Indiana-based Citizens State Bank will leverage MANTL’s omnichannel account opening products as it works to transform its retail and business deposit account opening experience.
The bank plans to start with MANTL’s retail online account opening and then add the company’s retail in-branch and business account opening, according to a Wednesday (Jan. 14) press release.
“Account opening should feel effortless, modern and built around the customer,” Jordan Wills, director of digital strategy and marketing at Citizens State Bank, said in the release. “After an extensive evaluation, it was clear that MANTL was the right partner to help us bring that vision to life.”
MANTL, an Alkami solution team, offers unified account origination technology that enables banks and credit unions to open loan and deposit accounts on any banking channel in real time, according to the release.
Its MANTL Deposit Origination product allows consumers to open a new deposit account in under five minutes, and businesses to open one in under 10 minutes, the release said.
Citizens State Bank is deploying MANTL’s Onboarding & Account Opening Solution, which automates over 85% of application decisions, including Know Your Customer (KYC), Anti-Money Laundering (AML), Bank Secrecy Act (BSA) checks, product service ordering, funding and core banking, per the release.
Advertisement: Scroll to Continue
Benjamin Conant, chief product officer at Alkami and co-founder of MANTL, said in the release that this collaboration will enable Citizens State Bank to consolidate all deposit account openings into a single platform.
“By leveraging MANTL’s unified technology for both retail and business accounts, the bank is well positioned to grow strategically and efficiently while providing more intuitive customer experiences,” Conant said.
Alkami announced its acquisition of MANTL in February. The company said it aimed to create a “powerhouse” digital sales and services platform for financial institutions by adding MANTL’s account opening solution to Alkami’s digital banking platform and data and marketing solutions.
“MANTL is a leader in account opening, allowing financial institutions to boost deposit growth with higher application conversion, higher initial funding and less fraud than competitive alternatives,” Alkami CEO Alex Shootman said at the time in a press release.
The PYMNTS Intelligence report “Account Opening and Loan Servicing In The Digital Environment,” published in 2022, found that 76% of new financial accounts were opened via a digital channel.
/cloudfront-us-east-1.images.arcpublishing.com/morningstar/DZEDEORGTFD3LHOHW53OJBRLIU.jpg "Blue Owl Offers a Harsh Lesson for Semiliquid Fund Investors")