MANTL Enhances Business Deposit Solutions for Credit Unions
MANTL Enhances Business Deposit Solutions for Credit Unions
MANTL, a prominent provider of account origination solutions, today unveiled its innovative Business Deposit Origination tailored for credit unions. This new platform builds upon MANTL's reputation for transforming consumer account opening, offering credit unions an advanced means to foster relationships with local businesses.
Streamlining Business Account Opening
With the launch of the MANTL Business Deposit Origination, credit unions can now process business accounts for small enterprises to complex corporations in remarkably short timeframes—less than 10 minutes online and only 15 minutes in a physical branch. This efficiency is designed to ensure a top-notch member experience while significantly reducing the time and effort needed for account openings.
Flexible Options for Businesses
This platform caters to businesses by allowing them to open accounts via their preferred channels, whether through self-service options or with the assistance of staff. MANTL's technology further enhances user experience with automated workflows that adjust to meet regulatory and risk requirements. This innovation has led to a decrease in manual reviews for certain customers by over 50%, illustrating MANTL's commitment to efficiency and user satisfaction.
The Vision Behind the Innovation
Benjamin Conant, co-founder and Chief Technology Officer at MANTL, emphasized the company's mission to blend member-focused innovation with operational efficiency. He noted that the complexities of business deposit account openings can hinder growth, prompting MANTL to streamline the process for credit unions.
Real-World Implementation
Business Deposit Origination is currently operational, with MANTL collaborating closely with 10 credit unions nationwide to fine-tune the platform. Some partners include notable credit unions like Black Hills Federal Credit Union, Credit Union West, Guardian Credit Union, and Pima Federal Credit Union.
Feedback from Credit Union Leaders
Ning Duong, the Chief Operating Officer at Credit Union West, expressed optimism about the partnership, stating that MANTL's solutions align with their goal of enhancing member experience. This reinforces MANTL’s focus on providing outstanding service to credit unions and their business members.
Powerful Features of MANTL's Business Deposit Origination
MANTL’s technology offers comprehensive integrations with major core banking systems, providing several features that streamline and automate business account openings:
- Unified Access: Businesses can securely open accounts on any device, ensuring real-time updates across various channels. This system caters to fully online, banker-led, or hybrid experiences.
- Automated Workflow: The platform enhances staff efficiency by providing configurable workflows for Know Your Business (KYB) and Know Your Customer (KYC) processes, significantly lowering fraud risks.
- Intelligent Application Process: MANTL customizes the data collection process by asking relevant questions tailored to each business's profile, streamlining application procedures.
- Efficient Membership Verification: The system facilitates quick membership verification and creation with user-friendly workflows.
- Diverse Business Product Options: The solution supports various needs, including different ownership models and product types tailored for businesses.
- Staff Support Tools: A dynamic checklist helps ensure compliance with regulatory requirements, guiding staff through necessary documentation.
- Digital Ownership Management: The platform simplifies tracking of beneficial ownership without requiring traditional paper forms.
- Enhanced Due Diligence Notifications: The system flags instances requiring deeper due diligence, streamlining compliance processes.
Impact on the Financial Services Landscape
Nathaniel Harley, co-founder and CEO of MANTL, highlighted the challenges in the financial sector regarding conventional business account openings. He stated that MANTL aims to change the perception that opening such accounts must be overly complex. Early adopters of the Business Deposit Origination platform have reported notable increases in account openings alongside substantial reductions in document requests.
For those interested in MANTL’s offerings, additional information can be accessed through their website. The company invites credit unions looking to enhance their business member services to explore what MANTL can provide for their operational needs.
About MANTL
MANTL is a pioneering financial technology firm dedicated to empowering banks and credit unions to efficiently open deposit accounts anytime and anywhere. Their Consumer Deposit Origination platform boasts rapid account setup times, drastically enhancing user experience while minimizing fraud risks. MANTL continues to push the boundaries in the space with innovative services, enabling credit unions to raise significant core deposits each month. The company, founded in 2016, operates from New Jersey and is supported by esteemed venture capital investors.
Frequently Asked Questions
What is MANTL Business Deposit Origination?
MANTL Business Deposit Origination is a platform that simplifies the business account opening process for credit unions, streamlining how they serve local businesses.
How quickly can businesses open accounts through MANTL?
Businesses can complete the account opening process online in under 10 minutes and in-branch within 15 minutes.
What features does MANTL offer to improve efficiency?
The platform features automated workflows, a unified access point, and customizable application processes to enhance efficiency and member experience.
Who can benefit from MANTL's services?
Credit unions looking to enhance their business member services can greatly benefit from MANTL's innovative solutions.
How does MANTL ensure compliance with regulations?
MANTL provides a range of tools, including a dynamic checklist and intelligent workflows, to guide credit unions through compliance and due diligence processes.
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