In an era where deposit growth stands as a cornerstone of stability for banks and credit unions, the financial services industry faces unprecedented pressure to adapt to shifting customer expectations and competitive dynamics. As institutions grapple with economic fluctuations and rising interest rates, the ability to attract and retain deposits has become a critical measure of success. This challenge is compounded by an increasingly digitally savvy clientele demanding seamless, efficient banking experiences, pushing traditional players to rethink their strategies for growth and engagement.
MANTL has emerged as a key player in this evolving landscape, offering cutting-edge loan and deposit account opening technology designed to streamline operations for financial institutions. Acquired by Alkami Technology, Inc. in March of this year, MANTL has solidified its position as a leader in providing solutions that empower banks and credit unions to scale their deposit portfolios. Its innovative platforms address the modern needs of both institutions and customers, ensuring faster account openings and deeper relationship management through advanced tools.
The deposit market remains fiercely competitive, with major banks, regional players, and fintech disruptors vying for market share. Amid this rivalry, a clear shift toward technology-driven solutions has taken hold, as institutions recognize that manual processes and outdated systems can no longer keep pace with consumer demands. MANTL’s focus on digital transformation positions it at the forefront of this trend, enabling clients to stand out by prioritizing efficiency and customer-centric growth in a crowded field.
MANTL’s Milestone Achievement
Unpacking the $3 Billion Deposit Success
A remarkable feat has been achieved by MANTL clients, who collectively raised over $3 billion in deposits from existing customer relationships during the first half of this year. This achievement highlights the power of leveraging current client bases for substantial growth, bypassing the high costs often associated with acquiring new customers. The scale of this success demonstrates how targeted technology can unlock significant value from established connections.
Key metrics further illustrate the impact of this milestone, with nearly 130,000 deposit accounts opened during the period, each funded with an average of more than $24,000. This high funding per account reflects the trust and engagement already present in these relationships, which MANTL’s platform has effectively activated. Such numbers underscore the potential for banks and credit unions to achieve outsized results by focusing inward rather than solely on external expansion.
Additionally, the scalability of MANTL’s solutions shines through with nine institutions each surpassing $100 million in deposits raised from existing clients. This broad impact across multiple organizations signals that the technology is not a one-size-fits-all fix but a versatile tool capable of driving results regardless of an institution’s size or market focus. It sets a new benchmark for what is possible in deposit growth through strategic relationship deepening.
Industry Trends Supporting Relationship Banking
A noticeable trend shaping the financial sector is the pivot toward prioritizing existing customer relationships over aggressive new customer acquisition. This approach offers a more sustainable path to growth, as it reduces marketing expenses and capitalizes on the loyalty and trust already built with current clients. Institutions are increasingly recognizing that long-term profitability often lies in nurturing what they already have.
Emerging technologies, such as MANTL’s omnichannel platform, play a pivotal role in this shift by enhancing both customer experience and operational efficiency. These tools allow for seamless interactions across digital and physical channels, ensuring that account openings and other services are quick and user-friendly. The result is a banking experience that feels personalized and accessible, fostering stronger ties with account holders.
Looking ahead, the importance of data-driven insights in deposit strategies is set to grow even further. Financial institutions are beginning to harness analytics to identify untapped opportunities within their client bases, predict behaviors, and tailor offerings accordingly. This forward-thinking approach, supported by platforms like MANTL, promises to redefine how growth is achieved in an industry hungry for innovation.
Challenges in the Competitive Deposit Market
Navigating deposit growth in today’s highly competitive environment presents a complex set of challenges for financial institutions. With numerous players vying for the same pool of funds, maintaining consistent growth requires balancing multiple priorities, including offering attractive rates and ensuring a superior customer experience. The pressure to stand out often strains resources and demands constant adaptation to market shifts.
Beyond external competition, internal hurdles such as customer retention and the delicate balance between acquisition and relationship deepening pose significant obstacles. Many institutions struggle with dormant accounts or disengaged clients, while others face resistance to adopting new technologies due to legacy systems or staff unfamiliarity. These barriers can slow progress and hinder the ability to capitalize on growth opportunities.
To overcome these challenges, leveraging advanced platforms like MANTL can be a game-changer. Such tools offer cost-effective ways to activate existing relationships, streamline operations, and reduce the friction of technology adoption through intuitive design. By focusing on scalable, efficient solutions, banks and credit unions can address retention issues and build deeper connections, ensuring they remain competitive in a crowded market.
Technology and Innovation Driving Deposit Growth
At the heart of MANTL’s success is its Deposit Origination platform, which redefines speed and efficiency in account opening processes. Consumer accounts can be opened in under five minutes, while business accounts take less than ten minutes, making the experience remarkably swift for users. This rapid turnaround not only delights customers but also boosts operational throughput for institutions, allowing them to handle higher volumes with ease.
The platform’s use of real-time data and actionable insights further amplifies its value by enabling financial institutions to identify and activate dormant relationships. By analyzing customer behavior and preferences, banks can offer targeted products that increase lifetime value and strengthen loyalty. This data-centric approach transforms static client lists into dynamic opportunities for growth and engagement.
On a broader scale, the financial services industry is undergoing a profound shift toward digital transformation and automation. MANTL’s Loan Origination platform complements its deposit tools by automating up to 100% of loan application decisions, reducing manual workload and enhancing decision-making speed. This trend toward embracing technology reflects a sector-wide realization that innovation is no longer optional but essential for staying relevant.
Real-World Impact and Client Success Stories
A compelling example of MANTL’s impact can be seen in the experience of ConnectOne Bank, a client that has harnessed the platform to drive strategic growth. By leveraging MANTL’s technology, the bank has expanded into new geographies, launched innovative verticals, and cultivated deeper relationships with its customers. This multifaceted success highlights how the right tools can align with an institution’s broader objectives.
Industry leaders have also weighed in on the significance of this approach. Nathaniel Harley, co-founder and president of MANTL, emphasizes that relationship banking is the future of sustainable growth, noting the platform’s ability to transform existing account holders into more profitable connections. Similarly, Steve Primiano, chief corporate development officer at ConnectOne Bank, credits MANTL for enhancing agility and efficiency, enabling the bank to stay ahead in a dynamic market.
For those eager to learn more, an upcoming webinar on September 17 of this year offers a chance to explore best practices in omnichannel deposit strategies. Featuring insights from both MANTL and ConnectOne Bank representatives, the event promises to provide actionable takeaways for institutions looking to replicate such impressive results. It serves as a valuable forum for sharing knowledge and fostering industry collaboration.
Future Outlook for Relationship Banking and Technology
As the financial services industry evolves, relationship banking is poised to take center stage, driven by a growing recognition of its cost-effectiveness and long-term benefits. Institutions are likely to double down on strategies that prioritize existing clients, using personalized engagement to build loyalty in an era where trust is a key differentiator. This focus will shape how growth is pursued in the coming years.
Emerging disruptors, such as heightened customer expectations for convenience and speed, will continue to challenge traditional models. Meeting these demands will require ongoing innovation, with technology playing a critical role in bridging gaps between what clients want and what banks can deliver. Solutions that offer seamless, intuitive experiences will be indispensable in maintaining a competitive edge.
Tools like MANTL are well-positioned to influence this future, providing scalable, low-cost deposit strategies that help institutions navigate global economic pressures and market competition. By enabling data-driven decisions and efficient processes, such platforms can empower banks and credit unions to build resilient growth models. The trajectory suggests a landscape where technology and relationships are inextricably linked, driving progress together.
Closing Thoughts and Key Takeaways
Reflecting on MANTL’s extraordinary achievement, it becomes evident that enabling $3 billion in deposits through existing relationships marks a defining moment for the financial services industry. This milestone, accomplished in just six months, showcases a powerful shift in how growth can be pursued, setting a precedent for others to follow. It highlights the untapped potential within current client bases when supported by the right technology.
Looking back, the success of MANTL’s clients points to a broader lesson about the transformative impact of omnichannel platforms in redefining relationship banking. The efficiency and scalability demonstrated offer a blueprint for navigating competitive challenges. Moving forward, institutions should consider adopting similar innovative solutions to unlock sustainable growth, ensuring they remain agile in a rapidly changing environment.
As a next step, exploring educational opportunities such as MANTL’s upcoming webinar could provide deeper insights into implementing effective deposit strategies. Financial leaders are encouraged to evaluate how technology can enhance their approach to relationship banking, focusing on tools that prioritize both customer experience and operational efficiency. This proactive stance will be crucial in shaping a resilient future amid evolving market demands.
