS, NYMBUS, and Ebanq. Of these, nCino's product appears to be marketed to a client base most similar to MerdianLink's.
To determine MeridianLink's competitors, I identified MeridianLink's key products and found comparable products offered by a US-based competitor. For each product, I compared the features of MeridianLink's product against its competitor's.
Overview of MeridianLink's Products
MeridianLink offers a variety of software solutions for banks, lenders, and credit unions. To compare these against a competitor's product, it is important to understand each of MeridianLink's product offerings. I identified key products offerings from MeridianLink and their respective competitors.
XpressAccounts allows users to open accounts online and allow bank employees to use a portal to achieve similar tasks. After accounts are created, they can also be managed from this web-based solution.
It features web-based and automated account creation, integrated credit reporting, identity verification, check history, funds, and document processing.
The key benefit is that this solution increases staff efficiency and convenience to customers.
Another dimension of MeridianLink solution suite is LoansPQ, which implements web-based loan decisions and allows for the integration of origination, core processing, and internal software.
CreditAPI is MeridianLink solution for automated credit report generation. It obtains real-time data from all credit bureaus and uses an algorithm to merge them into a single report.
Features include access to VantageScore and FICO scores, 128-bit SSL security, and the ability to generate reports in less than 10 seconds.
Mortgage Credit Link is a web-based software hub with API's for integration with existing systems, thereby merging multiple operations into a single app.
It features the ability to integrate Loan Origination Systems and Automated Underwriting Systems
Competitors to MeridianLink
nCino a banking software solutions provider offering a wide range of software features. Whereas MerdianLink features four distinct solutions that can operate together, nCino has one comprehensive solution that has several features that parallel MerdianLink's products.
nCino's equivalent to XpressAccounts is their Account Opening feature. nCino allows for a combination of CRM (customer relationship management), workflow automation, and document management services. The service promises to empower bank employees and lower costs, but when compared to the web-based solution of MeridianLink's XpressAccounts, there is no mention of nCino allowing customers to open their own accounts on a web-based platform. Although nCino's Online Applications feature enables the creation of online applications, it does not specify whether or not this is an end-to-end function with instant decision-making or the ability for customers to create their own accounts like MeridianLinks XpressAccounts and LoansPQ. The Loan Auto Decision feature is comparable to MeridianLink's LoanPQ. nCino's software solution allows for real-time loan decisioning using combined customer, third party, and business data, and that it is fully configurable. It is not stated here whether this allows for web-based loan decisions like LoansPQ.
nCino's Encryption feature advertises "sophisticated encryption" but does not further specify whether it's 128-bit SSL like MeridianLink's.
Finally, there is no mention of the ability to merge credit reports in real-time like MeridianLink's CreditAPI.
Cassiopae by Sopra offers software for global finance and asset management. While it provides worldwide software solutions, Cassiopae has offices within the US. Cassiopae has an integrated technology platform which is the architecture over which it offers specialized solutions for real estate and for lending/leasing.
Cassiopae's Lending and Leasing solution allows for automated credit approval similar to MerdianLink's LoanPQ. However, it does not state whether this is web-based instant loan decision like LoansPQ by MeridianLink. Cassiopae states that it can accommodate the entire loan origination process, but there is no further information regarding automatic decisioning, API libraries and functionalities, whether it is web-based, or how easy it is to implement.
SAS is an analytics, business intelligence, and data management software and service company with sites worldwide including the US. SAS offers solutions for different industries, including but not limited to banks, lenders, and credit unions.
SAS Credit Scoring is comparable to MeridianLink's CreditAPI. While SAS Credit Scoring does not claim to be able to compile credit history from all the credit bureaus, it does allow for use of third-party data, data mining, and the creation of scorecards using internal data. It appears that SAS Credit Scoring allow credit decision algorithms and data analysis to be created specific to the institution's own products and data, and that it can compile and make sense of large amounts of data, including third-party data.
SAS is a platform being used by large operators like Bank of America. For example, Bank of America's SAS algorithm scans 30 terabytes of source data to determine the probability of default and can render result within four hours, which is slower but utilizes extremely large datasets. That said, SAS is very technically involved and would require hiring teams of specialized technicians to install and set-up a platform. The contrast is that MeridianLink solutions, while not utilizing Big Data or providing such high-level and comprehensive decision-making, can be set up within 3-5 days.
NYMBUS embraces the digitization of financial services by offering a cloud-based banking platform to its clients. Similar to nCino, NYMBUS offers one multi-featured product solution and additional services that complement the product.
Compared to MeridianLink XpressAccounts, NYMBUS allows for online account management and monitoring. While NYMBUS claims that it enables easy account creation, it does not specifically state that the creation process is web-based or that customer can create their own accounts like XpressAcounts.
Ebanq is an international software provider that has offices in the US. The company website is vague, but a key takeaway is that their focus on ease of use and beauty.
Compared to XpressAccounts, Ebanq online banking software seems feature poor. It claims to be web-based using "bank-grade" security, but there is no mention that users can create their own accounts like XpressAccounts. There is also no mention of the features or integration such as credit reporting, ID verification, and document processing.
There is also no mention of how this software integrates with the bank's core software internally, and it cannot be determined if this is an end-to-end solution, or something that has to be coded to call up data from the bank's internal servers. It seems that Ebanq is strictly an online portal for account management with no loan functions, or account creation functions.
Due to the complexity of the solutions and the specificity and uniqueness of each one, only a limited number of competitor's product offerings could be listed within the time constraints.
In some cases, the source pages were quite vague in the specifics of product function, as each typically had varying degrees of customization involved with implementation. Usually, to get full access to details, etc, you would have to schedule a meeting or apply to obtain more information.
As such, while most of the aforementioned product comparisons list the absence of specific features from one product to another, it is unclear whether similar features are simply described using different vocabulary specific to the company.
To summarize, I have compiled a list of competitors to MerdianLink and compared the competitor's product the equivalent product in MerdianLink. I found five competitors offering solutions and services similar to MeridianLink: nCino, Cassiopae, SAS, NYMBUS, and Ebanq. Of these, nCino has the most 1-1 product and feature comparisons to MerdianLink and appears to market to a similar customer base. The other competitors have products that cater to different clients. For example, Cassiopae focuses on global finance, SAS focuses on high-end data-intensive solutions, and Ebanq has fewer features. Finally, it appears that the ability for users to create their own accounts is a feature unique to MerdianLink (XpressAccounts) that no other competitor offers.