MANTL Sets a New Standard in Fintech with Plaid Layer Integration for Community Banks

MANTL Sets a New Standard in Fintech with Plaid Layer Integration for Community Banks



In a significant advancement for financial technology, MANTL, a leading provider of banking and account opening technology, has announced its pioneering role as the first fintech to offer the innovative Plaid Layer for seamless onboarding. This giant leap is set to rival the experience provided by top neobanks, giving regional and community financial institutions a much-needed edge in today's increasingly digital landscape.

Empowering Regional Institutions with Technology


MANTL aims to foster growth and remarkable user conversion by making sophisticated technology accessible to smaller banks and credit unions. Integrating the Plaid Layer into its existing platform allows MANTL to streamline the onboarding process, enhancing customer experiences remarkably. The integration enables account holders to be onboarded in as little as one minute—a staggering reduction from previous averages of under five minutes for consumers and ten minutes for businesses.

This integration highlights MANTL's unwavering commitment to empowering local banks to keep pace with larger competitors like Chase and Chime. By incorporating Plaid Layer, MANTL facilitates the collection of identity verification data and external account linking via a simple phone number, thereby eliminating bottlenecks and ensuring adherence to the highest security standards.

Accelerated Onboarding and Increased Conversion Rates


Recent implementations of the Plaid Layer have already shown a notable impact; participating institutions have reported up to a 25% increase in their end-to-end conversion rates. By combining identity data collection for verification and account linking into one streamlined flow, MANTL enables a much quicker application process.

Grace Pace, senior vice president of digital banking at Quontic Bank, expressed enthusiasm about their partnership with MANTL, stating, "The Plaid Layer integration allows us to dramatically accelerate onboarding while maintaining the highest standards of security and trust." Quontic Bank, known for its adaptive digital banking services, is excited to leverage this cut-edge technology that enhances the overall customer experience.

Delivering a Seamless, Secure Experience


The partnership with Plaid not only provides an immediate onboarding solution, it also plays a crucial role in enabling secure and scalable growth for regional banks. MANTL's founders, including Chief Technology Officer Benjamin Conant, reiterate the mission of helping smaller financial institutions regain their competitive footing in a digital-first world. They have made it their goal to ensure that community banks can offer services that compare favorably with those of technologically-savvy neobanks.

With over 100 customers already utilizing Plaid solutions, MANTL clients are reporting 37% higher application booking rates since incorporating Plaid into their processes. Furthermore, over 680,000 accounts have been opened through this collaboration, showcasing the effectiveness of MANTL's integration with Plaid.

Adam Yoxtheimer, head of partnerships at Plaid, remarked on the significance of this collaboration, emphasizing how the Plaid Layer brings fast, secure onboarding experiences directly into the workflows of regional and community financial institutions. This allows them to meet the demands of consumers who expect swift and seamless digital banking for everything, from account creation to transactions.

Conclusion


The integration of Plaid Layer into MANTL's platform marks a transformative development in the fintech landscape, bringing state-of-the-art technology to local banks and credit unions. This fortified partnership not only enhances customer acquisition and retention strategies for regional banks but also supports broader goals of financial inclusivity by making essential banking services more accessible and user-friendly. For anyone interested in the future of community banking, MANTL's advance with Plaid Layer is a crucial development to watch.

For more information about MANTL and a live demonstration of the new functionalities, visit their official website at mantl.com. Discover how they are reshaping the financial landscape and empowering institutions to thrive in a competitive digital marketplace.

Topics Financial Services & Investing)

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