United States, Fintech Fintech, Mantle discussed on Bank-Fintech Fusion
Catalyst and I'm here with Roush Patel Coo and co-founder of mantle. Welcome Raj thank you very much. Thanks FOR COMING UP. Tell us a bit about mantle and tell us so what drew you into financial services. You could have been anything in the world in here. You are working in Fintech. Why is that show yes so Mantle is an enterprise software company based in New York we exclusively bill technology full community regional banks and credit unions across the United States. We don't drive any of our revenue for money center banks. We don't drive any of their revenue from Fintech Fintech clients it is primarily full community and regional banks which is hopefully the owner of this. Podcast we really got drawn to the idea by setting off the bill to challenge your bank which is a very very popular Ford. There's there's a few of those those around and then we're still a few of those around in two thousand and sixteen when we kind of thought about this idea when we were investigating that one of the things we realized when we were looking at the landscape was that actually. You've got the Money Center. Banks that have the infrastructure and the resources to invest in technology. And you've got the NEO banks and the challenge of banks that are coming through and also really interesting technology and then you had the middle and who is getting squeezed in the middle it was community regional banks and credit unions in the United States Twenty five years ago they had six. They had The Money Citibank said sixteen percent of all deposits in the United States. Now that fifty nine percent. And where's that coming from? It's coming out of the community regional banks and it's going to those money centers in those banks and what's happening is that squeezing competition in the market is giving customers less choices and it's and it's and it's really hurting the industry and that's not a good thing for the country. Fewer those banks every day. There are a few of those banks every day and one of the primary reasons for that. Is The technology gap right? Because those banks and credit unions providing excellent service. They're providing more compelling products right whether or not being able to compete is on the technology side ninety six percent of all technology and community. Regional banks is outsourced. And unfortunately it's outsource all the gully and those players have been around since the sixties seventies and eighties. That's when they'll founded and there have necessarily an incentive to innovate because they've got a captive market and so we saw a really big options to bring the mindset of intact and banking backgrounds to that space and really helping provide a genuine alternative to the core providers and and hopefully help help really reinvigorating continue to grow the industry. Because we think that's a really good thing for the country in consumers and so what exactly is the product you're selling absolutely? We have a number of different products. Probably the one when most known for is our account opening sleep software so we started primarily in consumer accounting because that was an area where we saw a really big need only twenty percent of all banks and credit unions in the United States have account opening online right and obviously we know that the Internet is where the world does business. And so if you can't meet the customer where they are Econ hope to compete or retain those customers particularly for the millennial generation the newest generation. So we're all going to the big banks because that's where they absolutely right like forty. Five percent of millennials identify one of the big four one as their primary banking relationship so the next generation is literally walking out the door and going to those. And they're going to own them for life if community regional banks. They compete.