Digital Banking: GSB Announces an Enhanced Virtual Onboarding Experience for Consumer Deposit Accounts

GSB, a nearly $1 billion community bank serving the state of Connecticut, today announced an enhanced digital onboarding experience for consumer deposit accounts, with plans to update its business onboarding experience later this year.

Customers can now “open checking, savings, money market, and CD accounts in under three minutes and gain the many benefits of banking from a strong, local financial institution.”

GSB partnered with MANTL, a provider of account origination solutions, “to overhaul its deposit account opening process and implement a streamlined omnichannel onboarding system.”

This partnership is “part of a larger digital transformation initiative at GSB – a nearly 150-year-old community bank – to provide consumers and businesses with a greater degree of flexibility and a more customer-centric digital experience.”

GSB’s enhanced online account opening experience “went live in June 2023 for personal deposit accounts.”

Leveraging Consumer Deposit Origination by MANTL, GSB will now:

  • Enable new customers to open an account in less than three minutes.
  • Empower existing customers to open additional accounts in less than 40 seconds.
  • Make it easier than ever to open joint accounts by giving each applicant the ability to submit information on their own time and using their own device.
  • Provide a fast, secure, and convenient account opening experience online, via the MyGSB mobile app, across eight branches, and while out in the community.
  • Allow applicants to easily fund accounts in one easy step without ever leaving the application.
  • Provide a real-time decision on applications (for most cases) with immediate access to the newly opened account.

Timothy Geelan, President and CEO of GSB, said:

“We live in a digital-first environment, and GSB has a bold digital transformation roadmap that ensures our customers will have access to state-of-the-art digital banking. This partnership with MANTL will allow GSB to expand our digital footprint and serve a wider range of consumers and businesses across the state of Connecticut.”

By 2027, GSB is looking “to open the great majority of new accounts online vs. in a branch.”

While GSB has no plans “to replace the work being done in the branch, embracing digital onboarding will empower the institution to scale and achieve its expansion goals.”

Alexander Sulpasso, SVP, Digital Banking Director at GSB, said:

“We are investing heavily in our digital infrastructure, and MANTL’s approach to digital onboarding complements our vision for how we want to leverage our digital channels moving forward. We look forward to providing consumers and businesses with the best digital onboarding experience available today.”

Nathaniel Harley, co-founder and CEO of MANTL, said:

“GSB is an incredibly digitally-savvy institution that understands the significant opportunity omnichannel digital onboarding presents in terms of new customer acquisition and customer experience. We are excited to work with GSB to expand their digital reach and ensure a broader set of businesses and consumers can benefit from their banking services.”

As noted in the update, MANTL is “a financial technology firm offering omnichannel account origination software for banks and credit unions.”

Consumer Deposit Origination by MANTL is among “the fastest and most performant solutions on the market, empowering net-new prospects to open accounts in under three minutes, enabling existing account holders to open additional accounts with just one click, and reducing fraud by as much as 67%.”

Commercial Deposit Origination by MANTL is described as “a first-of-its-kind solution that reimagines account opening for businesses of all sizes by automating up to 97% of application decisions.”

MANTL’s customers “have raised billions in core deposits to date. Founded in 2016, MANTL is a privately held company headquartered in New York with the backing of prominent venture capital investors.”

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