On Wednesday, New York-based banking service provider MANTL launched a business account opening service that automates up to 97% of new account decisions, whether online, in person or “on the go”. ground “.
“MANTL is committed to developing technology that helps community banks and credit unions thrive in today’s digital banking landscape. It is the first business account opening product on the market that can achieve high levels of efficiency and agility while providing businesses with a seamless user experience,” said Nathaniel Harley, Co-Founder and CEO . “To gain market share in corporate banking, community banks need to digitize their account opening process. MANTL makes onboarding a professional client as easy as onboarding a retail client.
Harley helped found MANTL as a challenger bank in 2016 before the company shifted from competing with peers in the community banking space to selling to them. The goal is to help modernize outdated banking infrastructure in the United States without breaking the bank. Community banks have become financial niche experts since the pivot of MANTL, but they need profitable ways to scale without having deep pockets like banking giants.
Open an account, online, from anywhere
MANTL has account opening software that allows clients to open a deposit account in less than three minutes. The company also claims that the app automates “90% of decision-making” and reduces fraud by 60%. It is even easier for small businesses to set up deposit accounts with MANTL’s partner banks.
A Cornerstone Advisors report commissioned by MANTL places small business deposit accounts as the top priority for banks in the United States this year. Forty percent of financial institutions rate their own business account processes as “fairly or very poor,” and more than half said their opening process limits their ability to grow.
In a separate report published in September, 57% of SMEs said they would not work with an institution that does not offer online account opening, even if they preferred to open a bank account in person. The same report showed that 78% of executives predicted a real estate crash in five years.
In December, Ron Shevlin, director of research at Cornerstone Advisors, told American Banker that it’s common for banks with $1 billion to $10 billion in assets to offer at least some type of online opening, although some still require customers to physically sign documents. .
“MANTL takes a customer- and market-driven approach to product development: we build alongside our customers to ensure we develop products that solve their problems and fill a void in the market,” said Colleen Wilson. , vice president of products, in a statement. .
“Business Account Opening by MANTL was designed from the ground up with both the business and banking experience in mind. In a world where branches are in decline, so is commerce In retail, it’s vital for a bank to bridge the digital and human experience, and we’ve solved both experiences and made each one best-in-class.
Half of banks are still not going digital
The new process is a 100% digital and self-service approach for SMB customers. On the banking side, a console allows banking staff to speed up approvals, assist customers, and verify KYC/AML in real time. According to the release, forms and document collection can be automated and uploaded online.
MANTL recently raised $40 million in a Series B round in April last year, bringing total funding to over $60 million.
At the time, Harley told Tech Crunch that he was going after the 10,000 community banks and credit unions in the United States, 96% of which were outsourcing their technology to outdated platforms.
“At a high level, Mantl is an enterprise software company that is really focused on helping traditional financial institutions modernize and grow,” Harley told TechCrunch. “Our mission ultimately is to truly expand access to financial services by supporting legacy infrastructure.”
Intensely energetic journalist asking about the collision between Silicon Valley, Wall Street and everywhere in between. Studied history at the University of Delaware, learned to write at Review, and unbanked. Email [email protected] with story ideas, questions, or to say hello.
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