Rising Bank Raised Over $130 Million in 2019 Deposits with MANTL-Powered Tool
After just a year of operating its digital-only banking brand, Midwest BankCentre has been named Celent’s Model Bank 2020 for Community Banking Transformation. Founded in 1906, Midwest BankCentre is St. Louis’ second largest locally owned bank with assets exceeding $2 billion and deposits of $1.4 billion.
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“A key contributor to the bank’s performance has been its willingness to try new approaches, its data-driven mindset to solve problems along the way and its rigorous sales funnel management.”
Celent selected Midwest BankCentre for the prestigious fintech award in recognition of its successful development and operation of Rising Bank. The bank’s digital-only brand launched in February 2019 in partnership with MANTL, a New York-based fintech firm.
Rising Bank raised 75% of its $100 million annual deposit goal within 10 weeks of launch and ultimately closed 2019 at more than $130 million in new deposits, 30% over its aggressive target. Midwest BankCentre calculates it has achieved a tenfold increase in operational efficiency in addition to strengthening its balance sheet.
“Midwest BankCentre demonstrates that disruptive innovation to a bank’s operating model does not require wholesale jettisoning of legacy technology. However, it does require a healthy dissatisfaction with the status quo and a willingness to challenge time-tested business and operating practices,” said Bob Meara, a senior analyst with Celent’s banking practice based in Atlanta. “A key contributor to the bank’s performance has been its willingness to try new approaches, its data-driven mindset to solve problems along the way and its rigorous sales funnel management.”
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Midwest BankCentre adopted significant technology changes to offer a seamless, secure digital customer experience to Rising Bank customers across the country who want to accumulate and expand long-term wealth. It also expanded the bank’s footprint from 17 branches in the St. Louis region to customers in all 50 states. Core deposits captured by Rising Bank support Midwest BankCentre’s continued growth.
“Midwest BankCentre is honored to receive the 2020 Celent Model Bank Award for our technological achievements as a community bank,” said Dale Oberkfell, president and chief financial officer of Midwest BankCentre. “Few banks of our size have chosen the bold strategy of establishing completely new digital brands. Our approach has allowed us to meet the financial needs of customers across America with intuitive and convenient service delivered online. We’ve gained financial dividends and fueled our team’s confidence in continuing our transformation to meet our customers wherever they are.”
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