MANTL Boosts Business Deposit Solutions for Credit Unions
MANTL, a leading provider of account origination solutions, has introduced its new Business Deposit Origination platform specifically designed for credit unions. This innovative tool builds on MANTL's strong legacy of revolutionizing consumer account opening, offering credit unions a powerful way to strengthen their connections with local businesses.
Simplifying Business Account Creation
With the debut of the MANTL Business Deposit Origination, credit unions can now handle business account openings for everything from small shops to larger corporations in impressively brief timeframes—less than 10 minutes online, and only 15 minutes when visiting a physical branch. This streamlined process aims to provide members with an excellent experience while greatly cutting down on the time and effort involved in opening new accounts.
Flexible Options for Business Clients
The platform is designed to meet the varying needs of businesses, allowing them to open accounts through their preferred methods, whether that be self-service or with staff assistance. MANTL's technology further improves the user experience by implementing automated workflows that adapt to regulatory and risk requirements. As a result, manual reviews for certain clients have been reduced by over 50%, showcasing MANTL's dedication to efficiency and user satisfaction.
The Inspiration Behind the Innovation
Benjamin Conant, co-founder and Chief Technology Officer at MANTL, underlined the company's mission to merge member-centric innovation with operational efficiency. He pointed out that the intricate nature of business deposit account openings can obstruct growth, which is why MANTL aims to simplify the process for credit unions.
Real-World Applications
The Business Deposit Origination platform is already in use, with MANTL working hand in hand with 10 credit unions across the nation to refine the system. Some of their partners include well-known credit unions like Black Hills Federal Credit Union, Credit Union West, Guardian Credit Union, and Pima Federal Credit Union.
Insights from Credit Union Executives
Ning Duong, the Chief Operating Officer at Credit Union West, shared his enthusiasm about the collaboration, expressing that MANTL's solutions resonate with their mission to enhance member experiences. This reflects MANTL’s commitment to delivering exceptional service to both credit unions and their business clients.
Key Features of MANTL's Business Deposit Origination
MANTL's platform provides deep integrations with leading core banking systems, featuring several tools that facilitate and automate the business account opening process:
- Unified Access: Businesses can safely open accounts using any device, ensuring real-time updates across all channels. This system accommodates fully online, banker-assisted, or mixed approaches.
- Automated Workflow: The platform boosts staff efficiency by offering configurable workflows for Know Your Business (KYB) and Know Your Customer (KYC) processes, helping to significantly lower fraud risks.
- Smart Application Process: MANTL customizes the data collection process by asking pertinent questions that fit each business's profile, streamlining application protocols.
- Quick Membership Verification: The system allows for rapid membership verification and creation thanks to user-friendly workflows.
- Diverse Business Product Offerings: The solution caters to a range of needs, accommodating various ownership models and types of products tailored for businesses.
- Support Tools for Staff: A dynamic checklist aids in ensuring compliance with regulations, guiding staff through the necessary paperwork.
- Digital Ownership Management: The platform simplifies the tracking of beneficial ownership without relying on traditional paper forms.
- Proactive Due Diligence Alerts: The system identifies instances that require closer examination, making compliance processes smoother.
Transforming the Financial Services Sector
Nathaniel Harley, co-founder and CEO of MANTL, pointed out the challenges faced in the financial industry regarding traditional business account openings. He emphasized MANTL's goal to reshape the perception that these openings must be unnecessarily complicated. Early users of the Business Deposit Origination platform have experienced significant increases in account openings and major reductions in document requests.
For those interested in what MANTL offers, more details can be found on their website. The company encourages credit unions looking to improve their business member services to discover how MANTL can support their operational goals.
About MANTL
MANTL is an innovative financial technology company committed to helping banks and credit unions open deposit accounts efficiently at any time and from anywhere. Their Consumer Deposit Origination platform offers quick account setup, significantly improving user experience while minimizing fraud risks. MANTL continues to innovate in the field, enabling credit unions to gather substantial core deposits every month. Established in 2016, the company operates out of New Jersey and benefits from esteemed venture capital backing.
Frequently Asked Questions
What is MANTL Business Deposit Origination?
MANTL Business Deposit Origination is a platform that streamlines the process of opening business accounts for credit unions, enhancing how they support local businesses.
How fast can businesses set up accounts using MANTL?
Businesses can finish the account opening process online in under 10 minutes, and in-branch it takes about 15 minutes.
What features does MANTL provide to boost efficiency?
The platform includes automated workflows, a centralized access point, and customizable application processes to improve overall efficiency and the member experience.
Who benefits from MANTL's services?
Credit unions aiming to enhance their services for business members can significantly benefit from MANTL's innovative offerings.
How does MANTL maintain compliance with regulations?
MANTL provides various tools like a dynamic checklist and intelligent workflows that help credit unions navigate compliance and due diligence more effectively.
