How to launch digital account opening in 120 days


These 4 elements can make or break your timeline

Now more than ever, banks are thinking about how to expedite their digital transformations. At MANTL, we’re committing to helping banks launch online account opening in as little as 120 days.

We want to ensure that banks can still facilitate their customers’ deposit needs in the wake of physical branch disruptions. However, there are four crucial pieces of advice to take into consideration. These decisions can make or break your ability to expedite digital account opening.

1. Focus on best-performing products, then expand

MANTL data shows that three types of accounts generally account for 87 percent of all accounts opened online on average at a bank. We recommend that banks start with one checking account, one High Yield Savings Account, and a one-year Certificate of Deposit product. MANTL can even add multiple CDs with limited additional timeline impact, but it’s important to stay focused on the products that drive the most demand. Once live, you can then map additional products. With MANTL, additional products come at no extra cost.

2. Expedite core banking integrations with VPNs

While speed varies by core banking system provider, we find that a typical connection takes two to four weeks. Some core providers have quoted banks as long as three to six months. It’s important to consider all options for enabling real-time read and write capability with your technology vendor. For instance, there are ways to enable core connectivity in one week or even one day. MANTL can provide detailed step-by-step instructions and documentation explaining how.

3. Consider using your vendor’s best practices

MANTL best practices for marketing copy, disclosures, BSA/KYC/AML, and remarketing configurations will help banks capture around 90 percent of the economic and automation return out of the box. Configurations can be tweaked once the product is live to obtain the additional efficiency, as desired.

4. Don’t cut corners on compliance or BSA, ever

Even during expedited implementations, vendors need to work with compliance teams to ensure there’s no compromising from a regulatory perspective. One way for vendors to facilitate this, especially with bank teams that are implementing online account opening for the first time, is to provide documentation and references with other BSA teams. This can help new customers get up the curve quickly, so they feel comfortable with the new online account opening capabilities and understand how processes are received by respective regulators.

When the majority of technology integrations take banks upwards of six months to go live, 120 days can seem almost impossible. It requires that banks take an agile, minimal viable product (MVP) approach to building their online account opening. The upside is that an MVP can still give 90 percent of the returns, as long as banks remain focused on where they can cut corners (product suite, for example) and where they should never cut corners (compliance). At least it can with MANTL. If you separate the nice-to-haves from the must-haves and prioritize the product launch accordingly, your bank can have a market-leading online account opening platform in as little as 120 days.

With MANTL, you can begin opening accounts online in as little as 120 days. Reach out to learn more.

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