Adaptive challenger bank Quontic has signed a new deal to boost its customers’ experience with banking technology firm MANTL. With the coronavirus plaguing the economy, the news could potentially not be more timely.
The deal will give Quontic’s customers access to an enhanced digital deposit platform, enabling them to open an account in less than three minutes. The joint effort sets the pace for innovation in digital banking and elevates consumer expectations.
Like digital banking rivals Revolut, N26 and Starling Bank have all launched initiatives to help businesses ride out the crisis. However, Quontic argued that its announcement is particularly timely as the coronavirus pandemic has highlighted the need for digital banking experiences.
Contrary to traditional banks, Quontic has only one branch as a community bank, choosing instead to invest in being at the forefront of digital banking innovation and change the role of a core banking legacy platform. The partnership with MANTL will power a best in class digital banking experience for Quontic customers.
“The first major obstacle that we identified as a community bank in need of a digital transformation was the complexity and time involved in opening an account online,” said Patrick Sells, chief innovation officer at Quontic. “It is an important issue because this is the first real interaction that a customer has with a bank and it leaves a lasting impression of the institution. Other banks offer onboarding solutions that are overly complex. Rather than accepting the status quo, Quontic actively sought out a best-of-breed solution with MANTL. We expect to more than double the rate of accounts opened online as a direct result of this partnership.”
Moreover, Quontic and MANTL have together developed Quontic’s new Drawbridge Savings Account over just three days days in response to COVID-19. The account will pay depositors a .50% APY (nearly three times the national average) on balances through $250,000.
Quontic will match the interest paid on these accounts as a donation towards its #BeTheDrawbridge campaign until the end of 2020. #BeTheDrawbridge is designed to help relieve the extreme financial pressures suffered by small businesses impacted by COVID-19 in the New York City area by providing grants that do not have to be repaid. The initiative will offer rapid financial relief to New Yorkers who are still waiting for small business loans or unemployment funds without the requirement of W-2s or previous income tax statements.
Nathaniel Hartley, CEO and co-founder of MANTL, added, ”MANTL is pleased to partner with Quontic to make opening accounts seamless for customers. While Quontic is perhaps the smallest bank that we have worked with, it is among the most forward thinking banks in its commitment to delivering what today’s banking consumers expect. We admire Quontic’s dedication to community development and look forward to expanding how we work with the bank to better serve people and businesses in our hometown community, New York City.”
