Alongside its commitment to community, innovation is at the core of Quontic Bank’s mission. Quontic was among the first community banks to invest in digital banking, recognizing the power that digital channels offer in terms of accessibility, convenience, efficiency, and geographic reach.
A key part of its digital transformation strategy involved implementing MANTL’s online account opening platform, which offers an accessible experience to Quontic’s diverse set of customers. Online account opening is crucial to securing low-cost funding to support Quontic’s asset growth targets, lowering its efficiency ratio, and continuing to grow its customer base within New York City and beyond.
After launching MANTL as its online account opening platform, the bank’s net conversion rate rose 150 percent. Quontic has since raised over $22 million in deposits in five months and has used its new capabilities to test innovative ways to provide financial assistance to those affected by the ongoing COVID-19 crisis.
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