NEW YORK, Sept. 24, 2020 /PRNewswire/ -- 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.
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."
MANTL's Software as a Service platform integrates with all major core banking systems, allowing banks and credit unions to quickly launch next-generation digital capabilities on top of their existing infrastructure. With industry-leading time to market, bank customers can go live in as little as 90 days to achieve greater efficiency and improved risk management.
"We are proud to partner with Alloy Labs, an organization that shares our mission of leveling the digital playing field for community banks," said Mike Bosserman, MANTL's vice president of growth. "Together we can help these critical institutions accelerate their digital transformation and fuel growth."
The partnership brings together two firms working towards a similar mission. Through its consulting practices, the Alloy Labs consortium helps financial institutions not only remain competitive in the digital arms race, but win. Similarly, MANTL aims to level the playing field for community banks and credit unions through omni-channel platforms that enable them to grow and delight customers, improve operational efficiency, and reduce costs.
"Partnership is different from vendor management," said Jason Henrichs, CEO of Alloy Labs. "Compliance and security are important, but the bigger investment is working together to benchmark drivers of return on investment and provide critical feedback for MANTL's existing and future products."
About Alloy Labs:
Alloy Labs is a member-driven shared innovation lab that helps banks innovate effectively and efficiently to reduce risks, lower costs, and shorten the time between ideas and results. Alloy Labs leverages the network effects of more than 40 institutions working together to share information, develop proprietary insights, develop partnerships and benchmark Return on Investment. Alloy Labs also operates The Concept Lab, a reverse accelerator that helps banks cement relationships with startups accepted into the program, and a Strategic Investment Group that invests in startup partners.
MANTL is an enterprise software firm that offers game-changing digital account opening software for regional and community banks and credit unions. MANTL partners with these critical institutions to help them grow up to 78 percent faster and four times more cost-effectively. MANTL's customers have raised billions of dollars in core deposits to date. Headquartered in New York, MANTL is a privately-held company backed by leading venture capital firms. For more information, visit www.mantl.com.
SOURCE Alloy Labs
These press releases may also interest you