Mapleton, Minn. – January 30, 2024 – Pioneer Bank, a $800M bank headquartered in Minnesota, today announced a partnership with MANTL, a leading provider of account origination solutions, to enhance its deposit onboarding experience for businesses and consumers. The move continues the bank’s goal of delivering relationship-oriented banking across all channels by making banking easier for customers and staff. MANTL’s full suite of deposit origination products will integrate seamlessly with Pioneer Bank’s Fiserv Precision core, and enable new and existing customers to seamlessly open deposit accounts online and via its 6-branch network.
With omnichannel technology by MANTL, consumers will be able to open a deposit account with Pioneer Bank in minutes. The new process will offer surprisingly easy funding, real-time application decisions, and instant account details to provide the immediate gratification that consumers expect from digital services.
Businesses will be delighted by an experience that bridges the gap between physical and digital channels to facilitate the seamless, secure flow of information between banker and customer regardless of location or device. Small and medium businesses will be able to open accounts in less than 15 minutes with minimal manual intervention. For complex businesses, beneficial owners and operators can fill out their portions of the application simultaneously, wherever they choose to do so, and can flow between virtual and in-person information collection when support from their banker is needed. Reducing the time it takes to open a business or consumer account in person will allow Pioneer Bank’s staff to focus their efforts on building deeper relationships with their clientele.
“Pioneer Bank is excited to bring MANTL’s seamless digital account opening to the markets we serve across Minnesota,” said Carlie Olson, Chief Operating & Financial Officer at Pioneer Bank. “By partnering with MANTL, we will be able to boost efficiency at every point of the customer journey. This will free up our employees from performing manual tasks, and allow them to focus on building valuable relationships in our community.”
Digitizing the in-branch account opening experience across its 6-branch network will allow Pioneer Bank to greatly reduce manual processes. Pioneer Bank will now be able to automate over 90% of the application process, including decisioning, product service ordering, and core booking. Through the partnership, the bank will implement best-in-class digital fraud prevention measures that catch bad actors in real-time. The MANTL platform leverages over 30 digital data sources to validate information and meet KYC, AML, and BSA requirements in an easily auditable way.
“Pioneer Bank understands the importance of an omnichannel banking experience for unlocking scalable growth,” said David Carlson, Head of Sales at MANTL. “By streamlining processes and operating from one account opening platform for all bank channels, Pioneer Bank will be more agile in the market and capture more deposit share.”
For more information on Pioneer Bank and current deposit offerings, please visit: bankwithpioneer.com
To learn more about the MANTL product, please visit: mantl.com/request-a-demo
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 or follow MANTL on LinkedIn.
About Pioneer Bank
Pioneer Bank is a community bank with six full-service branch locations throughout southern Minnesota including Mankato, North Mankato, St. James, St. Peter, Madelia, and Mapleton, and a loan production office in Lake Crystal. Pioneer Bank offers expertise in personal, business and agribusiness banking with bankers and staff that provide experience that is unparalleled. Pioneer Bank is highly active in the communities they serve and was a national finalist in 2016, 2017, 2018, 2019 and 2022 for the Extraordinary Banking Award, recognizing the best banks in America. In addition, Pioneer Bank has been named a Top Workplace in Minnesota by the Star Tribune multiple times and was inducted into the Greater Mankato Growth Business Hall of Fame in 2023. For more information visit www.bankwithpioneer.com. Member FDIC.
Taina Peña Biggs
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