Atlantic Union Bankshares Enhances Member Experience with MANTL's Digital Banking Solutions
- Harvard FCU partners with MANTL to modernize member experience and streamline account opening processes.
- The integration aims to automate application decisions, enhancing efficiency and positioning Harvard FCU competitively.
- This initiative reflects a broader trend towards digital transformation in financial institutions to improve member engagement.
Transforming Member Experience in Digital Banking
Harvard Federal Credit Union (Harvard FCU) announces its strategic decision to implement MANTL's Onboarding & Account Opening Solution, a move that reflects a significant shift toward modernizing its member experience. As a financial institution, Harvard FCU aims to enhance both retail and business account opening processes, thereby streamlining operations and accelerating growth across multiple banking channels. With the pressures of digital transformation in the financial sector, this collaboration with MANTL signals the credit union's commitment to a digital-first approach in serving its members. The integration promises not only to improve user experience but also to attract new members and increase deposits, essential components for any growing financial institution.
Kriti Modi, the Chief Information Officer of Harvard FCU, articulates the advantages of adopting MANTL's solution, emphasizing the importance of a frictionless onboarding experience. By automating over 85% of application decisions and implementing critical compliance checks such as Know Your Customer (KYC), Anti-Money Laundering (AML), and Bank Secrecy Act (BSA) assessments, the credit union minimizes manual processing. This automation not only enhances operational efficiency but also positions Harvard FCU as a forward-thinking institution within the competitive financial landscape. The rollout strategy includes an initial focus on online account openings for both retail and business clients, followed by enhancements to in-branch services, ensuring a comprehensive approach to member onboarding.
This initiative aligns with broader trends in the banking industry, where digital solutions are increasingly vital for customer retention and growth. Taylor Adkins, Alkami's Vice President of Product Management, underscores the significance of this partnership as a strategic investment in digital banking's future. By leveraging MANTL's omnichannel account opening products, Harvard FCU not only anticipates the evolving needs of its members but also embraces the innovative approach known as Anticipatory Banking. This model allows financial institutions to proactively address member needs, paving the way for sustained growth and improved member satisfaction.
In addition to the implementation of MANTL's onboarding solutions, Harvard FCU’s initiative reflects a wider trend among financial institutions towards enhancing digital experiences. Many banks and credit unions are recognizing the necessity of adopting advanced technologies to remain competitive and meet customer expectations in a rapidly evolving financial landscape.
This collaboration between Harvard FCU and MANTL illustrates a growing recognition of the importance of member experience in driving growth and engagement. As financial institutions continue to invest in technology, the focus on seamless, efficient processes becomes increasingly critical in attracting and retaining members in a digital-first environment.