Radius Bank, Mantl roll out new digital account opening platform

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, claims the bank. 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 results, including:

A 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.

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 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 the 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.

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.