MANTL's Community Expansion in the Financial Sector
MANTL, a prominent provider of account origination solutions, has announced a remarkable growth in its customer base, now surpassing over 150 banks and credit unions. This significant achievement reflects the company's dedication to supporting financial institutions in enhancing their service offerings and customer engagement strategies.
Year-Over-Year Success
The staggering 49% increase in MANTL's customer base from the previous year is indicative of its value proposition and the effectiveness of its platform in helping financial institutions thrive. Nathaniel Harley, the co-founder and CEO of MANTL, highlighted that this growth is not merely a numbers game; it represents the successful transformation within the banking and credit union sectors.
Empowering Financial Institutions
In 2024, MANTL played a crucial role in enabling financial institutions to significantly increase their deposits, raising nearly $10 billion through its innovative platform. MANTL’s technology has helped banks and credit unions process nearly one million applications, saving them over 350,000 hours in account opening procedures. This efficiency allows institutions to shift their focus back to nurturing customer relationships.
Exceptional Growth in Business Deposit Origination
The surge in Business Deposit Origination is notable, with a staggering 161% increase year-over-year as banks and credit unions embrace technology to grow and serve their business clients effectively. David Carlson, VP of Sales at MANTL, remarked on the importance of automated account opening, emphasizing that the average time to open a new business deposit account has been reduced to just 7.5 minutes, enhancing customer experience.
Establishing a Stronger Credit Union Presence
MANTL has also fortified its standing in the credit union sector, achieving a remarkable 53% increase in sales among credit unions in 2024. This underscores the company's strategy of fostering innovation and embracing technology to improve member experiences.
Adapting to Market Needs
As financial institutions look toward the future, MANTL aims to maintain its momentum, with a shared vision of creating better relationships through streamlined processes and technology. The adaptability and innovation within the credit union space are key drivers for MANTL's continued growth.
Increased Adoption and Expanding Branch Network
The adoption of MANTL technology has resulted in threefold growth in the number of bank and credit union branches utilizing their platform. Such growth is driven by expansion in both in-branch and online capabilities, enabling MANTL to reach more customers than ever before.
Focus on Client Support and Training
Dan Milgrom, the Chief Customer Officer at MANTL, emphasized the commitment to bridging gaps between online services and in-person experiences. By overcoming challenges related to change management, MANTL aids banks and credit unions in navigating technology rollouts successfully, ensuring they achieve their goals swiftly.
Significant Product Innovations in 2024
Throughout the year, MANTL introduced key product features that facilitate relationship banking. The launch of new technologies, especially in business deposit origins, corresponds with the rising demands in the financial technology landscape.
Advancements in Loan and Deposit Origination
The strategic expansion into loan origination in December 2024 is a game-changer. MANTL's Loan Origination platform aims to streamline processes for banks and credit unions, enabling quick scaling of consumer and business loans while automating underwriting for greater efficiency.
MANTL Recognized as A Top Employer
For the third consecutive year, MANTL was identified as one of the Best Places to Work in Financial Technology, showcasing its commitment not only to its clients but also to fostering a robust internal culture. The company welcomed strategic additions to its executive team, including seasoned professionals with diverse experiences to drive its mission forward.
Engagement in Industry Events
MANTL is set to participate in the 2025 Acquire or be Acquired conference, indicating its proactive approach in engaging with industry leaders and exploring future opportunities in finance.
About MANTL
MANTL stands at the forefront of financial technology, delivering the industry’s first Relationship Banking Platform. With a commitment to enhancing customer experiences, MANTL allows for rapid account opening—complete with real-time capabilities across various banking channels. This technology not only streamlines processes but also empowers banks and credit unions to cater to the evolving needs of consumers, thereby raising billions in core deposits every month. Founded in 2016, MANTL remains privately held and continues to innovate in the financial sector.
Frequently Asked Questions
What is the main achievement of MANTL in 2024?
MANTL successfully expanded its customer base to over 150 banks and credit unions while achieving significant year-over-year growth.
How much in new deposits did MANTL help raise?
MANTL assisted banks and credit unions in raising nearly $10 billion in new deposits in 2024.
What is the average time to open a business deposit account with MANTL?
The average time to open a business deposit account on the MANTL platform is just 7.5 minutes.
How has MANTL impacted the credit union market?
MANTL's sales among credit unions grew by 53% in 2024, showcasing its successful engagement in that sector.
What is MANTL's core offering?
MANTL offers a Relationship Banking Platform designed for seamless account origination for both loans and deposits.
