In a significant move toward modernizing its services, GSB has revealed an upgraded digital onboarding experience for consumer deposit accounts. This initiative follows a partnership with MANTL, recognized for its innovative account origination solutions. Launched on June 27, 2023, the upgrade aims to provide a more seamless banking experience for customers across Connecticut.
The newly implemented process allows customers to open various account types—checking, savings, money market, and certificates of deposit (CDs)—in less than three minutes. Timothy Geelan, President and CEO of GSB, stated, "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 new initiative is a part of a broader digital overhaul GSB has been pursuing, enhancing how consumers and businesses interact with the bank.
With MANTL’s Consumer Deposit Origination technology, GSB can offer immediate decision-making on applications in most cases, giving clients prompt access to their accounts. Additionally, the onboarding process has been designed to be user-friendly. Customers can easily fund their accounts and experience a secure, convenient process whether online, via the MyGSB mobile app, or in one of the bank’s eight branches.
"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," added Geelan. The enhancement notably allows existing customers to open additional accounts in less than 40 seconds, while new customers can do so in under three minutes, transforming the banking experience in a significant way.
GSB's commitment to digital expansion puts it on a trajectory to increase online account openings significantly. By 2027, the community bank aims for the majority of new accounts to be opened digitally rather than in branches. However, this transition does not imply a reduction in branch services. Instead, GSB aims to complement its branch operations with a robust digital offering.
"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," explained Alexander Sulpasso, SVP and Digital Banking Director at GSB. This statement emphasizes the bank's strategy to use technological advancements to better meet customer needs.
Nathaniel Harley, co-founder and CEO of MANTL, remarked on GSB's understanding of digital trends in banking: "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." This collaboration aims to broaden the reach of GSB’s services, ensuring that more consumers and businesses reap the benefits of a digitally-enabled banking environment.
In conclusion, the enhanced digital onboarding experience marks a pivotal point for GSB as it continues to evolve with changing consumer expectations. This step not only reinforces GSB's dedication to community banking but also highlights its commitment to utilizing technology to improve access and improve the banking experience in Connecticut and beyond. With future enhancements planned for business deposit accounts, GSB is poised to further streamline its services, ensuring it meets the needs of a diverse clientele while maintaining its legacy as a cornerstone of local banking since 1875.