NEW YORK, April 14, 2020 /PRNewswire/ -- Quontic, the adaptive digital bank, today announces its partnership with MANTL, a leading banking technology firm, is officially live. The duo has partnered to accelerate the digital banking experience for Quontic customers with an enhanced digital deposit platform that allows customers to open an account in less than three minutes. The joint effort sets the pace for innovation in digital banking and elevates consumer expectations.
In today's climate, digital banking is more important now more than ever. The current COVID-19 pandemic has Americans staying home and relying on technology for their everyday needs. Digital banking is safe, simple, and offers instant and continuous accessibility to funds. Quontic has only one branch as a community bank, choosing instead to invest in being at the forefront of digital banking innovation and change the role of a core banking legacy platform. The partnership with MANTL will power a best in class digital banking experience for Quontic customers. The new platform will allow Quontic to grow faster than other banks and credit unions as it streamlines the online deposit process and offers new operational efficiencies. These potential cost savings allow digital banks to pay higher than industry averages for interest rates for online deposits. Quontic now offers high yield savings, checking, drawbridge savings, money market and certificates of deposit accounts.
"The first major obstacle that we identified as a community bank in need of a digital transformation was the complexity and time involved in opening an account online," shares Patrick Sells, Chief Innovation Officer at Quontic. "It is an important issue because this is the first real interaction that a customer has with a bank and it leaves a lasting impression of the institution. Other banks offer onboarding solutions that are overly complex. Rather than accepting the status quo, Quontic actively sought out a best-of-breed solution with MANTL. We expect to more than double the rate of accounts opened online as a direct result of this partnership."
"MANTL is pleased to partner with Quontic to make opening accounts seamless for customers," says Nathaniel Hartley, CEO and Co-Founder of MANTL. "While Quontic is perhaps the smallest bank that we have worked with, it is among the most forward thinking banks in its commitment to delivering what today's banking consumers expect. We admire Quontic's dedication to community development and look forward to expanding how we work with the bank to better serve people and businesses in our hometown community, New York City."
MANTL's white-labeled software enabled Quontic's next-generation digital capabilities in just 96 days, all on top of its existing infrastructure. After integrating directly with Quontic's FIS core banking system, MANTL's solution functions as a wrapper around the core. This enables the more than fifteen additional fintech integrations that power Quontic's account opening platform, such as automated customer due-diligence, to circumvent the laborious and expensive process of core connectivity while still reading and writing directly to the core. On average, 92% of KYC/AML decisions are automated using MANTL, leading to a 67% reduction in fraudulent account activity. MANTL triggers automated product services once an application is approved, speeding up the overall onboarding process. Its built-in marketing tools will also automate Quontic's remarketing efforts to boost conversion rates.
Leading up to the launch and as a response to the current COVID-19 pandemic, Quontic and MANTL worked to build Quontic's new Drawbridge Savings Account in just three days days. The account will pay depositors a .50% APY (nearly three times the national average) on balances through $250,000. Quontic will match the interest paid on these accounts as a donation towards its #BeTheDrawbridge campaign until the end of 2020. #BeTheDrawbridge is designed to help relieve the extreme financial pressures suffered by small businesses impacted by COVID-19 in the New York City area by providing grants that do not have to be repaid. The initiative will offer rapid financial relief to New Yorkers who are still waiting for small business loans or unemployment funds without the requirement of W-2s or previous income tax statements.
For more information and to easily sign up, please visit https://bethedrawbridge.com/.
Quontic is the adaptive digital bank which offers entrepreneurs, immigrants, millennials, low income, seniors, and others innovative banking products and services which embrace the diversity of circumstances that exist in its customers' lives while elevating their financial strength. Quontic gives its customers the underdog edge by offering unique products such as its Community Development Mortgage Loan (no tax returns, W2s or pay stubs required), and more. Quontic is a privately held company based in New York, New York. Follow and connect with Quontic on Facebook and Instagram.
MANTL is a banking technology firm offering the leading account opening software. Our platform empowers regional and community banks and credit unions to grow up to 78% faster. These institutions play a critical role in our economy and we're passionate about preserving that. 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 www.mantl.com
Quontic PR Contact:
Kel & Partners
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