NEW YORK, January 26, 2022 /PRNewswire/ — MANTL, a leading digital account opening solution for banks and credit unions, today announced a first-of-its-kind business account opening solution for banks. Built from the ground up to eliminate the inefficiencies of traditional integration, Business account opening by MANTL reinvents account opening across all channels (online, in-branch, and in the field) by automating up to 97% of new account application decisions.
According to new search from Cornerstone Advisors, increasing the volume of small business deposit accounts and small business deposits is a top priority for banks in 2022. However, legacy business account opening processes are being discontinued. 40% of financial institutions rate their business account opening process as “fairly or very poor” and more than half of banks (53%) say their account opening process limits their ability to increase business deposits . Online business account opening no longer a valuable feature for banks or credit unions: 57% of small business owners (SBOs) won’t do business with an institution that does not offer online account opening, whether they prefer to open an account online or in person.
Business Account Opening by MANTL was designed to help banks dramatically improve operational efficiency, reduce the time it takes to open a business account, and retain and grow key business relationships. Unlike older corporate account opening solutions, the MANTL platform is fast, intuitive and transparent for businesses and bank employees. Moving from paper-based processes to a 100% digital approach, the platform’s self-service user experience is simplified enough that any customer, from small businesses to commercial enterprises, can open their account without intervention. The banker-centric console enables employees to engage external and internal stakeholders where they are, using the channel they prefer, precisely when their input is needed. MANTL applies proprietary adaptive due diligence technology to automate client and enhanced due diligence (EDD) at every step of the process, no matter how complex or high-risk the business. The platform has been proven to automate up to 97% of new account application decisions, allowing banks to open more accounts, faster.
“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 which can achieve high levels of efficiency and agility, while providing businesses with a seamless user experience.” mentioned Nathanael Harley, co-founder and CEO of MANTL. “To gain market share in corporate banking, community banks need to digitize their account creation process. MANTL makes onboarding a business customer as easy as onboarding a retail customer.”
Business account opening by MANTL integrates with all major core banking systems. Key features include:
- The self-service user experience. The self-service front-end is streamlined enough for small and medium business (SMB) owners to open accounts without intervention and powerful enough to handle complex business customers.
- The employee-led experience. The banker-centric console creates operational efficiencies around workflows. It gives bankers the ability to expedite and approve requests in real time, assist customers as needed on any channel, and manage risk and KYC/AML thresholds. It also offers audit trails and activity streams.
- The transfer. Request information from business owners and authorized signatories anytime in the process, online, in-branch or on the go. This exclusive forwarding feature allows bankers to engage stakeholders where they are, using the channel they prefer, precisely when input is needed.
- Adaptive due diligence. As applicants answer questions, MANTL dynamically adapts their application to ask only what is necessary. The system’s risk-based approach automatically generates digital forms in accordance with the institution’s Customer Identification Program (CIP) rules and flags high-risk businesses that require EDD.
- Simplified document collection. MANTL automatically prompts for all required documents and allows bankers and applicants to upload and review documents digitally. It also saves time with digital attestation and electronic signature, which digitizes the signature card.
- Real-time fraud mitigation. MANTL leverages the best data sources and field-level validation to verify individuals and business entities in real time, open accounts faster, and reduce fraud.
“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 at MANTL. “Business Account Opening by MANTL was designed from the ground up with both the business and banking experience in mind. vital for a bank. We solved both experiences and made each one the best in its class.”
For more information on corporate account opening through MANTL or to schedule a demo, please visit: http://mantl.com/business-account-opening/.
MANTL is a banking technology company offering account opening software that enables banks and credit unions to open deposit accounts from anywhere, on any device, at any time. Customer account opening by MANTL is one of the fastest and most powerful solutions on the market: on average, users can open an account through the white label software in less than three minutes. The system automates the application decision for more than 90% of cases, while reducing fraud by more than 60%. Enterprise Account Opening by MANTL reinvents account opening for businesses of all sizes to improve operational efficiency, agility, and customer satisfaction. Founded in 2016, MANTL clients have raised billions in core deposits to date. MANTL is a private company headquartered in new York with the support of major venture capitalists. For more information, visit mantl.com.