NEW YORK – December 12, 2023 – MANTL, a leading provider of account origination solutions, today announced the launch of MANTL Growth Engine, a data-driven growth marketing solution for MANTL deposit origination customers. In its initial pilot with Texas-based Veritex Community Bank and HIFI, a leading digital marketing agency specializing in financial services, MANTL Growth Engine raised over $100M of directly attributable online deposits at 43 basis points per dollar and reduced the cost per acquisition (CPA) by two to three times over the common rate-driven product marketing strategies.
MANTL Growth Engine was created to address a gap in core banking technology for access to real-time customer data to optimize marketing performance. Half of banks (51%) cite pricing of deposits as a top challenge for 2023. This is because many banks seek to rebalance funding toward core deposits yet face increasing pricing pressure and expensive acquisition costs via affiliate sites and national rate aggregators.
“Consumer buying behaviors have changed. Without the infrastructure to support true performance marketing, banks and credit unions will continue to struggle with customer acquisition,” said Nathaniel Harley, co-founder and CEO of MANTL. “MANTL Growth Engine combines a real-time, anonymized data feed with best-in-class marketing support to convert high-quality accounts and generate more deposits per marketing dollar spent. Leveraged in tandem with our industry-leading deposit origination platform, MANTL Growth Engine unlocks a massive opportunity for a bank or credit union to grow quickly without necessarily needing to offer the top rate thereby lowering cost of funds.”
MANTL Growth Engine is built on top of MANTL’s deposit origination platform and pairs proprietary customer data with industry-leading marketing experts to empower banks and credit unions to effectively and efficiently achieve deposit goals with modest marketing budgets. The real-time data feed provided by MANTL makes it possible for marketing teams and agencies to better track marketing channel performance, make smarter decisions around their marketing mix, build and improve their audiences, create lookalike audiences for digital channel optimization, and more.
MANTL piloted Growth Engine in partnership with HIFI and Veritex Community Bank, a $12B bank headquartered in Texas. With MANTL Growth Engine, Veritex Community Bank achieved its deposit goals and optimized marketing spend:
“Our partnership with MANTL and HIFI supported our effort to enter into a digital channel for client acquisition in a more strategic and cost-effective way,” said Rudy Beeching, EVP, Managing Director of Retail and Business Banking at Veritex Community Bank. “With guidance on how to use our ‘spend’ efficiently in places other than expensive opportunities, like national rate aggregators, we could stay within our Texas market and avoid the complexities of a national offering. This supports our desire to minimize unnecessary risk in the channel as well.”
Key features of MANTL Growth Engine include:
Data and Analytics Infrastructure provided by MANTL
Marketing and Media Services provided by vetted Agency Partners
“Financial institutions have relied on a fragmented approach to full-funnel digital acquisition for far too long. The root issues stemmed from a disconnect between strong origination experiences, integrated digital marketing, and a thoughtful data feedback loop,” said Hunter Young, founder and president of HIFI Agency. “The partnership between MANTL and HIFI offers financial institutions a long-awaited bridge between these factors and it’s already showing up in incredible results for our mutual clients.”
Based on the pilot’s success with Veritex and HIFI, MANTL is expanding the offering to existing customers with a monthly digital marketing budget of over $40,000 and integrating additional marketing agency partners.
To learn more about MANTL Growth Engine and to download the case study, please visit www.mantl.com/growthengine.
MANTL is a financial technology firm offering omnichannel account origination software for banks and credit unions. Consumer Deposit Origination by MANTL is among the fastest and most performant solutions on the market, empowering net-new prospects to open accounts in under three minutes, enabling existing account holders to open additional accounts with just one click, and reducing fraud by as much as 67%. Commercial Deposit Origination by MANTL is a first-of-its-kind solution that reimagines account opening for businesses of all sizes by automating up to 97% of application decisions. MANTL customers raise billions in core deposits each month. Founded in 2016, MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors. For more information, visit mantl.com.
About HIFI Agency
HIFI Agency is a full-service marketing firm dedicated to the financial sector. We help bring marketing clarity to financial brands trying to tell their story in a chaotic digital world by developing stronger brands, building better media investments, and developing smart, scalable creative marketing programs. Our team of designers, writers, developers, media experts, and analysts bring high-performing campaigns and digital experiences to some of the most innovative fintechs and financial institutions around the world. Get to know HIFI Agency better at www.hifiagency.com/agency
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