MANTL Expands Into the Credit Union Market

Account origination platform MANTL is expanding into the credit union market, the company announced in a press release Tuesday (Aug. 23).

The company said MANTL for Credit Unions is a deposit origination tool for credit unions, created in partnership with Alliant Credit Union.

“Credit unions are renowned for delivering white-glove member experiences and it’s important in today’s digital-first banking landscape to ensure that curated experience extends to digital channels,” said Nathaniel Harley, co-founder and CEO of MANTL.

“With our development partner Alliant, we examined every step in the member onboarding process, from eligibility requirements to real-time KYC decisioning, to create a frictionless, cost-effective, and high-value solution that is purpose-built for credit unions,” he continued.

The MANTL platform helped Alliant improve application conversion rates by 60% over its earlier solution and funded 100% of accounts upon application, while also shrinking the time to open an account by more than 30%, per the release.

MANTL said its credit union solution lets individuals and businesses set up accounts online, in a branch or in the field. Consumers can reportedly create checking, savings, CD money market and minor accounts in under three minutes.

Meanwhile, the Business Deposit Origination solution customizes workflows for businesses, letting employees request information from business owners and authorized signers at any point in the process.

This comes at a time when credit unions have been struggling to keep up with banks when embracing cutting-edge payments technology, SCU Managing Vice President of Digital and Data Jeremiah Lotz told PYMNTS in a recent interview.

Read more: Credit Unions Say Personalization Gives Them Edge Over Bigger Bank Counterparts

Lotz said “so much has changed over the last couple of years with regards to consumer expectations,” thus changing the ways and means by which credit unions need to retain their customers and keep them loyal.

For the credit unions, Lotz told PYMNTS, “The biggest challenge has been prioritizing the right places to invest in technology — and to do it at scale.”