Shastic and MeridianLink Partner on Workflow Automation for Financial Institutions

Shastic and MeridianLink have partnered to deliver artificial intelligence (AI)-powered workflow automation to banks and credit unions.

In this collaboration, Shastic’s workflow automation solution will be integrated with MeridianLink’s software platforms for financial institutions and made available through the MeridianLink Marketplace, Shastic said in a Monday (Dec. 2) press release.

“Part of what makes us unique is that Shastic is the first company to develop a specialized AI workforce for financial institutions,” Shastic Founder and CEO Josearial Gomez said in the release. “With MeridianLink, we will be able to make hyper-personalized workflow automation accessible to thousands of banks and credit unions across the U.S.”

Shastic’s workflow automation solution automates processes that are traditionally managed by employees, enabling financial institutions to increase their capacity and processing speed by 10 times, according to the release. Its platform is used by more than 50 financial institutions across the U.S.

MeridianLink’s scalable, cloud-based platform powers digital lending and account opening for financial institutions and is supported by a partner marketplace that includes hundreds of pre-integrated partners, per the release.

“This partnership reflects the similar missions of MeridianLink and Shastic to democratize lending for community banks and credit unions, making advanced solutions accessible to thousands of financial institutions,” the release said.

The MeridianLink platform was built to help middle-market community banks and credit unions “punch above their weight” in consumer lending,” MeridianLink CEO Nicolaas Volk told PYMNTS CEO Karen Webster in an interview posted in July 2021.

“We make the investment to take them digital,” Volk said. “All they need to do is pretty much run their business on our platform.”

Seventy-two percent of finance leaders are actively using artificial intelligence in their operations, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Is AI the Master Key to Banking’s Next Era?”

The report found that AI applications in the financial industry range from fraud detection to customer onboarding automation, and that nearly all banking boards have approved generative AI initiatives.

Generative AI is also enhancing customer interactions and risk models, according to the PYMNTS Intelligence and AI-ID collaboration, “Banking on AI: Financial Services Sector Harnesses Generative AI for Security and Service.”