Source: Radius Bank
Radius Bank proudly announces the launch of its new digital account opening platform, built in partnership with NYC-based fintech company Mantl.
With this new platform, consumers now enjoy a frictionless account opening experience, reducing the time it takes to open an account to less than 4 minutes from any device. It simultaneously gives the Bank control over the user experience, complete access to the application data, and has reduced onboarding expenses and manual processes.
Since its launch in August 2017 for Radius’ Direct-to-Consumer and Fintech Partnership channels, the new platform has already produced outstanding results, including:
A sleek, modern design allowing applicants to easily open accounts from any device from the Bank’s website
53% reduction in data entry from the Bank’s previous digital application, and a resulting 60% decrease in the time it takes to complete an application
98% of application decisions have been automated, resulting in a 95% reduction in the number of applications that need to be manually reviewed
30% increase in conversion rate of applicants to account holders
50% reduction in technology costs to the Bank per account opening
“We are excited to have partnered with Mantl to launch this industry-leading onboarding platform,” commented Michael Butler, Radius Bank’s President and Chief Executive Officer. “Consumers today expect a seamless banking experience, akin to the daily interactions they have with other digital companies in different industries. We believe that we are providing that type of experience with our new platform.“
Nathaniel Harley, Mantl’s CEO and co-founder added, “We felt Radius’ frustration with legacy systems as an obstacle to a modern banking experience. Given their online focus and strategy, we knew that Radius could compete with the new class of fintech and neobanks.”
Together they built a solution from scratch, which includes a white-labeled front-end consumer application and a back-end core application program interface (API) wrapper that reads / writes directly to the Bank’s existing core. To provide applicants with best-in-class functionality and leverage the fast-growing fintech ecosystem, the software’s architecture was designed to easily integrate with any 3rd party vendors. Other integrations included Plaid, First Data, SendGrid, Twillio, and Facebook.
The team also partnered with leading RegTech startup, Alloy, to perform Know Your Customer (KYC) and Anti-Money Laundering (AML) verification checks, creating a proprietary risk decision scorecard that consumes a multitude of data sources in a matter of seconds with a single API output. Alloy’s technology increased the number of automated decisions, reduced fraud by 50%, and allowed easy case management.
Mike explained, “When we met the team at Mantl, we quickly realized that we were aligned form both a cultural and business perspective. We were confident that our product offering was the best in the country, but needed a better way to meet consumer demand and provide prospective clients with an easy way to get signed up. Mantl understood that and became a true partner in helping to achieve that goal.”
According to Nathaniel, “Our goal was to provide the ability to innovate and create software that provides tools to banks to grow deposits and loans, and reduce costs. While Radius is our first customer, they’re also a true partner. The collaboration between our teams was amazing from day one and allowed us to get the product to market extremely quickly. Radius took a chance with a start-up, but the results speak for themselves.”
This is just the beginning of the Radius and Mantl partnership. The two are working on a number of initiatives to enhance the user experience and improve operational efficiencies across Radius platforms.