Quontic Bank and MANTL launch an innovative online banking technology platform
NEW YORK, April 14, 2020 / PRNewswire / – Quontic, the adaptive digital bank, today announced that its partnership with MANTL, a leading banking technology company, is officially live. The duo have partnered to accelerate the digital banking experience for Quontic customers with an enhanced digital deposit platform that allows customers to open an account in under three minutes. The joint effort sets the pace for innovation in digital banking and raises consumer expectations.
In today’s climate, digital banking is more important than ever. The current COVID-19 pandemic is forcing Americans to stay at home and rely on technology for their daily needs. Digital banking is secure, simple, and provides instant and continuous access to funds. Quontic has only one branch as a community bank, choosing instead to invest to be at the forefront of digital banking innovation and change the role of a traditional banking platform. The partnership with COAT will deliver a premier digital banking experience to Quontic customers. The new platform will allow Quontic to grow faster than other banks and credit unions, as it streamlines the online filing process and delivers new operational efficiencies. These potential cost savings allow digital banks to pay higher than industry average interest rates for online deposits. Quontic now offers high yield savings, checks, drawbridge savings, the stock market and certificates of deposit accounts.
“The first major hurdle we identified as a community bank in need of a digital transformation was the complexity and time required to open an online account,” shares Patrick sells, director of innovation at Quontic. “This is an important issue because it is the first real interaction a client has with a bank and it leaves a lasting impression of the institution. Other banks offer too complex integration solutions. Rather than d “Accepting the status quo, Quontic has actively researched with MANTL. We also expect to more than double the rate of accounts opened online through this partnership.”
“MANTL is pleased to partner with Quontic to make it easier for clients to open accounts,” says Nathaniel Hartley, CEO and co-founder of MANTL. “While Quontic may be the smallest bank we’ve worked with, it is among the most forward-thinking banks in its commitment to delivering what today’s banking consumers expect. bank to better serve the people and businesses of our hometown, New York City. “
MANTL’s white-label software activated Quontic’s next-generation digital capabilities in just 96 days, all on top of its existing infrastructure. After being directly integrated into Quontic’s main FIS banking system, MANTL’s solution functions as an envelope around the core. This allows the more than fifteen additional fintech integrations that power Quontic’s account opening platform, such as automated customer due diligence, to bypass the laborious and expensive process of basic connectivity while still reading and reading. write directly to the kernel. On average, 92% of KYC / AML decisions are automated using MANTL, resulting in a 67% reduction in fraudulent activity on accounts. MANTL triggers automated product services once an application is approved, speeding up the overall onboarding process. Its integrated marketing tools will also automate Quontic’s remarketing efforts to increase conversion rates.
Prior to the launch and in response to the current COVID-19 pandemic, Quontic and MANTL worked to create the new Quontic drawbridge savings account in just three days. The account will pay depositors an APY of 0.50% (almost three times the national average) on balances through $ 250,000. Quontic will match the interest paid on these accounts as a donation to its #BeTheDrawbridge campaign until the end of 2020. #BeTheDrawbridge is designed to help relieve the extreme financial pressures faced by small businesses affected by COVID-19 in the New York City zone by providing grants that do not have to be repaid. The initiative will provide quick financial relief to New Yorkers who are still waiting for small business loans or unemployment funds without the requirement of W-2 or previous income tax returns.
For more information and to easily register, visit https://bethedrawbridge.com/.
Quontic is the adaptive digital bank that offers entrepreneurs, immigrants, millennials, low-income people, seniors and other innovative banking products and services that embrace the diversity of circumstances that exist in the lives of its customers while improving their financial strength. Quontic gives its clients the edge of the outsider by offering unique products such as its Community Development Mortgage (no tax return, W2 or pay stub required), and more. Quontic is a private company based in New York, New York. Follow and connect with Quontic on Facebook and Instagram.
MANTL is a banking technology company offering the first account opening software. Our platform enables regional and community banks and credit unions to grow up to 78% faster. These institutions play an essential role in our economy and we want to preserve it. Founded in 2016, MANTL clients have raised billions in core deposits to date. MANTL is a private company headquartered in new York with the support of major venture capitalists. For more information visit www.mantl.com
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