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After partnering with 10 credit unions to collaborate on an idea to streamline business account openings, the fintech MANTL unveiled its new Business Deposit Origination on Thursday to help credit unions grow and deepen relationships with businesses in the communities it serves.
In a statement from officials at the New York-based MANTL, its Business Deposit Origination was built for credit unions to open business accounts for a range of business sizes and even complex commercial businesses in just a few minutes.
MANTL Co-founder and Chief Technology Officer Benjamin Conant explained, "Our goal when building MANTL Business Deposit Origination was to combine member-centric innovation with efficiency. We understand that business deposit account opening is cumbersome, so we automated critical steps in the process to create an excellent member experience and allow credit unions to focus on what they do best: Serving the unique needs of their members. Our consumer deposit origination product transformed how our credit union community approaches account opening, and we are excited to build on that momentum with MANTL Business Deposit Origination to execute on our shared ethos: People helping people."
According to MANTL, the fintech initially collaborated with 10 credit unions to develop and refine the product. Some of the credit unions included in the collaboration included Black Hills Federal Credit Union, Credit Union West, Guardian Credit Union, Pima Federal Credit Union and Raiz Federal Credit Union.
The platform leads credit union staff through the complex business account opening process with automated workflows that evolve dynamically according to a credit union's regulatory and risk protocols, reducing the instances of manual review for certain customers by more than 50%, according to MANTL. Other features include digital document collection and an application checklist "that boosts transparency and collaboration by letting members and staff know exactly where they are in the process."
"As a supporter of entrepreneurship and small businesses in Arizona, Credit Union West is excited to partner with MANTL on Business Deposit Origination," Ning Duong, SVP and COO at Credit Union West, said. "MANTL shares our passion for creating a great member experience, and we are thrilled to extend that member-centric digital experience to businesses in our community."
MANTL Co-founder and CEO Nathaniel Harley added, "MANTL is addressing the critical technology gap in the financial services industry for a modern, member-centric business account opening process. This includes challenging the industry's acceptance that opening a business deposit account must be difficult by default. MANTL bank customers have been using our Business Deposit Origination platform for two years and have experienced up to a 60% increase in business account openings with a 75% reduction in document requests. We can't wait to see the positive impact a streamlined business account opening process has on our credit union partners, their business members and community."
Officials at MANTL stated it offers integrations with existing credit union systems, including every major core banking system.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
