MANTL Launches Business Account Opening Solution to Meet Industry Demand for Automated Omnichannel Business Onboarding

NEW YORK, Jan. 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 scratch to eliminate the inefficiencies of traditional onboarding, Business Account Opening by MANTL reimagines account opening across every channel—online, in-branch and in the field—by automating up to 97% of new account application decisions.

According to new research from Cornerstone Advisors, growing small business deposit account volume and small business deposits is a top priority for banks in 2022. However, legacy business account opening processes are broken. 40% of financial institutions rate their business account opening process as "somewhat or very poor" and more than half of banks (53%) say their account opening process limits their ability to grow business deposits. Online business account opening is no longer a nice-to-have feature for banks or credit unions: 57% of small business owners (SBOs) will not do business with an institution that doesn't offer online account opening, regardless of whether they prefer to open an account online or in-person.

Business Account Opening by MANTL was built to help banks significantly improve operational efficiency, reduce the time it takes to open a business account and retain and grow key business relationships. Unlike legacy business account opening solutions, the MANTL platform is fast, intuitive and transparent for businesses and bank employees. Shifting away from paper-based processes to a 100% digital approach, the platform's self-serve user experience is streamlined enough for any customer, ranging from small businesses to commercial enterprises, to open their accounts without intervention. The banker-facing console enables employees to engage external and internal stakeholders where they are, using whatever channel they prefer, precisely when their input is needed. MANTL applies proprietary adaptive due diligence technology to automate customer and Enhanced Due Diligence (EDD) at every step in 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. This 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 of MANTL. "To gain market share in business banking, community banks must digitize their account origination process. MANTL makes onboarding a business customer as simple as onboarding a retail customer."

Business Account Opening by MANTL integrates with all major core banking systems. Key features include:

• The self-serve user experience. The self-serve front-end is streamlined enough for small and midsize business (SMB) owners to open accounts without intervention and powerful enough to handle complex commercial customers.
• The employee-led experience. The banker-facing console creates operational efficiencies around workflows. It gives bankers the option to expedite and approve applications in real time, assist customers as needed across any channel and manage risk thresholds and KYC/AML. It also offers audit trails and activity feeds.
• The handoff. Request information from business owners and authorized signers at any point in the process—online, in-branch or on the go. This proprietary handoff feature enables bankers to engage stakeholders where they are, using whatever channel they prefer, precisely when input is needed.
• Adaptive due diligence. As applicants answer questions, MANTL adapts their application dynamically to ask only what is needed. The system's risk-based approach auto-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 auto-prompts for all required documents and enables bankers and applicants to upload and review documents digitally. It also saves time through digital attestation and e-sign, which digitizes the signature card.
• Real-time fraud mitigation. MANTL leverages best-in-class 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 that we are developing products that solve their problems and fill a void in the market," said Colleen Wilson, VP of Product at MANTL. "Business Account Opening by MANTL was built from the ground up with both the business and banker experience in mind. In a world where branches are declining in number, much like retail, bridging the digital and human-to-human experience is vital for a bank. We've solved for both experiences and have made each best-in-class."

For more information on Business Account Opening by MANTL or to schedule a demo, please visit: http://mantl.com/business-account-opening/. 

About MANTL
MANTL is a banking technology firm offering account opening software that empowers banks and credit unions to open deposit accounts from anywhere, on any device and at any time. Consumer Account Opening by MANTL is among the fastest and most performant solutions on the market: on average, people can open accounts through the white-labeled software in less than three minutes. The system automates application decisioning for over 90% of cases, all while reducing fraud by over 60%. Business Account Opening by MANTL reimagines account opening for businesses of all sizes to improve operational efficiency, agility and customer satisfaction. Founded in 2016, MANTL's customers have raised billions in core deposits to date. MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors. For more information, visit mantl.com. 

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SOURCE MANTL