MANTL and HIFI Agency’s New Partnership Leads to Incredible Results for Veritex Community Bank

Due to the rising interest rates over recent years, 51% of banks cite pricing of deposits as a top challenge, and simply offering higher rates isn’t enough to acquire new customers. Similarly to the changing deposit landscape, the media landscape was also changing and old tactics like direct mail advertising wouldn’t be enough to attract new customers either. HIFI partnered with MANTL, a financial technology firm offering omnichannel account origination software for banks and credit unions, to find a solution to this problem. 

Veritex Community Bank, a $12B bank headquartered in Texas, piloted MANTL and HIFI’s Growth Engine program, a data-driven media and digital experience effort built on top of the MANTL Deposit Origination platform. MANTL’s real-time access to customer data, coupled with HIFI’s marketing expertise, resulted in Veritex Community Bank acquiring over $100M in deposits in three months via its digital channel.

Software and Solutions

MANTL’s one-of-a-kind software opens up entirely new possibilities for deposits and growth. There were several key things that MANTL brought to the partnership that aided in Veritex’s impressive results. 

• Real-Time Dashboard Analysis: Custom dashboard analysis allows stakeholders to see real-time performance and metrics, allowing for more meaningful data on media, products and acquisition to be pulled down. 
• Customer Data Integration (CDI): CDI allows access to a secure and fully managed BigQuery database with a real-time data feed from the MANTL platform. This makes it easier for information to be transferred to other business intelligence sources and marketing platforms inside your financial institution. 
• Anonymization and PII Hashing: MANTL’s software normalizes and formats datasets and ensures data sharing with agency partners is safe and compliant. 

Unique Marketing Strategies

Through HIFI’s unique approaches to financial marketing, Veritex was able to optimize its digital marketing options and attract even larger audiences. 

• Brand and Messaging Strategy: HIFI’s brand-building process ensured that Veritex could perform best throughout different digital channels and stand out amongst competitors.
• Media Strategy and Planning: After learning Veritex’s goals, HIFI crafted creative media plans that would attract the maximum potential audience. 
• Advertising Campaign Development: HIFI developed high-performing unique campaigns that are thoroughly tested and optimized and connect with Veritex’s audience. 

The Results Were Clear

By combining MANTL’s new and transformative software capabilities with HIFI’s unique and refreshing marketing approach, Veretix achieved its goals. 

• Increased deposits: From July 1st to September 30th of 2023, Veritex acquired over $100M in deposits via the digital channel. 
• High-value accounts: The average balance for Veritex’s digitally acquired customers was $84,300 post-opening.
• Cost-effective footprint expansion: 60% of the Veritex accounts that were booked were located outside of Veritex branches’ service radius.
• Improved Cost Per Acquisition (CPA): Veritex’s CPA was up to three times lower than alternative marketing strategies 

By seeing real-time data and analytics, coupled with having high-performing and refreshing marketing campaigns, Veritex was able to accomplish more than they’d initially thought was possible. Although this is just the beginning of MANTL and HIFI’s partnership, it can be seen that the pair is opening up unique and creative ways to attract new banking customers. 

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