Tearsheet names the Bank/Fintech Partnership Awards winners for 2020

View the original article here.

• Tearsheet’s awards recognize the great partnerships being formed between incumbents and fintechs.
• The best partnerships go beyond PR to deliver real customer value.

Digital Transformation Winner

Midwest BankCentre and MANTL: MANTL powers seamless digital account opening for Midwest BankCentre

Midwest BankCentre set out to create a digital-only brand, Rising Bank, to enter digital banking and explore best practices. Knowing that digital account opening is the first step of the customer journey and critical to the initiative’s success, the bank chose to work with MANTL to fully digitize the account opening flow.

Working with MANTL and a few other vendors, the bank was able to deploy an entirely new digital branch in just six months. MANTL’s platform enabled Rising to hit its one-year deposit raising goal of $100 million in just five months — the equivalent to opening 10 new branches. This initiative, Midwest BankCentre’s largest undertaking in recent history, eliminated the bank’s dependency on wholesale funding, reached a new client demographic, and raised enough funds to significantly grow lending.

MANTL and Midwest BankCentre are now exploring adding new services to Rising Bank and to bring similar efficiencies to the bank’s 17 physical branches.

KPIs: The partnership strengthened the bank’s balance sheet with additional core deposits.

• Midwest BankCentre gathered 75 percent of its deposit goal within ten weeks and raised over $100 million in just five months.
• This channel requires 10 percent or less of the staffing of a physical branch.

For more on this project, download our white paper detailing the launch and impact of Rising Bank.