MANTL, a leading provider of account origination solutions, announced the launch of MANTL Growth Engine, a data-driven growth marketing solution for MANTL deposit origination customers. In its initial pilot with Texas-based Veritex Community Bank and HIFI, a leading digital marketing agency specializing in financial services, MANTL Growth Engine raised over $100M of directly attributable online deposits at 43 basis points per dollar and reduced the cost per acquisition (CPA) by two to three times over the common rate-driven product marketing strategies.
MANTL Growth Engine was created to address a gap in core banking technology for access to real-time customer data to optimize marketing performance. Half of banks (51%) cite pricing of deposits as a top challenge for 2023. This is because many banks seek to rebalance funding toward core deposits yet face increasing pricing pressure and expensive acquisition costs via affiliate sites and national rate aggregators.
“Consumer buying behaviors have changed. Without the infrastructure to support true performance marketing, banks and credit unions will continue to struggle with customer acquisition,” said Nathaniel Harley, co-founder and CEO of MANTL. “MANTL Growth Engine combines a real-time, anonymized data feed with best-in-class marketing support to convert high-quality accounts and generate more deposits per marketing dollar spent. Leveraged in tandem with our industry-leading deposit origination platform, MANTL Growth Engine unlocks a massive opportunity for a bank or credit union to grow quickly without necessarily needing to offer the top rate thereby lowering cost of funds.”
MANTL Growth Engine is built on top of MANTL’s deposit origination platform and pairs proprietary customer data with industry-leading marketing experts to empower banks and credit unions to effectively and efficiently achieve deposit goals with modest marketing budgets. The real-time data feed provided by MANTL makes it possible for marketing teams and agencies to better track marketing channel performance, make smarter decisions around their marketing mix, build and improve their audiences, create lookalike audiences for digital channel optimization, and more.
MANTL piloted Growth Engine in partnership with HIFI and Veritex Community Bank, a $12B bank headquartered in Texas. With MANTL Growth Engine, Veritex Community Bank achieved its deposit goals and optimized marketing spend:
- Increased deposits: over $100M in new deposits from its online channel in 90 days
- Improved CPA: up to 3x lower than alternative marketing strategies like using national rate aggregators
- High-value accounts: $84,300 average account balance post-opening
- Sticky customers: nearly 30% of new accounts are high-yield savings accounts with 15% increase in balances post-opening
- Cost-effective footprint expansion: 60% of accounts were booked outside of Veritex branches’ service radius
- Increased in-market conversion rate: 70%+ of applications started by customers within their existing footprint led to successfully booked accounts showcasing the high quality of the marketing-generated leads
“Our partnership with MANTL and HIFI supported our effort to enter into a digital channel for client acquisition in a more strategic and cost-effective way,” said Rudy Beeching, EVP, Managing Director of Retail and Business Banking at Veritex Community Bank. “With guidance on how to use our ‘spend’ efficiently in places other than expensive opportunities, like national rate aggregators, we could stay within our Texas market and avoid the complexities of a national offering. This supports our desire to minimize unnecessary risk in the channel as well.”
Key features of MANTL Growth Engine include:
Data and Analytics Infrastructure provided by MANTL
- Customer Data Integration (CDI): Access to secure, single-tenant, fully managed BigQuery database with real-time streaming data feed from origination activity on the MANTL platform. Anonymized with PII hashing for easy onboarding to media partners. Easily transferable to other business intelligence instances and marketing tools inside your financial institution.
- Analytics Infrastructure: Strategy, setup, and implementation of end-to-end analytics that provides insights on media, website behaviors, and conversion.
- Real-time Dashboard Analysis: Custom analysis dashboards allow stakeholders to see performance in real time and drill down on meaningful media, product, and acquisition cost insights.
- Anonymization and PII Hashing: Datasets are normalized and formatted for consumption by common media platforms, and to facilitate safe, compliant data sharing with agency partners.
Marketing and Media Services provided by vetted Agency Partners
- CDI Activation: Connected media analytics and optimization cycles via a pre-vetted digital growth agency, such as HIFI, with expertise in financial services and MANTL’s data structures.
- Brand and Messaging Strategy: A proven brand-building process for organizations seeking to develop a new digital identity or improve a legacy brand’s performance in the digital channel.
- Media Strategy and Planning: Based on a financial institution’s goals, HIFI helps craft local, regional, or national media programs that attract the right clients to digital channels.
- Advertising Campaign Development: High-performing advertising campaigns connect to unique audiences, are thoroughly tested and optimized, and bring interested buyers back. HIFI builds a custom, multi-channel campaign that connects and converts.
- Funnel Performance Optimization: Each financial institution’s marketing funnel presents unique user experience challenges that require a thorough understanding of audience sources, pre-application experiences on websites, in-application pain points, and post-application relationship expansion.
“Financial institutions have relied on a fragmented approach to full-funnel digital acquisition for far too long. The root issues stemmed from a disconnect between strong origination experiences, integrated digital marketing, and a thoughtful data feedback loop,” said Hunter Young, founder and president of HIFI Agency. “The partnership between MANTL and HIFI offers financial institutions a long-awaited bridge between these factors and it’s already showing up in incredible results for our mutual clients.”
Based on the pilot’s success with Veritex and HIFI, MANTL is expanding the offering to existing customers with a monthly digital marketing budget of over $40,000 and integrating additional marketing agency partners.
SOURCE: BusinessWire