Credit unions and community banks make up a large proportion of the roughly 10,000 banks in the US, but many of these small organizations struggle to provide key online services. Lacking the budgets to build the software needed, they usually outsource their services to legacy providers with outdated, decades-old software.
MANTL, originally established as a challenger bank, quickly realized a gap in the market and now provides digital account opening products to community banks and credit unions. Compared to older competitors such as Fiserv and Jack Henry, MANTL is able to open an account in less than 3 minutes rather than days or even weeks, and reduces fraud by more than 60%.
MANTL's success can be partly attributed to a nationwide shift from physical in-branch banking to mobile platforms, which has encouraged many more people to use apps for making deposits. This trend is showing no sign of slowing down, and with a customer base serving hundreds of thousands of people and a high degree of investment, MANTL is well poised for future success.
Kirsty
Company Specialist at Welcome to the Jungle
