MANTL Partners With Alliant CU to Develop Omnichannel Platform From Scratch

Officials with the $16.4 billion Alliant Credit Union wanted to create a true omnichannel experience for its members by focusing on three words: Speed. Security. Simplicity.

On Tuesday, the Chicago-based all-digital credit union, along with its fintech partner MANTL, unveiled its new omnichannel deposit and originations solution – MANTL for Credit Unions.

According to a statement, the custom-built solution “provides omnichannel consumer and business deposit origination platforms that automate up to 97% of application decisions and significantly reduce application abandonment.”

The partnership between MANTL and Alliant created an automated omnichannel deposit origination solution that’s specifically built for credit unions. According to MANTL Co-Founder and CEO Nathaniel Harley, his company worked with Alliant to build MANTL for Credit Unions “from scratch.”

“We built this product from the ground up to really solve both experiences and ultimately drive very meaningful business outcomes, and we are very outcome-focused at the end of the day,” Harley said. “So really MANTL for Credit Unions empowers credit unions to not only grow their member base, but to scale efficiently and also open up new revenue streams while delivering this white-glove member experience that credit unions have historically been known for.”

Alliant Chief Digital and Marketing Officer Sumeet Grover said, “The MANTL team is working right alongside us to meet our objectives, both short-term and long-term, and together we have built a next-level digital front door.”

According to Grover, Alliant has already seen application conversion rates improve by more than 60%, funded 100% of accounts upon application and reduced the time to open new member accounts by more than 30%. Alliant currently has 694,474 members, according to NCUA Call Reports.

According to Tuesday’s announcement, with MANTL for Credit Unions, members and businesses can efficiently open accounts online, in-branch or in the field while staff retains full visibility into their progress.

“The Consumer Deposit Origination solution empowers new applicants to originate checking, savings, CD money market and minor accounts in under three minutes and existing members can open a new share account in just one click. The Business Deposit Origination solution customizes workflows for businesses of all sizes and complexities, and employees can request information from business owners and authorized signers at any point in the process – online, in-branch or on the go,” the statement read.

According to Grover, Alliant did a soft launch of MANTL for Credit Unions to test out the new omnichannel experience with the credit union’s savings and checking products. “As we think about the external environment and where credit unions can play such an amazing role for members in providing the best value for the products and services and returns that we can give to our members, this is just so amazing because we feel that now we have created a process that is seamless, that is secure, that is safe and it’s fast!” he said. “Our members will absolutely benefit from it and we are extremely excited and the initial feedback from our members has just been enthusiastically amazing.”

According to MANTL, the MANTL for Credit Unions features include:

• Omnichannel account origination
• A 100% digital solution with automated smart decisioning
• Dynamic eligibility verification
• Adaptive due diligence
• Best-in-class fraud mitigation
• Automated engagement
• Reports and analytics on demand
• One code base

Harley added, “Because we started the company in the past few years, we don’t have the burden of that legacy technology. We have one code base and we’re able to integrate real time into the core banking systems and that ultimately allows us to continue to improve the product consistently.”