Alloy Labs, a consortium of community and mid-sized banks across the United States, announced its partnership with MANTL, the leading account opening software solution for banks and credit unions. The announcement is a testament to the consortium’s ongoing mission to accelerate the digital agenda and differentiation of banks and credit unions. As part of the MANTL partnership, members access shared use cases, diligence, best practices and ongoing learnings from each other to accelerate their return on investment.
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Alloy Labs conducted a rigorous vendor vetting process spanning several months prior to determining MANTL as the premiere Online Account Opening solution for banks and credit unions. Select members in Alloy Labs’ consortium – including Emprise Bank, Horicon Bank, and Quontic Bank – have begun utilizing MANTL’s account opening software in 2020, raising millions of dollars in core deposits thus far.
“Community banks can’t use size as an excuse when it comes to the digital experience,” said Matt Michaelis, CEO of Emprise Bank, a nearly $2 billion bank based in Kansas. “We are focused on advancing the neighborhoods, businesses and people in our communities; MANTL allows us to bring that commitment to excellence into the digital channel.”
Fred C. Schwertfeger, Chief Marketing Officer at Horicon Bank, a $1 billion bank in Wisconsin continued, “MANTL helps us bring our innovative, progressive culture deeper into the customer experience. We are excited to partner with MANTL because it allows us to compete with deep pocketed big banks and agile fintech startups.”
MANTL’s white-labeled online account opening solution enables banks and credit unions to quickly modernize a key element and fundamental first stem of the customer journey. On average, bank customers can open a deposit account in just two minutes and 37 seconds through the MANTL platform. As a result, MANTL customers have seen a 325% increase in initial funding amounts – driving billions in deposits raised across the platform.
“The COVID crisis accelerated the need for better digital tools,” says Patrick Sells, Chief Innovation Officer at the $400 million dollar New York based Quontic Bank and American Bankers Digital Banker of the Year. “We saw an increase of 134% in digital applications in April alone. These are not trends that will be undone when the pandemic relents. Community banks need to accelerate their adoption of technology but pick tools that allow them to tailor the experience.”
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