Madison, Wis.-based Bankers’ Bank is collaborating with MK Decision to bring the firm’s Credit Card Origination System™ to over 100 community bank partners throughout the Midwest.
This agreement will allow community banks to offer credit card applicants a streamlined online credit decision experience.
“When selecting a system, we weren’t just looking for a product that would provide an industry leading experience, we wanted someone who shared our community values,” said Robert Jarosinski, first vice president of bankcards & payments at Bankers’ Bank.
With products that drive fee income and cultivate brand identity becoming a central focus for all community banks, removing barriers for interested credit card applicants and improving application processing are critical strategies.
“Many community banks are losing borrowers online to big banks and fintechs,” said MK CEO Har Rai Khalsa. “This is largely due to antiquated borrowing experiences, paper-intensive application processes, and completely manual underwriting. MK Decision solves these problems with a digital loan origination platform that automates credit decisioning. Decisions that used to take days can now be completed in seconds.”
Community bank partners with Bankers’ Bank will benefit from:
- Simple, easy-to-use borrower experiences
- Automated credit decisions
- Increased origination volume and fee income
- Reduced operational and compliance burdens
“It’s a game changer. With MK’s CCOS™ our community bank partners will have the ability to freely market their credit card programs without fear of capacity constraints, fraud or friction,” said Jarosinski.
Each website will be customized to the community bank’s brand whether a bank wants a turn-key program or prefers something more hands-on. The origination service is planned to go live in the second quarter of 2019.
The $721 million Bankers’ Bank has also unveiled a “shop local” credit card reward program, part of its first foray into consumer credit cards.